Kolkata: Home loan rates are perhaps the most crucial decider of the level of purchase of residential real estate in India. Home loans constitute the biggest share of retail loans in the lending universe. Nowadays buying a house, or an apartment, or building a house without a home loan is inconceivable for most. So interest rates on home loans are always in focus of a large number of people. In a sense home loan rates are also crucial for the bigger economy since a lot of labour-intensive sectors are linked to the purchase of homes. These are iron anmd steel, cement, paints, electricals, home decor, furnishings, kitchen fittings and toilet fittings.
Minimum home loan rates
The minimum interest rates on home loans appear to be 7.2%. HDFC Bank, India’s largest private sector lender, is offering it. The longest repayment tenure is 32 years and Bajaj Housing Finance is offering it. For almost all lenders the maximum tenure of home loans is 30 years. Banks usually sanction home loans on the basis of the credit score of an applicant, his/hre level of income, whether he/she is repaying any other loan already, the level of committeed expenditure every month etc.
SBI
Minimum loan amount: Rs 30L
Rate of Interest: 7.25%-8.95%
Tenure: Up to 30 years
Processing fee: Rs 18,214
HDFC Bank
Minimum loan amount: Rs 15L
Rate of Interest: 7.2%-13.2%
Tenure: Up to 30 Years
Processing fee: Rs 10,000
ICICI Bank
Minimum loan amount: Rs 15L
Rate of Interest: 7.65%-9.80%
Tenure: Up to 30 years
Processing fee: Rs 10,000
Axis Bank
Minimum loan amount: Rs 30L
Rate of Interest: 8.35%-11.90%
Tenure: Up to 30 years
Processing fee: Rs 14,000
Bajaj Housing Finance
Minimum loan amount: Rs 50L
Rate of Interest: 7.30%-10.80%
Tenure: Up to 32 years
Processing fee: Up to 0.4%
IDFC First Bank
Maximum loan amount: Up to Rs 10 crore
Rate of Interest: 8.85%-18%
Tenure: Up to 30 years
Processing fee: Up to 3%
IDBI Bank
Minimum loan amount: Rs 30L
Rate of Interest: 7.55%-11.55%
Tenure: Up to 30 years
Processing fee: Rs 14,000
Canara Bank
Minimum loan amount: Rs 30L
Rate of Interest: 7.20%-10.25%
Tenure: Up to 30 years
Processing fee: Rs 20,000
TATA Housing
Minimum loan amount: Rs 15L
Rate of Interest: 7.75%-18%
Tenure: Up to 30 years
Processing fee: Rs 10,000
PNB
Minimum loan amount: Rs 3L
Rate of Interest: 7.20%-9.10%
Tenure: Up to 30 years
Processing fee: Rs 20,000
Piramal Finance
Minimum loan amount: Rs 3L
Rate of Interest: 9.99%-18%
Tenure: Up to 30 years
Processing fee: Rs 10,000
L&T Finance
Minimum loan amount: Rs 15L
Rate of Interest: 7.65%-18%
Tenure: Up to 30 years
Processing fee: Rs 10,000
Jio Housing Finance
Minimum loan amount: Rs 30L
Rate of Interest: 8.20%-18%
Tenure: Up to 30 years
Processing fee: Rs 10,000
Federal Bank
Minimum loan amount: Rs 50L
Rate of Interest: 8.75% onwards
Tenure: Up to 30 years
Processing fee: Zero
(Source: paisabazaar.com)