Looking for the best home loan?
Searching and applying for a home loan could be daunting, with hundreds of products flooding the market. It would help if you considered various aspects like interest rates, availability, eligibility, processing charges, etc.
We have researched over a hundred home loan products from Banks and NBFCs. After thorough research, we have shortlisted the ten best home loan products in India for your quick reference.
Top Ten Home Loans in 2022 of India
Bank of Baroda Home Loan
- Bank of Baroda offers home loans for a new house, renovation, extension, flat and land.
- Loan applicants can add family members as co-loan applicants. It will help in easy loan approval, higher loan amounts, and comfortable repayment.
- Minimum and Maximum Age of the Applicant/s- minimum 21 years entry age and 70 at the time of closure
- Processing fees: Nil
- Interest Rate: Starting at 7.45 per cent
- One of the unique features is half-yearly EMIs according to harvesting and marketing of significant crops for farmers.
- Loan tenure: maximum thirty years
LIC Griha Suvidha Home Loan
- LIC offers home loans for new homes and land parcels with attractive interest rates. It has an extensive network across India and is convenient for borrowers and lenders to meet physically for verifications.
- Loan amount: up to INR 3 crore, depending upon multiple factors like credit score, source of income, repayment capacity, spending patterns, etc.
- The interest rate starts at 7.5 per cent.
- The minimum age for application is 21 years, and the maximum at the closure should be ten years after retirement.
- Processing fees: 0.25 per cent of the loan amount, maximum of INR 20,000
- Loan tenure: Maximum of 30 years
- Minimum Income to Apply: Cash salary INR 30,000 and differs from case to case basis
Bank of Maharashtra Maha Super Housing Loan
- Bank of Maharashtra offers the lowest rate of interest and nil processing fees.
- Special offers and discounts for army personnel, women, and people with salary accounts in the bank
- The interest rate starts at 7.30 per cent, and loan tenure is up to 30 years
Punjab National Bank Home Loan
- PNB offers home loans for salaried and self-employed individuals with slightly different interest rates.
- The interest rate for salaried and self-employed professionals starts from 7.50 per cent
- The interest rate starts for salaried and self-employed non-professionals at 7.65 per cent
- Minimum income: INR 15,000 per month
- Age; 21 years to 70 years
- Processing fees: 0.5 per cent of the loan amount
Punjab & Sind Bank Apna Ghar
- Punjab & Sind Apna Ghar Home Loan offers a 0.10 per cent rebate for women buying a house or land in their name and a 0.5 per cent rebate if they have a salary account in the bank.
- You can avail home loan for as low as INR 50000 with low processing fees and attractive interest rates.
- The minimum and maximum ages are 21 and 60
- The maximum age is 70 years for pensioners.
- Interest rate: starts at 7.50 per cent
- Income: Minimum INR 20,000 per month for salaried and INR 4 lakh per annum for self-employed individuals
- Processing fees: 0.15 per cent (up to INR 1000) for loans below INR 25 lakhs and 0.25 per cent (up to 12,500 plus GST) for a loan more than INR 25 lakhs
HDFC Bank Home Loan
- HDFC offers home loans for home improvement, extension, plots, flats, and houses.
- The interest rate starts at 6.7 per cent, with rebates for women and farmers
- Loan amount: Up to INR 10 crore
- Minimum and Maximum Age for Application: 21 to 65 years
- Loan tenure: Up to 30 years
- Minimum Income for Eligibility: INR 2 lakhs p.a
- Processing Fee: 0.50 per cent of the loan amount or INR 3 thousand plus GST
Union Bank Home Loan
- Well-defined floating and fixed interest rates for a Union Bank Home Loan
- The maximum age for loan closure is 75
- Processing fees: INR 15000 or 0.5 per cent of the loan amount
- Minimum income to apply: INR 4000 per month
HSBC Home Loan
- HSBC offers home loans for ready-to-move properties or under-construction projects.
- NRIs with a native contact person can apply for the loan.
- Loan amounts as high as INR 30 crore
- Interest Rate: 6.59 per cent for self-employed and 6.49 per cent for salaried
- Minimum Income: INR 7.5 Lakhs pa for Self employed and INR 5 Lakhs pa for Salaried
- Loan Tenure: 25 years for salaried and 20 years for non-salaried
Kotak Mahindra Bank Home Loan
- Kotak Mahindra Bank home loans do not have pre-closure fees.
- Interest Rate: Starts at 7.55 per cent for self-employed and 7.50 per cent for salaried
- Minimum Income: INR 20 thousand for Mumbai, Chennai, Bangalore, Pune, and Delhi and INR 15 thousand for other cities
- Processing Fee: 0.5 to 1 per cent
Yes Bank Home Loan
- Yes bank home loan is available across India and offers a 0.5 discount on the interest rate for women borrowers.
- Loan amount: up to INR 10 crore
- Interest rates: start at 6.70 per cent for men and 6.65 per cent for women
- Loan tenure: up to 35 years
These are our picks for the best home loans in 2022. Refer to the features and make an informed decision for the abode of your dreams.