The growth of the Indian economy can be seen in the rapid increase of home buyers in recent time. As the demand for property is increasing so as the property prices. Well, to the relief of a number of potential home buyers, the home finance providers are also increasing at a faster pace. Being one potential home buyer, it is not only the property which you are to select right, but it is the lender also whom one should be selective for.

One can avail a home financing from a nationalized bank, a private bank or an NBFC. Before opting a home loan you should check home loan EMI. All those home loan providers may function in slightly different, but all of them can give you financial support in buying a home. A home loan makes the home buying affordable even for the average earning people. But among the hundreds of home loan providers, finding the best one according to your need may seem to be difficult.

To help the home buyers to find their ideal home loan lender, here we have compiled the top 5 home loan providers of India. 

How to Manage Your Home Loan Like a Pro

 Top 5 Home Loan Providers

Axis Bank Ltd Home Loan

Axis bank is the third largest private sector bank in India which is offering home loans from as less as Rs. 300,000. The processing fee of an Axis bank home loan is up to 1.00% of the Loan amount. If your loan is at a floating interest rate, you can enjoy the prepayment without any charges. But if the loan is at a fixed interest rate there will be a prepayment penalty of 2% of the total outstanding amount. With an Axis bank home loan, one can enjoy the loan tenure as long as 30 years. One can even transfer their existing home loans to Axis bank without hassles through Home Loan Balance Transfer facility. The home loan interest rate at Axis bank starts at 8.90%.

Features & Benefits

  • Axis Bank home loans are available at an attractive interest rate.
  • You can choose your interest type from both fixed and floating rates.
  • The bank offers faster application processing.
  • You can also transfer your home loan from another bank to Axis bank as Axis bank provides you the facility of the balance transfer.
  • Different kinds of home loan which suits your requirements –
    Quickpay Home Loans, Power Advantage Home Loans, Subh Aarambh Home Loans, Fast Forward Home Loans, Asha Home Loans, Empower Home Loans, Super Saver Home Loans.
  • One can also avail subsidy under PMAY with Axis bank home loans.
  • The most important point for Axis Bank home loan is no- prepayment charges are applicable.

State Bank of India Home Loan

SBI is the most preferred and of course the largest home loan provider in India. SBI providers various kinds of home loans according to the need of the customer. One can take a general home loan, home construction loan, balance transfer loan and many more kinds of home loans are available here. The women loan borrowers are encouraged with a concession in the interest rate. The loan tenure can be extended till 30 years. The interest rate starts at 8.75%. The prepayment of SBI home loan is free from any charges.

Features & Benefits

  • SBI offers different types of home loans which are structured to suit your different requirements.
  • Some of the SBI offered Home loans are – Regular Home Loans, Balance Transfer Home Loans, NRI Home Loans, Flexipay Home Loans, Privilege Home Loans.
  • SBI also offers Rewardz for Home Loans
  • Bridge home loans are also available with SBI to cover up the gap between your present home & your dream home.
  • Instant Home Loan top-ups are also available for those who are the existing home loan borrowers with SBI.

Why SBI Home Loan is the Best Mortgage Option

ICICI Bank Home Loan  

The ICICI home loan is ever known for the best customer care service. Getting a home loan is very easy if you opt for ICICI home loan. Generally, ICICI gives you home loan till 80% of the property price but with a special scheme of ICICI named ‘Step Up Home Loan’, you can earn 20% more than your eligibility. One can apply for a home loan online too by downloading the bank’s app on mobile or tablet for faster processing of the loan. The processing fee is 0.50% – 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge. The interest rate starts at 8.30%. With the repayment tenure of 30 years and the step up facility, owning the home of your dream has become much easier.

Features & Benefits

  • ICICI bank offers quick and easy processing for home loans
  • Subsidy under PMAY can also be availed with ICICI bank home loans.
  • The bank provides doorstep service for the home loan applicants.
  • The bank also offers balance transfer facility. Higher eligibility with minimal documentation.

HDFC Limited Home Loan

HDFC is one of the popular private sector banks providing housing finance in India. The HDFC home loan starts at the interest rate of 8.90%. The main attraction of HDFC home loan is easy documentation, doorstep assistance, and long repayment tenure, easy balance transfer, an especial price for women home loan borrowers etc. One can apply for a home loan online at HDFC bank. Along with all those facilities, HDFC bank provides expert legal and technical counselling to help improve your home buying decision.

Features & Benefits

  • HDFC bank provides special privilege for the women home loan applicants.
  • The affordable interest rate for the home loan which makes your borrowing pocket-friendly.
  • Customized repayment options are available which makes it’s comfortable for you.
  • Help and support from the expert executives who are always there to help you.

How to Get the Best Home Loan Rates

DHFL Home Loan

If you want a home loan for a bigger amount, you should better opt for DHFL home loan. Generally, home loans provide you financing up to 80% of the property price. But with DHFL home loan, you can enjoy the loan amount till 90% of the property price. The maximum loan amount is of Rs. 30 lakhs and your loan amount will be dependent on both the property price and your loan eligibility. The interest rate starts at 10% per anum. The repayment of the loan is done via Electronic Clearing Service (ECS)/ National Automated Clearing House (NACH). The website of DHFL home loan comes with an online EMI calculator which enables you to know your EMI amount and total outgo of the loan before you apply for the same.

Features & Benefits

  • DHFL Home Loans are easy to apply with its online application process.
  • Balance transfer for home loans is also available under this bank.
  • One can get up to 90% of the cost of the property as the home loan.
  • Flexible repayment options are available.
  • The applicant has a maximum tenure of 30 years to repay their home loan.

(Updated 13-06-2019)