<aside> <img src="/icons/forward_red.svg" alt="/icons/forward_red.svg" width="40px" /> In the industry, there are three major players that dominate the market: SBI, HDFC, and ICICI. Among these players, SBI stands out as the leader. One of the key factors contributing to SBI's success is its competitive interest rate of 8.05%, which is lower than HDFC's interest rate of 8.60%. Additionally, SBI also offers a lower processing fee compared to its competitors. Thus, SBI's combination of a lower interest rate and a lower processing fee gives it a significant advantage in the industry.
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| S.No. | Bank Name | Interest Rate | Processing Fees |
|---|---|---|---|
| 1. | SBI Home Loan | 8.05%-8.55% | 0.35% of the loan amount and a maximum of INR 10,000 +GST. |
| 2. | HDFC Home Loan | 8.60% - 9.50% | Up to 0.50% of the loan amount or INR 3,000, whichever is higher, plus applicable taxes. |
| 3. | Axis Bank Home Loan | 7.60% - 8.05% | Up to 1% of the Loan amount subject to a minimum of INR 10,000 |
| Upfront processing fee of INR 2,500 + GST. | |||
| 4. | ICICI Home Loan | 8.40% - 9.45% | Up to 1.00% of the loan amount + GST. |
| 5. | Bank of Baroda Home Loan | 7.45% - 8.80% | Up to 0.50% of the loan amount or a maximum of INR 7,500 + GST. |
| 6. | PNB Home Loan | 8.25% - 11.20% | 0.35% of the loan amount, subject to a minimum and maximum of INR 2,500 and INR 15,000, respectively. |
| 7. | LIC Housing Finance Home Loan | 8.00% - 9.25% | Up to 1.0% of the loan amount + applicable GST. |
| 8. | Aditya Birla Home Loan | 8.00% - 13.00% | Up to 1.0% of the loan amount + applicable GST. |
| 9. | Citibank Home Loan | 6.50% - 7.40% | Up to 0.40% of the loan amount + GST. |
| 10. | Bajaj Housing Finance Home Loan | 7.70% - 14.00% | Up to 1.0% of the loan amount + applicable GST. |
SBI Home Loan is considered the best bank for Home Loan in India. Home loans from the State Bank of India have some of the most attractive and best home loan interest rates in India, starting at 8.55% p.a.
A loan tenure extension option of up to 30 years guarantees a comfortable repayment period. The processing fee for these loans is 0.35 per cent of the loan amount (minimum Rs. 2,000; maximum Rs. 10,000) plus applicable taxes.
On SBI Home Loans, female borrowers are also eligible for an interest reduction of 0.05%. They are one of the nation's most popular housing loan products because there are no additional fees, and prepayment penalties are entirely waived.
To those who qualify, HDFC Home Loans offers affordable home loans with interest rates starting at 8.60% per year. This is another best Home Loan providers in India.
For loans with terms of up to 30 years, the EMI begins at Rs. 762 per lakh. For employed individuals, the processing fee for these housing loans will not exceed Rs. 3,000 (plus applicable taxes); unemployed individuals will not exceed Rs (plus applicable taxes).
Axis Bank Home Loan is one of the best bank for Home Loan, with interest rates beginning at 6.90% p.a. on floating-rate loans and 12% p.a. On fixed-rate loans, Axis Bank provides eligible customers with housing loan options.
For floating-rate loans, the tenure may be increased to 30 years, while for fixed-rate loans, it may be increased to 20 years. In addition, up to 1% of the loan amount (minimum of Rs. 10,000) may be charged as the processing fee, of which Rs. 2,500 plus GST must be paid in advance at the time of loan application login.
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Aditya Birla Capital home loans are the best as they offer attractive interest rates for loans tenuring up to 30 years. Moreover, their processing of loans is quick & transparent, with almost zero prepayment charges for floating interest rates. Additionally, they also provide doorstep services.
An Axis Bank Insta Easy Credit Card can be obtained based on your salary or a fixed deposit. Cardholders can increase their credit score with this card due to its minimal documentation requirements.