Which is the Best Bank for Home Loan?

1. Which is the Best Bank for Home Loan? When it comes to home loan, a certain paranoia starts to kick in. This is because a home is one of the costliest purchases that a person makes in their lifetime. It involves high finance. If the home loan turns out to be an expensive one, this can disrupt the whole life of a borrower. So, it is mandatory to compare the interest rates of several banks, and then, choose the one that is best suited for you. By ​best bank for home loan​, one obviously means - the bank with the lowest possible interest rate. There is no banks per se that can be coined as best bank for a home loan. But there are a few who stand out from the clutter in terms of their offerings: State Bank of India​: SBI has home loans designed for every need. You can choose from home loan options from the following: SBI Regular Home Loan, SBI Flexi Pay Home Loan, SBI Shaurya Home Loan and more. These loans are offered at attractive interest rates which is not heavy on the pocket. State Bank provides differential rates based on occupation and gender. As a result of this, women will be offered the home loan at an interest rate which is lower than men. Even, salaried individuals are offered the home loans at a cheaper rate than self-employed individuals. People working in defence services are given concessional interest rates by State Bank of India. SBI interest rates ranges between 8.5% to 9.10%. This is certainly the lowest rates offered in India which puts it on the pedestal of best bank for a ​home loan​ in India. HDFC Bank Home Loan: ​In terms of affordable loan, ​HDFC Bank Home Loan​ has emerged as a promising player. HDFC, one of the leading private sector banks, provides attractive customized home loan packages for people of different professions. It provides loan amount at low interest rates so that repaying the loan doesn’t feel like much of a burden. Where other banks and NBFCs are offering home loans only for constructing a new house or purchasing a new one, HDFC is being innovative in its approach by launching various types of home loans for every need. It offers home loans at interest rates starting from 8.60% onwards to 9.60% per annum. There’s an additional provision for women through which HDFC Bank offers them a lower rate of interest than others. ICICI Bank Home Loan: ​ICICI Bank is standing firmly amongst its competitors across the products it offers to individuals. It’s home loan is one of the most sought after products. It offers a high quantum of loan to help you buy a home with ease. The fact that the loan is available to both salaried and self-employed makes it more exciting. You can get a loan for a maximum of 30 years, making repayment easier through Equated

2. Monthly Installments (EMIs). Loans up to ​₹​30 lakh can be granted at an interest rate of 8.90% to salaried and 8.95% to self-employed individuals. As the loan amount goes past ​₹​30 lakh and remains within ​₹​75 lakh, the rate of interest goes up to 9.05% and 9.10% per annum for salaried and self-employed individuals, respectively. Loan amount exceeding ​₹​75 lakh would come with an interest rate of 9.10% for salaried and 9.15% for self-employed.