Buying a house in India is a matter of great joy and pride. When you buy a house you can live there with your loved ones and give them the luxury and peace of mind that they deserve. When you invest in buying a house, it is probably the biggest investment of your life. No ones stopping you if you plan to buy your new house using your savings. However, going for a home loan will not affect your savings to a great extent.
A home loan offers you the upfront money you require to buy a house. However, you must understand that a home loan will only cover 85% of the property value. The remaining 15% has to come from your savings. Before applying for a home loan, it is imperative that you read the details and understand the complete process of applying.
There are several home loans offered by different banks in India. The NBFCs also offer housing loans that are associated with attractive rates of interest.
Let us know about the details of home loans offered by some of the top banks in India.
A home loan offers you the upfront money you require to buy a house. However, you must understand that a home loan will only cover 85% of the property value. The remaining 15% has to come from your savings. Before applying for a home loan, it is imperative that you read the details and understand the complete process of applying.
There are several home loans offered by different banks in India. The NBFCs also offer housing loans that are associated with attractive rates of interest.
Let us know about the details of home loans offered by some of the top banks in India.
DBS Home Loan Details
- Pre-closure Chargest: Varies with bank
- Partial pre-payment Charges: Varies with bank
- Loan tenure: 1 Year to 30 Years
- Processing fees: Varies with bank
- Interest Rate (Monthly reducing balance): 8.35% to 18%
SBI Home Loan Details
- Pre-closure Chargest: Nil
- Loan tenure: 30 Years
- Processing fees: 0.35% of Loan Amount, min of Rs.2,000 to max of Rs.10,000 (plus applicable tax)
- Interest Rate (Monthly reducing balance): For women - 8.30% to 8.6%, For General Customers - 8.35% to 8.65%
ICICI Home Loan Details
- Pre-closure Chargest: Nil
- Partial pre-payment Charges: Nil
- Loan tenure: 3 Years to 30 Years
- Processing fees: 0.50% of Loan Amount (Maximum of Rs.11,800)
- Interest Rate (Monthly reducing balance): For women - 8.45% to 8.80%, For General Customers - 8.50% to 8.85%
- Guarantor requirement: Not require
HDFC Home Loan Details
- Pre-closure Chargest: Nil
- Partial pre-payment Charges: Nil
- Loan tenure: 1 Year to 30 Years
- Processing fees: 0.50% of Loan Amount (Maximum of Rs.11,800)
- Interest Rate (Monthly reducing balance): 8.35% to 8.85%
- Guarantor requirement: Not required
Axis Bank Home Loan Details
- Pre-closure Chargest: Nil
- Partial pre-payment Charges: Nil
- Loan tenure: 1 Year to 30 Years, Super Saver Scheme - 1 year to 20 years
- Processing fees: 0.50% of Loan Amount (Minimum of Rs.10,000)
- Interest Rate (Monthly reducing balance): 8.35% to 11.75%, Super Saver Scheme – 9.25%
- Guarantor requirement: Not required
PNB Housing Home Loan Details
- Pre-closure Chargest: Nil
- Partial pre-payment Charges: Nil
- Loan tenure: 1 Year to 30 Years
- Processing fees: 0.50% of Loan Amount (Minimum of Rs.5,900)
- Interest Rate (Monthly reducing balance): 8.35% to 10.25%
- Guarantor requirement: Not required
Bank of Baroda Home Loan Details
- Pre-closure Chargest: Nil
- Loan tenure: 30 Years
- Processing fees: 0.50% to 0.25% of Loan Amount (Min of Rs.7500 to Max of Rs.20,000)
- Interest Rate (Monthly reducing balance): 8.30% to 9.35%
IDBI Home Loan Details
- Pre-closure Chargest: Nil
- Loan tenure: 30 Years
- Interest Rate (Monthly reducing balance): 8.35% to 8.65%
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