Top 5 best banks for housing loan

Bangalore:  Buying or building a home is a long cherished dream for every individual. Now a day, this dream can be simplified by obtaining Housing loans. Housing loans are mainly designed for fulfilling the dreams of every individual without current income and savings. But before picking out the appropriate Housing loan one should be very cautious. While acquiring a Housing loan there are few important things to consider such as rate of interest, concessions for senior citizens and women candidates, fixed and floating interest rates and penalties. Below is the list of the top five banks for Housing Loans which are charging lowest interest charges.

State Bank of India:

The State bank of India is one of the most favored Housing loan providers with attractive and reasonable interest rates. It provides Housing loan in different schemes and there will be no hidden costs and administrative charges. SBI is the renowned mortgage lender in India with thousands of branches. The individual with a regular source of income and aged above 18 years is eligible for this loan.

For women candidates the amount of the home loan and interest rate are 10 bps above the Base Rate i.e. 10.10% per annum and for other candidates 15 bps above the Base rate i.e. 10.15% per annum.

ICICI Bank:

ICICI bank is one of the largest housing loan providers with an attractive rate of interest, simple documentation and the process will be fast. It provides insurance option for a housinge loan at attractive premiums and it sanctions approval without having a selected property. The individual with a regular source of income and aged above 21 years is eligible for this loan.

Women candidates up to 75 Lakhs at 10.10 percent

Women candidates above 75 Lakhs at 10.50 percent

For others up to 75 Lakhs at 10.15 percent

For others above 75 Lakhs at 10.50 to 11.25 percent

HSBC

HSBC is one of the lenders which offer housing loans to Residents and nonresidents of India for construction and home improvement. It offer loans ranging from Rs 5 Lakhs to 5 crores and the tenure is up to 25 years. In addition, it provides an option to switch a housing loan from a floating rate to a fixed rate once in a year without any extra cost. The individual with a regular source of income 5,00,000 for salaried person and  7,50,000 per annum for self employed person and aged above 21 years is eligible for this loan.

Interest rate for salaried person is 10.00 percent to 10.20 percent and for self employed person 10.15 percent to 10.35 percent.

Canara bank:

Canara Bank offers housing loans for individuals who have the repayment capacity such as salaried and self employed professionals to purchase, self construction and repair/renovation. The individual should repay the loan amount within a period of 30 years. The processing fee includes 0.50 percent (Rs 1500 -10000).

Up to Rs 75 Lakhs at 10.20 percent

Above Rs 75 Lakhs at 10.45 percent

Bank of India

Bank of India offers housing loans for purchase, construction, extend, renovation, extension and repair the existing home. It offers a maximum loan amount up to Rs 3 Crores. An individual earning an income is eligible for this housing loan, it also offers loans for NRI’s, partnership firms, PIOs and corporate. The greatest advantage to the individuals is that the interest rate is calculated on a daily basis which results in lower interest amount and the pre payment charges are not involved.

Up to Rs 30 Lakhs at 10.20 percent

30 Lakhs to 75 Lakhs at 10.20 percent

Above Rs 75 Lakhs at 10.45 percent