Finding your ideal home might be challenging, particularly if you need more funds. However, numerous banks and financial institutions provide home loans with reasonable interest rates. Today, home buyers can also apply for a home loan online.
Before deciding on a housing loan, buyers must thoroughly research the various housing loan options that are available on the market. They must evaluate factors such as loan interest rates, terms of repayment, processing fees, pre-closure possibilities, etc., across several lenders to select the best housing loan.
Top Home Loan Banks in India:
Below is a list of the best home loan options available in India.
1) Navi Home Loan:
Home loans are available from Navi at reasonable interest rates for a maximum of 30 years and a maximum loan of INR 5 crores. Through Navi’s home loan app, borrowers can apply for a quick loan with no processing fees. More, home loan borrowers do not have to give too many documents. Borrowers need to provide only their personal information, Aadhaar, and PAN numbers.
- Loan: INR 5 Lakhs – INR 10 crores
- Tenure: max 25 years
- Eligibility – 18 – 70 years
Features and Benefits:
- Loans for major purchases up to INR 10 crore.
- Low-interest rates
- Being the best home loan lender in India, Navi gives a 90% loan-to-value ratio.
- Flexible EMIs with a maximum tenure of 25 years.
- Paperless processing and online/instant home loan availability
- Instant in-principle approval
2) State Bank of India (SBI) Home Loan:
SBI is the biggest lender in India and provides financing for up to 90% of a property’s cost. With an asset size of INR 5.05 trillion, SBI has helped more than 30 lakh individuals with their property purchases. SBI offers unique loan options for armed forces, non-salaried individuals, government employees, “green” home buyers, and people living in tribal/mountainous areas.
- Loan: INR 5 Lakhs – INR 10 crores
- Tenure: 3 – 30 years
- Eligibility – 18 – 70 years
Features and Benefits
- Affordable interest rates
- Long repayment tenure
- Interest concession (0.05% less) for women borrowers
- No pre-closure charges, upfront fees, or part-payment charges.
- Step-up loans and balance transfer facilities
3) HDFC Home Loan:
HDFC is the first specialized mortgage company that has assisted more than 80 lakh homebuyers with a tenure of 30 years. HDFC offers rural housing schemes for farmers, dairy farm owners, horticulturists, etc., residing in rural-urban areas, and salaried and self-employed individuals who want to construct or purchase property in their native towns and villages. In addition, the bank offers an “HDFC Reach Loan,” intended for salaried people and micro-business owners who lack the necessary income documentation.
- Loan: INR 5 Lakhs – INR 10 crores
- Tenure: 1 – 30 years
- Eligibility – 18 – 70 years
Features and Benefits
- Transparent processing costs and charges for loans.
- Flexible loan repayment options are available
- Strict scrutiny of property-related papers
- Pre-approved or instant home loan is available
4) ICICI Bank Home Loan:
ICICI offers a range of home loan solutions to accommodate different borrowers’ needs and budgets. Whether it is for the construction of a new property or buying an existing property, renovating, or redesigning it, there are a plethora of options available to prospective home buyers.
- Loan: INR 5 Lakhs – INR 3 crores
- Tenure: maximum of 30 years
- Eligibility – 21 – 70 years
Features and Benefits
- Favourable rates of interest
- Women’s borrowers are eligible for special rates.
- No foreclosure fees apply to loan prepayments
- Transfer of balance and top-up loan facility
- Processing loans swiftly and smoothly
- Cheaper EMIs for a larger loan amount
- Service at your door is provided without further charge.
5) Axis Home Loan:
One of India’s well-known banks, Axis Bank, provides home purchase loan options with reasonable interest rates. Axis Bank offers EMI Holidays to customers who have high-value loans. After 10 or 15 years, home loan borrowers are given a 6-month EMI respite. This, however, is only valid if they keep a steady payment history throughout the loan term.
- Loan: INR 3 Lakhs – INR 5 crores
- Tenure: maximum of 30 years
- Eligibility – 18 – 70 years
Features and Benefits
- Loans start at INR 3 lakhs.
- Fixed- and floating-rate mortgages are available.
- Balance transfer option for mortgage loans.
- No prepayment penalties
- Transparent, speedy loan processing
6) Union Bank of India Home Loan:
Union bank has one of the best home loans offers made to suit various end-uses and ranks among the top 10 banks for housing loans in India. In contrast to top-up loans, Union Bank provides loans for the acquisition of new and used residential units, site purchases for buildings, and renovations.
- Loan: INR 5 Lakhs – INR 2 crores
- Tenure: maximum of 30 years
- Eligibility – 21 – 65 years
Features and Benefits
- Low-interest rates.
- Loan approval within five days.
- No additional fees or administrative costs
- Balance transfer facility
- Flexible options for repayment.
7) LIC Home Loan:
Mortgage loans are available through LIC for building, renovating, constructing, or buying a home. Top-up loans are also an option in specific situations. Customers from India, seniors, non-resident Indians, and many more have access to loans through LIC. Except for pensioners, no guarantor is necessary to obtain these loans.
- Loan: INR 1 Lakh onwards
- Tenure: maximum of 30 years
- Eligibility – 21 – 70 years
Features and Benefits
- No pre-closure penalty
- No additional fees, pre-closure penalties, or administrative costs
- Maximum loan size and term
- A straightforward application procedure and documentation
- Balance transfers for mortgages.
- Best deal for people with good credit
8) PNB Home Loan:
PNB provides loans secured by existing commercial or residential immovable property. Its flexible end usage is this loan’s key benefit. PNB offers up to 60% of the property’s market worth, as determined by a valuer authorized by PNB or the borrower’s capacity to repay the loan, whichever is less.
- Loan: A maximum of 35 lakhs
- Loan Tenure: maximum of 30 years
- Eligibility – 18 – 60 years
Features and Benefits
- There is no pre-closing fee or partial payment.
- Flexible paperwork and rapid processing.
- Competitive interest rates
- Complete doorstep service is provided by the closest office.
- No guarantor is necessary.
Final Thoughts
Knowing the top banks to pick from and the best home loan lenders do not necessarily mean that you are a qualified candidate for every loan product. When you apply for a home loan online, you should select a loan that is appropriate for you based on requirements, repayment capacity, and cash flow. Therefore, it’s crucial to pick a lender who will provide the funding you require and offers simple alternatives for loan approval and payments.