House loans are available from banks and Housing Finance Companies (HFCs) at 8.30% p.a. for terms up to 30 years and loan amounts up to 90% of the cost of the house. The banks and HFCs provide a range of home loan programs that aim to provide bank for home loan higher eligibility, lower annual percentage rates, EMI waivers, mixed interest rates, overdraft facilities, and balance transfer facilities in order to meet the housing financing needs of a wider customer base. Well in this, we are going to discuss the best bank for home loan in detail, So read the blog till the end.
List of Best Bank for Home Loan Offering Best Home Loan Rates
| Name of Lender | Interest Rates (% p.a.) | ||
| Up to Rs 30 Lakh | Above Rs 30 Lakh & Up to Rs 75 Lakh | Above Rs 75 Lakh | |
| State Bank of India | 8.40-10.15 | 8.40-10.05 | 8.40-10.05 |
| HDFC Bank | 8.50-10.20 | 8.50-10.20 | 8.50-10.20 |
| ICICI Bank | 9.00-9.80 | 9.00-9.95 | 9.00-10.05 |
| Kotak Mahindra Bank | 8.70 onwards | 8.70 onwards | 8.70 onwards |
| Punjab National Bank | 8.55-10.25 | 8.50-10.15 | 8.50-10.15 |
| Bank of Baroda | 8.40-10.65 | 8.40-10.65 | 8.40-10.90 |
| Union Bank of India | 8.40-10.80 | 8.40-10.95 | 8.40-10.95 |
| IDFC First Bank | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| Federal Bank | 8.80 onwards | 8.80 onwards | 8.80 onwards |
| Bajaj Housing Finance | 8.45 onwards | 8.45 onwards | 8.45 onwards |
Best Bank for Home Loan In India are:
the best bank for home loans in India are properly detailed below. You may read about the best bank for home loans below, including information on their eligibility requirements, needed paperwork, loan amounts, and loan terms.
1. Aditya Birla Capital
The Aditya Birla Capital group offers loans with processing fees as low as 1% of the loan amount and interest rates as low as 9.05% p.a. to help you finance your journey towards building your dream house. Loan amounts ranging from 75% to 90% of the property’s value are available, with a maximum 30-year loan payback time. Prepayment penalties don’t apply to bank for home loans with adjustable rates.
Eligibility – 18 to 65 years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet, P/L statement
Loan Amount – ₹ 5,00,000 to 75 to 90 per cent of the property cost
Loan Tenure – 30 years
2. Union Bank of India
Union Bank loans are available for the purchase of both new and old residential properties, as well as for building and remodeling projects, and there are no top-up requirements. To complete a residential unit that is still under construction, you may be eligible for a bank for home loan. The Union Bank home loan also covers the cost of installing solar panels when buying or developing a property.
Eligibility – 18 to 65 years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet. P and L statement
Loan Amount – 30 lakhs to 2 crores
Loan Tenure – 30 years
3. Kotak Mahindra Bank
With more than 100 branches nationwide, the Uday Kotak-led banks are rapidly expanding as private lenders. Currently offering the lowest interest rates in the market for home loans is Kotak Mahindra.
Eligibility – 18 to 65 years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet. P And L Statement
Loan Amount – 50,000 to 25,00,00 lakhs
Loan Tenure – 20 years
4. HDFC Bank
HDFC has a reputation for carrying out exhaustive property document verification. You can apply online and upload your documentation, or you can have a door-to-door meeting with an HDFC loan expert. You can construct a new home, purchase a plot of land, make improvements to an existing one, or expand your property with an HDFC bank for home loan, which have competitive interest rates.
Eligibility – 18 to 70 years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet. P and L statement
Loan Amount-Rs 10 Crore
Loan Tenure – up to 30 years
5. ICICI Bank
Low credit rates, speedy approvals, and clear documentation are some of ICICI‘s best-known qualities. Loans are offered for building, renovating, buying a house, and topping up existing bank for home loans. Monthly interest is calculated based on a decreasing balance, meaning that the principle is established at the end of each month and interest is computed based on that amount. On the first of the next month, if you make a partial payment today, your loan’s interest rate will be lowered.
Eligibility – 21 to 70 years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet. P and L statement
Loan Amount – Rs. 5 crores
Loan Tenure – 30 years
These are more names included in the list of Best bank for home loan:-
6. LIC Housing Finance
Mortgage loans for home purchases, building, maintenance, site acquisitions, home additions, and restorations are provided by LIC Housing Finance. Top-up loans are also feasible in certain situations. A loan with either a fixed or variable rate and a maximum period of 30 years can be obtained. Every month, the interest is calculated at a declining rate.
Eligibility – 21 to 7o years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet. P and L statement
Loan Amount – one lakh onward.
Loan Tenure – up to 30 years
7. Canara Bank
In July 1906, the Canara Bank was founded in Mangalore, Karnataka, and it was nationalized in 1969. This more than a century-old bank has over 10,391 branches throughout India in addition to its headquarters in Bengaluru. With a business size of more over Rs 16 trillion, Canara Bank, which merged with Syndicate Bank last year, is now the fourth-largest state-owned bank by assets.
Eligibility – 21 to 55 years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet. P and L statement
Loan Amount – up to 10 crores
Loan Tenure – up to 30 years
8. Axis Bank
Home loans as little as Rs. 3 lakhs are available from Axis Bank. Purchases of built-in homes, home building, and top-up loans are all eligible. Bank for Home loans with durations ranging from 10 to 30 years are offered by Axis Bank, with both fixed and adjustable interest rates.
Eligibility – age 21 to 60 years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet. P and L statement
Loan Amount – up to 3 crores
Loan Tenure – 30 years max
9. State Bank Of India
One of the strictest processes for property verification is employed at SBI. The benefit is that you can be sure the property documents are authentic, and you won’t probably run into any legal problems down the road. Top-up, remodeling, and construction loans are examples of bank of home loan products.
Only SBI offers SBI-Maxgain and floating-rate loans. The rate on SBI house loans is less than that of other lenders. Interest is computed daily based on a recalculation of the claim and the principal. The interest expense for tomorrow will be reduced with a partial payment made today.
Eligibility – age 18 to 70 years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet. P and L statement
Loan Amount – decided by lenders
Loan Tenure – up to 30 years
10. PNB Housing Finance
A range of bank for home loan products are available from PNB Housing Finance, including loans for residential plot purchases, building loans, home improvement loans, home purchase loans, and home extension loans.
Eligibility – 18 to 60 years
Documents Required – Identity card, address proof, original copy of sale deed, NOC, ITR, qualification certificate, audited financial sheet. P and L statement
Loan Amount – up to 35 lakhs
Loan Tenure – 30 years
Conclusion
After reading about the best bank for home loan and getting some advice on choosing a bank, keep in mind that not every loan program is suitable for every borrower. Based on your cash flow, repayment capacity, and loan requirements, you should choose a house loan that is suitable for you. Clubhouse dues, annual maintenance fees, and registration and stamp tax payments are generally not financed by lenders. Therefore, it’s imperative that you locate a lender who can finance the required amount and provide straightforward options for loan approval and payments.