Why should Home Loan Rates Matter to You?
Buying a home can be counted as a financial achievement for most of us, especially, when it is about purchasing the first home. Buying a home is not an easy task these days, there has been a drastic increase in the price of properties all over the country. And it’s not possible for most of us to accumulate that much of wealth at once and invest in purchasing a home. Thanks to the home loan providers which has made the dream of owning a house possible for many of us.
As the demand for properties is increasing and the market is growing, lending institutions are also facing tough competition to provide home loan to more number of people. As such the competition is growing the number of home loan providers has also increased. But, this is not only limited to the increase in the number of loan providers but also there is competition in terms of better offers and rates. The one with better offers and rates will definitely have more customers comparatively.
The increase in the number and offers has created difficulty for the customers to select the best among all for them.
But, nothing to worry! In this article, we are going to provide you a brief look over the top 3 home loan providers in India.
Top #3 Low-interest Rate Home Loan Providers
ICICI Bank
ICICI offers home loan in an easy and convenient way for its customers. The eligibility criteria to avail this loan is minimal and the interest charged for this comes at affordable rates. ICICI also provides many exciting offers to its customers to make it more attractive to the customers.
ICICI also offers pre-approved home loans to its existing customers which makes it, even more, easier and convenient for the person who is looking for a home loan. The pre-existing offers depend on your income and on your financial transactions made.
A home loan with ICICI has also a plus point as one can also avail the subsidy under PMAY ( Pradhan Mantri Aawash Yojana).
ICICI Bank Home Loan Details:
Interest Rate: Floating and Fixed both are available.
Tenure period: Up to 30 years
Top- up option: Available
Balance transfer: Available
Processing fees: Up to 2% + applicable Taxes
Pre-closure: Allowed ( terms and condition are applicable)
Eligibility Required to Apply for an ICICI Home Loan
- The minimum age of the applicant to apply for this loan must be 25 years.
- The loan must get over before or by 65 years of age of the borrower.
- Home Loans are available to both salaried and self-employed who have a regular source of income.
- One can get a maximum of 80% of the cost of the property (Agreement value + Stamp Duty + Registration charges) or the cost of construction as applicable as the loan amount.
Axis Bank
Axis Bank is one of the largest banks among the private sector banks in India. It offers a wide range of financial product to its customers in which Home loan is the most popular one. Home loan offered by Axis bank comes at a low-interest rate which makes it affordable to a large number of people.
Axis Bank branches are available all over the country making it reachable to people. The bank has also built strong trust among its customers, which inclines more number of people towards Axis Bank Home Loan. The loan starts with a minimum amount of ₹ 3,00,000.
Axis Bank Home Loan Details:
Interest rate: 8.85% to 11% (both fixed and floating available)
Tenure Period: Maximum of 30 years
Balance transfer: Available
Top up loan: Available
Pre- Payment charges: Nil
Loan Amount: Minimum ₹3 lakhs
Maximum ₹ 3 Crore
Pre-closure: Allowed
Axis Bank Home Loan Eligibility
For Salaried individual
- Salaried individuals either in the Government sector or in any other private companies are eligible for an Axis Bank Home loan.
- To apply for this loan one should be minimum 21 years of age at the time of loan disbursal and can be up to the age of 60 at the time of loan maturity.
For Professionals
- Doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretary, and management consultants are also eligible for the Axis Bank Home Loan.
- Applicants should be a minimum 21 years of age at the time of home loan disbursement and up to 65 years or less at the time of home loan maturity.
- Any self-employed individual who is filing income tax returns can also apply for an Axis Bank Home Loan.
Bajaj Finserv
Bajaj Finserv provides you home loan to purchase your dream home. Whether it be to construct your house, or just to renovate your house, Bajaj Finserv home loan is always there for you. Bajaj offers you a home loan up to ₹3.5 crores that too at the lowest interest rate along with added features such as additional top-up option and doorstep service for your loan.
With the top-up loan facility, you can get an additional 50% on the top of your disbursed loan amount. Subsidy under Pradhan Mantri Awas Yojana (PMAY) can also be availed under Bajaj Finserv home loans.
Bajaj Finserv Home Loan Details:
Interest Rate: 8.80% * (floating and fixed both)
Loan Tenure: Up to 25 years
Processing Fees: Up to 2% of the loan amount
Loan Amount: Maximum ₹10 crore
Prepayment / Foreclosure Charges: Nil ( for floating interest rate)
All Borrowers 2% + applicable taxes (for fixed)
Top – up loans: available
Balance Transfer: Allowed
Bajaj Finserv Home Loan Eligibility Criteria
- Bajaj Finserv eligibility criteria are strictly dependent on the repayment capacity of the applicant’s.
- Hence, the primary eligibility criteria required to avail a home loan from Bajaj Finance is – one should be a salaried individual/ professional with a regular source of income.
- The age of the applicant can be a minimum of 23 years and it can be a maximum of 62 years at the time of loan maturity.
- The CIBIL Score of the applicant should be minimum 750.
Taking is home loan is a very big financial commitment and hence it becomes more important to do proper research before you opt for the one. Always check for low-interest rate home loan and know the terms and condition before you sign your loan agreement.
