all bank home loan rates

What are All Bank Home Loan Interest Rate at Present?

Home loans have been the cheapest loans but they surely come with a long-term commitment and that is the reason customers look for the lowest rate. At present, almost all top home loan lenders are providing the housing finance at 8.30% per annum.

However, other lenders are also offering a much affordable rate of 8.35% per annum onwards. The important thing to know is that the interest rate is decided based on the repayment capacity of the applicant. This is calculated on the basis of the data like if she is working with a reputed firm, earning a good salary, have been easily saving more than 50% of her salary, wants to buy a home or construct her own place in a authorised society, has all the documents required and ofcourse fits into the eligibility criteria, the lender will consider the application and offer a good rate. Let us talk in details the best home loan rate calculation and other important details related to home loans.

LIC Housing loan Interest Rate

The home loan interest rate at LIC is one of the lowest interest rates in India presently. The minimum interest rate on housing loan is 8.35% per annum for women applicants. Below is the rate chart for the variable loan amounts and for different applicants:

  • Up to ₹30 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others)
  • From ₹30 lakhs to ₹2 crores- 8.50% p.a. (for all)
  • From ₹2 crores to ₹5 crores- 8.70% p.a. (for all)

DHFL Home Loan Housing Loan Interest Rate

DHFL home loans are offering home loans with the interest rate starting from 8.60% per annum.

SBI Home Loan Interest Rate 2017

At present, the home loan interest rate at SBI is the lowest. If you are a salaried person, you can get the rate of 8.30% to 8.60% per annum.

Axis Bank home loan interest rate

The home loan rate at Axis Bank is presently is at 8.35% per annum onwards.

ICICI Housing Loan Interest Rate

The interest rate on home loans is starting at 8.35% per annum which is a special rate for women applicants. The rate for others is 8.40% per annum onwards.

Documentation Required

Have a look at the general documents checklist required by home loan lenders.

For Salaried:

  • Identity Proof- Voter ID/Passport/Aadhar Card/PAN Card/Driving License
  • Address Proof- Telephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement
  • Income Proof- Last 3-month Salary Slip, Bank Statement/Pass Book for the Past 6 Months
  • Detailed cost estimate with regards to the property to be constructed or renovated

For Self-employed:

  • Identity Proof- Voter ID/Passport/Aadhar Card/PAN Card/Driving License
  • Address Proof- Telephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement
  • Income Proof- ITR for Last 3 Years along with Balance Sheet and Profit & Loss Account for the Last 3 Years Attested by a CA, Last 6-months Bank Statement, Tax Deduction Certificate (If Applicable), Partnership Deed Copy (If Applicable), Tax Paid/Self-Assessment Tax Challan
  • Detailed cost estimate with regards to the property to be constructed or renovated

Eligibility Criteria

The general eligibility criteria required for a home loan at top banks is as follows:

For Salaried:

  • The age of the applicant must be between 21-60 years
  • The minimum annual income of the applicant should be ₹1,20,000
  • The applicant must have the work experience of at least 2 years

For Self-employed:

  • The age of the applicant must be between 21-65 years
  • The minimum annual income of the applicant should be ₹1,50,000
  • The applicant must have the business stability of at least 3 years
Home Loan EMI Calculator

A home loan EMI calculator is an online facility that is accessible anytime anywhere. You just need to mention the basic details on your home loan which are as follows:

  • Loan amount
  • Tenure
  • Interest rate

Now, when you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example with the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% p.a.

EMI: ₹19,519

Total interest outgo: ₹15,13,480

Total amount: ₹35,13,480

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