Best Bank for Home Loan in India 2022

Best Bank for Home Loan in India 2022

Naturally, your first inclination when intending to purchase a property with a home loan is to find out which bank has the best home loan interest rate. You must examine the house loan interest rates of different banks as well as any additional fees they charge you while approving a home loan in order to compile a list of the top banks for home loans. By comparing the finest house loan rates now available from various banks in India, this guide will assist you in obtaining the best mortgage and you will be able to know the home loan interest rates of all banks 2022.

Lowest Interest Rate for Home Loans

We have included a list of the banks that now provide house loans with the lowest interest rates because interest fees will continue to be the main factor influencing a borrower's choice. To establish the banks' loan affordability, we took into account the fringe costs when compiling the list. Also keep in mind that the rates stated in this article refer to the floating interest rate that is tied to the repo rate of the RBI, not the base rate or prime lending rate regimes, nor the former marginal cost of funds-based lending rate (MCLR) regime. In this article we have home loan interest rates of the top 4 banks.

• Union Bank of India

There are no-top-up loans from Union Bank available for the acquisition of both new and existing residential properties, land purchases, building, and restorations. To complete an unfinished residential unit, you may be eligible for a home loan. The Union Bank home loan also covers the price of purchasing solar panels while at the same time as buying or constructing a home.

Age range: 18 years to 65 years

Required documents: Address proof, Identity card, NOC, original copy of sale deed, audited financial sheet, ITR, qualification certificate.

Loan term: 30 years.

Loan amount: 35 lakhs to 2 crores

Benefits: Union Bank does not require a down payment on home loans.

Disadvantages: Limitation in the number of branches of Union Bank as compared to other public lenders is a drawback.

• Kotak Mahindra Bank

Over 100 branches are located throughout India and the Uday Kotak-led banks are among the fastest-growing private lenders. Kotak Mahindra is currently offering the industry's lowest home loan interest rate.

Age range: 18 years to 65 years

Required documents: Address proof, Identity card, NOC, original copy of sale deed, audited financial sheet, ITR, qualification certificate.

Loan term: 20 years.

Loan amount: 50,000 to 25,00,000 lakh

Benefits: With Kotak Digi Home loan, you may receive a quick approval for your mortgage. Borrowers should anticipate further advantages because the bank has kept prices at the lowest point in the market for the previous year and intends to continue focusing primarily on the home finance sector.

Negatives: Kotak Mahindra has lower penetration in India compared to several public lenders. For a variety of reasons, you must always physically visit the bank when applying for a house loan.

• The Bank of Baroda

Following the merger of Vijaya Bank and Dena Bank in April 2019, the Vadodara-based Bank of Baroda rose to the position of third-largest bank in India behind SBI. The bank, which the Maharaja of Baroda founded in 1908 and was nationalized by the government on July 19, 1969, along with 13 other significant commercial banks in India, now comprises more than ten thousand branches both inside and outside of India.

Age range: 18 years to 65 years

Required documents: Address proof, Identity card, NOC, original copy of sale deed, audited financial sheet, ITR, qualification certificate.

Loan term: 30 years.

Loan amount: 50,000 to 5 crore

Benefits: The online platform makes it extremely simple to obtain a loan.

Negatives: People with low credit ratings will face higher borrowing costs and should instead seek financing from HFCs or NBFCs. Public lenders, as was already established, are very sluggish to provide their borrowers with critical information.

• Punjab National Bank

Punjab National Bank (PNB), India's second-largest public sector bank, is also now giving low home loan interest rates. Over 80 million clients and 6,937 branches spread throughout 764 cities are served by the state-owned bank, which has its headquarters in New Delhi.

There are currently no processing costs. In most cases, it is 0.35 percent of the loan amount, with a Rs. 2,500 and Rs. 15,000 lower and higher limit, respectively.

Age range: 18 years to 65 years

Required documents: Address proof,Identity card, NOC, original copy of sale deed, audited financial sheet, ITR, qualification certificate

Loan term: 30 years

Loan amount: 50,000 to 5 crore

Pros: The temporary cancellation of the processing charge reduces the borrower's total expenses. Additionally, the bank almost always rewards those with strong credit ratings.

Cons: Due to a sharp increase in hazardous loans and allegations that it was involved in fraud cases, the bank's reputation has recently taken a serious hit. Furthermore, borrowers may find the services to be far less customer-friendly than those provided by most private lenders.

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