Home Loan is a secured loan instrument offered by banks and other financial institutions for the purpose of purchase of new or used property or construction/ renovation of a property. The borrower takes a loan and subsequently is to pay periodically and in equal amounts a fixed sum of money for the amount borrowed and agreed interest charge in equal instalments spread over which may be in the range of 15 to 30 years. The type of property acquired can be repossessed should the borrower fails to pay the amount borrowed on the due date. Borrower’s home loans have two types of rates of interest, fixed or floating and depends on the borrower’s salary credit score and the required amount of loan. It is especially favored as a form of owning a home.
Bank
Interest
Amount
Tenure
Processing Fee
Action
SBI Home Loan
8.50% - 10.15% P.A.
Contact the bank for details
Upto 30 years
0.35% of the loan amount
...plus applicable GST,
minimum Rs.2,000/- plus applicable GST and
maximum of Rs. 10,000/- plus applicable GST
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HDFC Home Loan
8.50% - 9.40% P.A.
Contact the bank for details
Up to 30 years
Up to 0.50% of loan ...amount or Rs 3,000, whichever is higher
For Self-employed Non-Professionals: Up to 1.50% of loan amount or Rs 4,500, whichever is higher
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Union Bank Home Loan
8.35% P.A. onwards
Contact the bank for details
Up to 30 years
0.5% of the sanctioned amount plus GST.
PNB home Loan
8.50% P.A.
Contact the bank for details
Up to 30 years
0.35% of the loan amount ...plus GST. PNB offers subsidised rates to EWS, LIG, and MIG applicants under the PMAY scheme.
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LIC HFC home Loan
8.50% P.A.
Contact the bank for details
Up to 30 years or attainment of 80 years
Up to 0.50%
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Axis Bank Home Loan
9.0% P.A.
Contact the bank for details
Up to 30 years
Up to 1% or min. Rs. 10,000/-
Bank of Baroda Home Loan
8.40% P.A.
Contact the bank for details
Up to 30 years
NIL
Canara Bank Home Loan
6.90% -10.5% P.A.
Contact the bank for details
Up to 30 years
0.5% of the amount
Kotak Mahindra Bank Home Loan
8.70% P.A.
Contact the bank for details
Up to 25 years
1.00% of the amount