Planning to take home loan? Check latest lending rates by SBI, HDFC Bank and ICICI Bank

There are many banks that attract their customers by giving home loan through various offers.

Home loans are given on the basis of individual's age, salary status and eligibility for repayment of the loan amount, Image source: Pixabay

Buying a home is a dream of many but, to get it financed is grueling at the same time. There are many banks that attract their customers by giving home loan through various offers. However, one needs to be careful while picking the bank for home loan, as there are factors like lowest interest rate and processing fees which need to be observed by every lender, if they want the most attractive interest rate.

There can be a situation where the customer feels comfortable in opting for a home loan at the bank where you already have an account, however, the lender might not be giving you best interest rate making your EMIs even more costly compared to other banks.

Home loans are given on the basis of individual's age, salary status and eligibility for repayment of the loan amount. If the customer's credit score is very good then getting the home loan becomes very easy as their bank is assured that they are trustworthy and capable enough to repay the debt.

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The range of Home loan interest rates In 2018 is from 8.65% to 12%. But, many banks offer special concession to women. In that case, the woman should be the sole applicant or first co-applicant of Home Loan and also the property proposed to be financed should be in the name of the women.

The home loan interest rates vary from one lender to the other. It depends on their property’s location, amount being borrowed, existing EMIs and their monthly salary or income.

It is always advisable to first compare home loan interest rates before availing it. Even if a bank charges the customers less interest rates compared to others, they should take note of the processing fee levied the. When interest rate and processing fee is in check, it is always a joy to opting for a home loan.

Because there will be less burden on the customer during repayment of dues. It is no mystery that, a borrower every month has to segregate his or her expenses and EMIs to survive. Hence, the lower the EMI, the better is your living!

Here is the list of home loan interest rates of all leading banks in India:

SBI home loan offers a special interest rate of 8.65% for salaried women, whereas for non-salaried borrowers - the bank offers 8.80%. As for other salaried borrowers SBI levies 8.70% and for Non-Salaried borrowers the interest rate is at 8.95%.

On the other hand, HDFC bank offers 8.80 to 9.30% rate of interest for women and for others 8.85 to 9.35% up to 30 lakhs.

However, ICICI bank offers 9.00 to 9.20% rate of home loan floating interest rates.

Currently, it would be LIC housing finance which is offering the lowest rate of interest of 8.50% onward, It also charges the lowest processing fees of Rs 5000 for 1 crore, and for above 1 Cr Rs 10,000.

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