Best Bank for Home Loan in 2024

Home 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 attempt to provide higher home loan eligibility, lower annual percentage rates, EMI waivers, mixed interest rates, overdraft facilities, and balance transfer facilities to meet the housing financing needs of a larger client base. Additionally, some lenders provide home loan solutions for clients with inadequate income documentation and affordable housing.

Best Bank for Home Loans in India

1. SBI Home Loan

SBI provides up to 90% of the cost of the property at an annual rate of 8.40% for terms up to 30 years. The bank provides unique house loan solutions to those who work in the military, are employed by the government, are not paid, are purchasing “green” homes, or reside in hilly or tribal regions. Additional advantages of SBI house loans include step-up loans, overdraft protection, debt transfer options, and interest rate reductions of 0.05% for female borrowers.

SBI Home Loan Types:

  • SBI house Loan: This standard house loan program is available for the purchase of existing or newly constructed residential properties. It may also be used to build new residential property or to renovate and extend an existing one.
  • Balance Transfer for SBI Home Loans: With this service, borrowers may move their current home loans to the State Bank of India at a reduced interest rate.
  • NRI Home Loan: With this home loan program, NRIs can build or purchase a property in India.
  • Flexipay house Loan: With this house loan product, salaried candidates can pay higher interest rates in the later years of the loan tenure after initially paying lesser EMIs. This allows them to qualify for larger loan amounts. Additionally, during the moratorium time, applicants have the option of merely repaying the interest component.
  • Privilege Home Loan: Applicants with pensionable service as well as workers of public sector undertakings, public sector banks, and the federal and state governments are eligible for this type of loan.
  • Shaurya Home Loan: This type of loan is intended for members of the armed forces and the armed services. Those who apply for this loan can receive longer payback terms and cheaper interest rates.
  • Pre-approved Home Loan: With this option, loan applicants may obtain pre-approval for their loans even before their properties are finalized. This gives them the confidence to engage in negotiations with builders and sellers.
  • Realty Home Loan: With this home loan program, you can purchase a plot of land and build a house on it.
  • Top-up house Loan: Under this house loan program, an existing SBI home loan borrower will get an extra loan amount in addition to their current home loan. Any reason other than speculation is permitted to use the loan.

2. HDFC Bank Home Loan

For loan amounts up to Rs. 10 crores and terms up to 30 years, HDFC Bank is offering house loans starting at 8.70% p.a. For agriculturalists, horticulturists, dairy farmers, and other individuals residing in rural and urban regions, as well as self-employed or salaried applicants wishing to construct or purchase a home in their hometowns, the bank also provides the Rural Housing Scheme.

Types of HDFC Bank Home Loan:

  • HDFC Housing Loan: This loan is intended for individuals who intend to purchase or build a new home.
  • Loans for Rural Housing: This type of financing program is intended for farmers, dairy farmers, planters, and horticulturists who want to purchase new or pre-existing residential properties in both rural and urban locations. The loan can also be used for home improvement and home expansion in an already-existing residence, as well as for house building on freehold or leasehold plots in urban and rural locations.
  • Home Renovation Loan: Those in need of money for improvements to their homes, such as flooring, painting, plastering, or tiling, can apply for this loan program.
  • Home Extension Loan: This type of loan is intended for homeowners who want to expand their existing home but require financial assistance.
  • Top-up Home Loan: This type of loan is available to current HDFC borrowers who need more money for personal or business needs, such as building a home or company, or for those who have transferred their home loan amount.
  • house Loan Balance Transfer: Borrowers can transfer their current house loans from HFCs and other banks to HDFC Bank at a reduced interest rate by using the balance transfer option.

3. ICICI Bank Home Loan

ICICI Bank provides house loans with interest rates as low as 8.75% per annum for terms as long as 30 years and loan amounts as high as Rs. 10 crore.

Types of ICICI Home Loan:

  • ICICI Housing Loan: This type of loan is intended for the building or purchase of residential real estate.
  • rapid Home Loan: For borrowers who have salary accounts with ICICI Bank, the bank provides rapid approval for a pre-approved home loan.
  • Express Home Loans: This type of loan is intended for borrowers who wish to apply online, get their loans approved quickly, and have their digital sanction quickly. After the date of issuance, the issued Provisional Sanction Letter is still in effect for six months.
  • Extra Home Loan: This home loan plan allows the borrower to increase the loan amount by 20% by extending the repayment period until they are 67 years old. Mortgage Guarantee provides support for both the increased loan amount and repayment period.
  • Pratham House Loans: This program provides house loans to those with salaries who want to purchase reasonably priced real estate. To be eligible for this loan, self-employed candidates must have been in business for at least five years, and salaried applicants must make at least Rs 10,000 per month.
  • Land Loan: This type of house loan is intended for people who want to buy a parcel of land.
  • NRI Home Loan: This type of loan is intended for non-resident Indians (NRIs) who wish to buy or build a home in India.
  • Instant access to cash for personal costs like schooling, home renovations, debt consolidation, other crises, etc. is provided via the pre-approved digital home loan overdraft facility.

4. Kotak Mahindra Home Loan

Home loans are available from Kotak Mahindra Bank with interest rates as low as 8.70% per annum for terms as long as 30 years and as much as Rs. 10 crore.

Types of Kotak Home Loan:

  • Kotak Housing Loan: This loan is intended for borrowers who wish to purchase, build, or remodel a home.
  • Balance Transfer of Home Loans: With this home loan option, you can transfer your current home loans from other banks to Kotak Mahindra Bank at a reduced interest rate.
  • property Improvement Loan: This loan product is provided by the bank to help with remodeling or other upgrades to an already-existing property.
  • NRI Home Loan: This home loan program is designed to help NRIs with their housing finance needs.
  • NRI Home Improvement Loan: This type of loan is intended for non-resident individuals (NRIs) who want money to pay for repair or improvement-related costs.

Leave a Comment