Owning a home is everyone's dream. But amid today's economic needs, we cannot build houses with our income alone. It is in this environment that we try to buy home loans from banks. Bank interest rates vary from bank to bank and banks also charge a processing fee.
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Which bank is best for home loan with less interest
Bank with low interest rates and low processing fees for, home loans,
Kotak Mahindra Bank
Kotak Mahindra Bank offers one of the lowest interest rates on home loans, starting at 8.75% p.a. It also has a competitive processing fee of up to 0.50% of the loan amount. Kotak Mahindra Bank offers home loans for a variety of purposes, including purchase of a new home, construction of a home, renovation of an existing home, and balance transfer.
State Bank of India (SBI): State Bank of India not only has the largest customer base in India but is also the leading lending bank. Here it charges a processing fee equal to 0.35 percent in respect of home loans. Minimum processing fee is Rs.2 thousand and maximum is Rs.10,000. Along with this you have to pay the GST amount. Currently SBI offers very low home loan interest rates starting from 8.40 percent. And if you want to avail an additional offer of up to 65 basis points, you can avail special SBI home loan discounts till 31st December 2023.
HDFC Bank: This bank has different processing charges for each customer. For salaried and self-employed persons, 0.50 per cent of the purchase home loan or Rs. 3000 processing fee charged. For non-self-employed individuals, 1.50 percent of the purchase loan or Rs. 4500 is the processing fee. Maximum charges are charged for loans under HDFC Bank Reach scheme. And it is equal to 2 percent of the loan amount plus applicable taxes. It also offers 8.50 percent interest on loans.
ICICI Bank: Private bank ICICI charges a processing fee of 0.50 percent to 2 percent of the home loan amount you purchase. Along with this you have to pay GST. At present, it offers loans to customers at an interest rate starting from 8.64 to 9.40 percent.
LIC Housing Finance Limited (LICHFL) offers home loans starting from 8.50% p.a. onwards for tenures of up to 30 years. The applicable processing fee is up to 0.50% of the loan amount plus GST.
However, the actual interest rate and processing fee offered by LIC HFL will vary depending on your individual circumstances, such as your credit score, loan amount, and income.
It is important to note that the interest rate and processing fee offered by a bank will vary depending on your individual circumstances, such as your credit score, loan amount, and income. It is always a good idea to compare offers from multiple banks before choosing a home loan.
You can use a financial comparison website like BankBazaar or Paisabazaar to compare home loan offers from different banks. These websites allow you to compare interest rates, processing fees, and other terms and conditions of home loans from multiple lenders in a single place.