Best Home Loans in India February 2024

Want to know which is the Best Home loan provider in India for February 2024? Which is the cheapest home loan available in India on the basis of Interest Rates? Best home loan rates for 2024 in Chennai, Bangalore, Mangalore, Cochin, kerala, pondicherry, ahmedabad, delhi, mumbai, nashik, pune, gwalior, ranchi, chandigarh, ludhiana, Goa, hyderabad, warangal etc. At Deal4loans, We give you a chance to compare the best offerings in the market and make the best possible choice.

While comparing home loans, it is necessary to check some key facts from different lenders. The major key points of comparison when it comes to loans are as follows:

  • Interest rates
  • Processing fees
  • Turnaround time
  • Loan to value Ratio
  • Foreclosure Charges

However, you need to view the loan in the entire package and not just focus on individual elements. If a loan has a very low interest rate, the chances are the fee structure is high.

Compare Best Home Loans on Interest Rates Basis

Interest rate offered is the primary factor of comparison. It affects your monthly EMI and total amount payable. For a long duration loan it is advised to go for a home loan with low interest rate.

SBI Home Loan 8.40 – 9.65%
HDFC Ltd 8.50 – 9.40%
ICICI Bank 9.00 – 9.70%
LIC Housing Finance 8.50 – 10.50%
PNB Housing 8.90 – 10.35%
Kotak Bank 8.85 – 9.40%
Bank of Baroda 8.40 – 10.50%
Canara Bank 8.95 – 11.15%
Aadhar Home loan N.A

Best Bank for Home Loans in India on the basis of Market Share

Bank Name Market Percentage
SBI Home Loan 35.00%
HDFC Ltd 28.00%
LIC Housing 15.00%
ICICI Bank 12.00%
PNB Housing Finance 5.50%
IDBI Home Loan 4.50%
Axis Bank 4.20%
Others 5.50%

Tips for Getting a Best Home Loan Deal

Here are some tips for getting a home loan:

  • Have a good credit score: A good credit score will make it easier to get a home loan and qualify for a lower interest rate.
  • Make a down payment: A down payment of at least 20% of the purchase price of the home will reduce your monthly EMI and make it easier to get a home loan.
  • Have a stable income: Lenders will want to see that you have a stable income in order to approve you for a home loan.
  • Meet the eligibility criteria: Make sure that you meet the eligibility criteria for the home loan that you are applying for.
  • Compare different loans: Compare different home loans from different lenders before you apply to find the best deal for your needs.

Eligibility Calculator: How much loan am I eligible for?

Looking for how much loan amount you can get from bank for your dream home – Don’t wait!!! Check with Home Loan Eligibility calculator.

Most of the customers first prefer to choose the property according to their needs and priorities and then apply for the loan among the options available. However, it may happen that they are not eligible for the larger amount of home loan. Therefore, when you finalize any home, it is essential to know whether you can obtain loan on that property and the exact amount you can apply for. It will prepare you in advance before buying the home and avoid problems in the future. It may happen that the properties under construction are not liable assets for obtaining home loan. Therefore, it is mandatory to check these details with your bank before you decide to buy a home.

Ease of Home Loan Processing

The procedure to apply for home loan is a bit time consuming. You have to submit a large set of income and property related documents and the approval of the loan differs from bank to bank. There are many agents who specialize in the bank processes, but the credibility of such agents is under question. So, to choose the best bank to apply for home loan as per your convenience, you must do a little research in advance.

Keeping in mind the above things, you can surely save yourself from wasting your time as well as from fraud agents. We at Deal4loans are available for your service through this process and to guide you in making a diligent choice between Good and Bad loan.

To help you choose the best home loan for your needs, here are some things to consider:

  • Interest rate: This is the most important factor to consider when choosing a home loan. The interest rate is the percentage of the loan amount that you will pay in interest over the life of the loan. Lower interest rates will save you money in the long run.
  • Loan tenure: The loan tenure is the length of time you have to repay the loan. Longer loan tenures will result in lower monthly repayments, but you will pay more interest overall.
  • Processing fee: This is a fee charged by the lender for processing your loan application. Processing fees can vary from one lender to another, so it is important to compare fees before you choose a lender.
  • Prepayment charges: Some lenders charge a prepayment penalty if you repay your loan early. This can be a significant charge, so it is important to check the prepayment terms before you choose a loan.
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Top Banks for Home Loans in India
Banks Interest Rates
SBI 8.60% - 9.65%
HDFC Bank 8.50% - 9.40%
ICICI Bank 9.00% - 9.10%
LIC Housing Finance8.50% - 10.50%
PNB Housing 8.50% - 10.95%
Axis Bank 8.75% - 9.15%
Bank of Baroda 9.15% - 10.50%
Canara Bank 8.90 %- 11.25%
Aadhar Home loan N.A