10 Best Banks in India Offering Low Interest Home Loans 2020
The decision to avail home loan demands deep research, and analysis on the part of the borrower before deciding to apply for it in a bank. It is because a home loan is a high-value loan, which comes with long term commitment and financial burden of EMI on your monthly budget. It is a big decision not just financially, but also mentally and emotionally for you and your family. Thus, one of the key aspects in deciding the home loan is a low rate of interest.
Many people start looking at the lowest rate of interest when they set out to research the available home loan options. But soon it gets complicated because of the number of lenders and options available in the market. In order to help you in this regard, here are the 10 best banks along with the rate of interest and other crucial details.
SBI Home Loan: The interest rate for SBI home loan starts from 7.40%. It offers a concession of 5 bps to women borrowers, and the maximum loan amount offered is Rs. 10 crores. The maximum tenure for a home loan is 30 years while for an under-construction property it may even get longer.
Bank of Baroda Home Loan: The interest rate for a home loan of Bank of Baroda starts from 7.25%. The maximum loan amount available is up to Rs. 10 crores. There are no prepayment charges on floating rate loan, and the maximum tenure available is 30 years.
PNB Home Loan: The interest rate of PNB home loan starts from 7.20%. It provides 5 bps concessions to women borrowers as well. The processing ranges from Rs. 2,500 to Rs, 15,000. There are no prepayment charges, and maximum loan tenure is 30 years.
Central bank of India Home Loan: The interest rate of home loan starts from 7.25%. The maximum tenure extends up to 30 years or till the borrower attains 75 years as age, whichever is earlier. The processing fee is 0.5% of the loan amount limited to Rs. 20,000.
Syndicate Bank Home Loan: The rate of interest for a home loan from syndicate bank starts from 8.00%. The processing fee is a maximum of 0.13% of the loan amount, limited to Rs. 5,000. The home loan schemes by syndicate bank are; Synd Nivas, SyndNivas Plus, and Synd Kutter.
Canara Bank Home Loan: The rate of interest for a home loan offered by Canara bank starts from 8.05%. The processing fee 0.50% or a maximum of Rs. 10,000. Some popular schemes provided by Canara Bank are; Canara Bank Housing Loan, Home Improvement Loan, Canara Site Loan.
United Bank of India Home Loan: The home loan interest rate starts from 8.00%. The processing is up to Rs. 11,800. The tenure is up to 30 years or till the borrower attains 70 years of age, whichever is earlier. Some popular schemes are; united Housing Loan, United Smart Loan, United Home Advantage.
Citibank Home Loan: The rate of interest from Citibank home loan starts from 8.20%. The maximum tenure provided is 25 years, and there is no processing fee charged. The maximum loan amount offered is Rs. 10 crores.
Bank of India Home Loan: The rate of interest for Bank of India home loan starts from 7.25%. The processing fee is up to Rs. 20,000. Some popular schemes are; BOI Star Home Loan, BOI Star Smart Home Loan, BOI Star Diamond Home Loan.
IDFC First Bank Home Loan: The interest rate for IDFC First bank home loan starts from 9.50%. Its processing fee is limited to Rs. 5,000. There are no prepayment charges, and maximum loan tenure is 30 years.
A low-interest rate is a crucial factor in deciding for a home loan, but it is not the only factor. While making the decision also consider the extent of financing you are getting, processing fee, foreclosure charges, eligibility criteria, and other terms of home loan disbursal.