Getting your own home is like converting your long-time anticipation into reality. However, it is not feasible to get that paradise of your own with lump sum cash that is why the banks are ready to offer you a home loan. However, to choose the congenial bank for the home loan in India to make sure that you consider parameters like rate of interest, processing fees, partly payment option, charge for pre-closure, etc. To guide you exactly let us see the list of 11 best banks for a home loan in India 2020.
ICICI Home Loan
This is considered the best bank for a home loan as it reduces the interest rate in case of women as the primary applicant. Additionally, the floating and fixed rates are 9.9 and 9.6% respectively. The applicant will get at the most 30 years for paying off the loan.
State Bank of India Home Loan
The SBI offers a unique feature when it comes to home loan. It is the Maxgain home loan where the applicant can keep the extra cash as saving in the bank connected with the loan account. In addition, SBI does not have any fixed interest rate only the floating rate.
Axis Bank Home Loan
The distinguishing feature of the Axis bank is the fast forward home loan. As per that, you can get the EMI holiday for completion of ten years and 15 years span. The holiday means you can pause the EMI for a certain time. It offers smaller loans like Rs 3 lakhs as well.
HDFC Home Loan
The best about the HDFC home loan is that it facilitates the applicant to enjoy different alternatives of loan repayment. Moreover, it charges are very fair and transparent.
Indiabulls Home Finance
The extraordinary feature of the Indiabulls is the home loan where the application, documentation, sanction of loan is done online. You will get the fund for 90% of the value of the asset when it is not more than 30 lakhs.
LIC Housing Finance
The best is that it offers top-ups on loans. In addition, the interest rate is quite less. The applicant does not need to pay any amount for the pre-closure or any prepayment.
PNB Housing Finance
PNB is one of the banks, which offers enhancement of the loan on the amount sanctioned in case if the cost for the construction accentuates.
Dewan Housing Finance Ltd
Compared to other home loan providers it does not follow any hard and fast property verification process. Financing for unknown properties is easier to obtain through this bank.
Bank of Baroda Home Loan
The distinguished product of the Bank of Baroda is the Home loan product. As per this, the applicant can link their savings with the loan account.
Tata Capital Home Loan
It is noteworthy to mention that it offers doorstep- home loan service. In addition, the rate of interest is also low. The EMI return is also easy with FlexiEMI.