housing loan interest rates

How to Choose the Lowest Housing Loan Interest Rate?

Home loans or housing loans are the cheapest loans. The finance is generally offered for the maximum tenure of 30 years which makes it a long-term commitment. As a result of which, customers look for the lowest interest rates so that they can afford the EMI for the whole tenure period.

However, now that almost all banks and NBFCs are offering home loans at 8.35% per annum, it gets a little confusing on choosing the best dealer. But, you should also know that not every lender will offer you the same rate as the rate is offered based on many factors like the age of the applicant, the repayment capacity of the individual and majorly the property value.

The properties located in the high-societies get smoother loan approval as compared to the ones that are in the outskirts. Here we will help you in choosing the best lender for yourself. But, let us see what are the present interest rates offered by top banks in India.

Home Loan Interest Rates All Banks

Before you apply for a home loan, you must go for home loan interest rate comparison. By doing so, you will be able to choose the right lender and hence the affordable rate. So, here are the lowest home loan interest rates at top banks in India:

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 ₹25 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others)
  • From ₹25 lakhs and ₹1 crore- 8.50% p.a. (for all)
  • From ₹1 crore to ₹3 crores- 8.70% p.a. (for all)
  • From ₹3 crores to ₹5 crores- 8.80% p.a. (for all)

LIC  HFL Interest Rates for Existing Customers

LIC HFL interest rates for existing customers is presently 8.35% per annum onwards. The special rate is for women applicants and for others the rate is 8.40% per annum onwards.

DHFL Home Loan Housing Loan Interest Rate

DHFL home loans are one of the most affordable home loans in India. With the interest rate starting from 8.35% per annum and the higher loan amount, the customers find it easier to buy their dream home within the budget.

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 8.35% to 8.70% per annum (8.35% is the special rate for women applicants only). Other than this, if you are a self-employed professional, the rate ranges from 8.50% to 8.80% per annum (8.50% is the special rate for women applicants only).

Axis Bank home loan interest rate

At present, the home loan rate at Axis Bank is presently similar to SBI bank home loan interest rate that 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.

Housing loan interest rate 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

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

Documents Required

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

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