5 best home loans in India for first-time homebuyers

Every person wishes to become a homeowner. It’s a method of ensuring long-term stability by purchasing rather than renting a property. Buying a house, on the other hand, is not an easy task. Whether it’s taking down years of investment as a deposit or locating a good investment property, the process of purchasing a place is described. Because real estate investing requires large quantities of money, the majority of people believe in applying for a low-interest rate on home loans.

1. ICICI Bank Home Loan

ICICI is famous for its simple paperwork, quick approvals, and low-interest rates you can acquire a loan to buy a house, build a house, remodel a property, or get a top-up home loan.ICICI Bank now has 5,288 branches in India.ICICI Bank has the lowest interest rate on home loans, starting at 9% p.a., and the loan approval costs are up to 1% of the entire loan amount. The loan term is up to 30 years, with no prepayment penalties.

2. HDFC Bank Home Loan

HDFC is known for its thorough examination of real estate papers.

You can have an HDFC loan specialist come to your house for a consultation, or you can apply online and upload your documents.HDFC home loans provide positive interest rates that start as 9% p.a. The bank offers up to 30-year repayment terms and charges a processing fee of 2% of the loan amount. For lower interest rates on home loans, you can add a woman as a co-owner. A person with a modest annual income of Rs 2 lakh can easily access a loan with little paperwork.

3. SBI Home Loan

During the lending procedure, SBI has one of the strictest property verification policies. The advantage is that you may be confident that the property papers are genuine, so you’re less likely to face legal issues in the future.SBI home loan offers low-interest rates that start at 9.90 %. On a home loan, processing costs of 0.35 % of the loan amount are charged. The loan might last up to two years.

4. AXIS Bank Home Loan

Axis bank will give home loans for as little as Rs.3 lakhs. The loan is for the purchase of built-in residences, property construction, and top-up loans. Axis bank house loan has an interest rate starting at 8.55 %. The bank would provide a loan of up to Rs. 5 crores with a maximum repayment period of 30 years. There are no prepayment fees and processing fees of up to 1% of the loan amount.

5. Canara Bank Home Loan

This over-a-century-old bank is headquartered in Bengaluru and has 10,391 branches all over India. Canara Bank provides women a low-interest rate on home loans starting at 8.05 %. The loan has a maximum repayment duration of 30 years. On a home loan, the processing fee is 0.50 % of the overall loan amount. After combining with Syndicate Bank last year, Canara Bank became the fourth-largest state-owned bank by assets, with a business size of over Rs 16 trillion. The loan can be used to buy or build a flat with no prepayment penalties.

Everyone should completely understand the home loan application procedure and the consequent re-payment requirements before applying for a home loan. Make a smart decision. Keep a watch out for special offers and exemptions that banks may make to tempt customers from time to time. If the interest you’re paying on your loan is larger than the interest you’re earning on your assets, it’s a smart idea to foreclose.

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