The best time of year for many people is when they get a raise. A lot of people put away additional money for the next year, but others take the opportunity to make a major purchase like a new car or a house.
If you’ve been thinking about buying a house, you should know the best time of year to find a mortgage with the lowest interest rate is the fall. This is because banks make their best offer to entice new customers, so you can get a great rate.
We’ve done the work for you and compiled 10 of the best home loans in India with low interest rates. Home loans are one of the most important tools in your arsenal if you’re looking to make your home a reality. These are the 10 best home loans in India with the lowest interest rates.
1. Citibank Home Loan
Citibank is one of the most popular banks when it comes to home loans in India. The interest rate of the home loan of Citibank is fixed at 8.3%. It has one of the highest EMI allowable fixed rates out there.
The list of this loan is limited to only APAC and India. HSBC Home Loan HSBC home loan also has an excellent rate fixed at 8.33%. However, it has much higher allowable EMI’s in comparison to the Citibank home loan. The minimum loan amount is Rs. 1 Cr, while the maximum is Rs. 3 Cr.
PNB Home Loan Punjab National Bank is also one of the popular banks when it comes to home loans. The interest rate of this loan is fixed at 8.36%. However, it has higher EMI’s of Rs. 6.5Cr, for the minimum. HDFC Home Loan HDFC Home Loan is one of the oldest banks when it comes to home loans.
2. Standard Chartered Home Loan
Standard Chartered Home Loan is one of the top 10 home loans in India with low interest rates. The bank offers its customers some of the best interest rates as well as the facility to choose their home loan amount and tenure of interest payment.
There is no property or term of payments to worry about. The bank offers home loans in the range of 9.75% to 24.99%. Citibank Home Loans Citibank has some of the most competitive home loan schemes in the country.
There are no limits to what you can afford or the tenure you want to pay for. The bank offers some of the most competitive interest rates and most affordable terms on home loans. However, Citibank home loans come with a certain amount of restriction and are not for everyone.
3. Kotak Mahindra Bank Home Loan
Date started: August 23, 2018 Maximum tenure: 25 years Maximum loan amount: Rs 35,00,000 Best interest rate for EMI paid: 6.28 per cent per annum for 25 years If you’re looking for a home loan that gives you flexibility, a high loan amount, low loan amount with affordable EMIs, then the Kotak Mahindra Bank’s Home Loan is a dream come true for you.
With six per cent interest, a tenure of 25 years, the home loan gives you the freedom to choose your tenure and credit ratings. You also have the option of borrowing Rs 35,00,000 with an EMIs of 6.28 per cent per annum. Kotak Mahindra Bank is also a great pick for those who want to invest in mutual funds for their home.
4. Federal Bank Home Loan
The Federal Bank home loan is the best at terms and conditions as compared to other home loans in India. It is the bank that has been in the banking services for decades. Even though the interest rates are comparatively high, they still maintain low rates on home loans for a good reason.
HDFC Home Loan The HDFC home loan is the second best home loan in India. HDFC has been in the home loan business for ages. The bank offers a fantastic five year EMI and it has proven to be a great home loan for your dream home.
ICICI Home Loan ICICI Bank has been consistently offering one of the best home loans for many years. The bank offers low EMIs and a good interest rate. It’s an ideal home loan for people who want to buy a house.
5. Goldman Sachs Home Loan
Get a high rate of interest on a minimum down payment of just 2.5%. a) The Loan amount you can get is Rs. 50 Lakhs b) You have to make a minimum down payment of just 2.5% of your total loan amount c) The APR you can get is 12% But don’t get fooled by the name, Goldman Sachs Home loan is not really a home loan, but an investment loan.
You can buy gold on credit. The minimum savings you have to make is Rs. 1,00,000. 4. Kotak Bank home loan Get up to 12.5% interest on a minimum down payment of Rs. 50,000. a) Kotak Bank home loan is a one-time windfall for the investor b) Kotak Bank loan allows for a convenient funding option for the first time homebuyer c) The minimum down payment of Rs. 50,000 is by 50% of the total loan amount.
6. Axis Bank Home Loan
10-Year MCLR, As Per 10th February 2019 The bank offers Home loan with 4.75% interest rate. 7. HSBC Home Loan The HSBC Home Loan offer is based on 90+2 LPA, MSRCL/LPA and EMI Ratio. The interest rate offered is the lowest of all the 10-year loans in India.
HDFC Home Loan The bank offers Home loan with 4.95% interest rate. 9. ICICI Home Loan Interest Rate of Home Loan Offered By ICICI Bank is 4.99% with lower rates of 10% and 12% fixed rate EMI. HDFC Home Loan Interest Rate of Home Loan Offered By HDFC Bank is 5.45% with lower rates of 10% and 12% fixed rate EMI.
7. IDFC Home Loan
You can take a home loan with the help of IDFC Bank at a low interest rate of 8.79%. 8. HDFC Home Loan The HDFC Home Loan offers two offers with prime rates of 7.80% and 9.10% per annum respectively. ICICI Home Loan ICICI Home Loan is offering competitive rates of 8.95% to 9.05% per annum.
Bajaj Finserv Home Loan Bajaj Finserv Home Loan has the highest rate of 9.10% on the HDFC Loan. Karur Vysya Bank Home Loan You can get a home loan with Karur Vysya Bank at a low interest rate of 8.80% per annum.
Credential Finance Home Loan You can take a home loan from Credential Finance at a low rate of 8.74%. Kotak Bank Home Loan You can get a home loan from Kotak Bank at a low rate of 8.39% per annum.
8. ICICI Home Loan
With low interest rates, this home loan from ICICI is one of the best out there. Unlike the other home loans in India, this one has 3% interest on the first year’s principal amount only and the balance can be paid in 18 months.
With no GST and no hidden charges and charges, it’s the best out there and definitely much better than other bank loans and credit cards too. You can save 1% of your balance in the first year and the rest in the remaining 10 years.
HDFC Home Loan With no GST and no hidden charges and charges, HDFC Home Loan is also one of the best home loans out there. Just like the ICICI home loan, this one has a 3% interest on the first year’s principal amount and the balance can be paid in 18 months.
9. Dhanalakshmi Home Loan
(Mortgage from just Rs.9,360/month) This one is suitable for those looking to buy a flat in Chennai. It’s easy to get a home loan from HDFC Bank if you’re a salaried professional and you don’t have any past or present credit history with them.
ONGC Home Loan (One-time settlement at 13.47% interest) If you have a good credit history with ICICI Bank, you can always opt for an ONGC Home loan with an interest rate of 13.47% per annum. The product is attractive as you can get loans at just Rs. 9,360 per month and make the same repayment over a period of 15 years.
Max Home Loans (Rs.9,100 – 26,600 p.a. repayment) This one will suit those looking to buy an apartment in Mumbai. The only catch is that the monthly repayment can go upto Rs. 26,600 per month.
10. IndusInd Home Loan
Interest rate: 8.75% Rates on home loans for under Rs.20 lakh vary wildly between lenders and it’s difficult to identify one that’s suitable for a particular borrower. But if you qualify for a loan at the rate of 8.75%, with a down payment of 20%, you’re ahead of the game.
Unlike the fixed interest rates on most home loans, a marginal rate is an outstanding rate. A marginal rate changes with every filing. And in the case of IndusInd Home Loan, the marginal rate is -0.45%.
This means that the repayment cost is estimated to be only 0.45% of the principal amount. The rate is determined by comparing the borrowing costs of the bank and the interest rate of the consumer’s loan.