Researching home loans is a significant stage of every home buyer’s journey. Buyers prefer to finance their purchase with a home loan, irrespective of how much they have saved up for the same. But will any home loan do? Can one just walk into the nearest bank and avail a home loan without any risk or regret? It’s not as simple as that.
If you’re considering taking a home loan, it is ideal to do some research before deciding on any one home loan. The good news is that most reputed banks have home loans to suit your requirements. The only thing you need to do is carefully compare home loan interest rates to decide which one is right for you. One approach to take is to look at the lowest home loan interest rates offered by banks.
Here are a few best home loans that offer a competitive rate of interest.
- State Bank of India (SBI) Home Loan:
Loan tenure – 30 years; Interest Rate (floating) – 9.55% (general public) and 9.50% (women); - ICICI Home Loan:
Loan tenure – 3 to 30 years; Interest rate – 9.50 to 9.85% - HDFC Home Loan:
Loan tenure – 30 years; Interest rate (floating) – 9.5 to 9.6% - LIC housing home loan:
Loan tenure – 5 to 30 years; Interest rate (floating) – 9.60% to 9.90% - Punjab National Bank home loan:
Loan tenure – 1 to 30 years; Interest rate – 9.75% to 11% - Federal Bank home loan:
Loan tenure – 1 to 30 years; Interest rate – 9.68% to 10.08% - Axis Bank home loan:
Loan tenure – 1 to 30 years; Interest rate – 9.55% to 11.75% - Indiabulls Home Loan:
Loan tenure – 1 to 30 years; Interest rate – 9.55% to 10.05%
Interest rates, although important, shouldn’t be the only factors you take into consideration when choosing a home loan. Other factors such as loan tenure, EMIs, processing fee, waivers or discounts and so on also need to be considered.
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