Home Loan Best Option

Home loan best option

Want to know which is the Best Home loan provider in India for January 2020?

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Which is the cheapest home loan available in India on the basis of Interest Rates? Building or buying home is a dream of every person. Do you want to fulfill your dream of having your own house?

Home loan best option

Now, changing your dream into reality is possible with Deal4loans! We believe in loans by choice and not by chance.

Home loan best option

At Deal4loans, We give you a chance to compare the best offerings in the market and make the best possible choice.

Latest Update as on 1 January 2020 – Good News!! SBI New Home Loan Rates starts from 7.90% for salaried Women Borrowers, 7.95% for Others (Loan amount of upto 30 Lakh).

Summary of Best Mortgage Refinance Lenders of January 2020

More details click Here.

While comparing home loans, it is necessary to check some key facts from different lenders. The major key points of comparison when it comes to loans are as follows:

✔ Interest rates
✔ Processing fees
✔ Turnaround time
✔ Loan to value Ratio

However, you need to view the loan in the entire package and not just focus on individual elements. If a loan has a very low interest rate, the chances are the fee structure is high.

Best Home Loan Interest rates for the month of January 2020

Interest rate offered is the primary factor of comparison.

It affects your monthly EMI and total amount payable.

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For a long duration loan it is advised to go for a home loan with low interest rate.

Let’s first know which bank are currently favorite of home loan borrowers as per ICRA

S.NoBank NameMarket Percentage
1SBI Home Loan34.00%
2HDFC Ltd24.13%
3LIC Housing05.83%
4ICICI Bank13.10%
5PNB Housing Finance6.23%
6IDBI Home Loan4.67%
7Axis Bank4.22%

Eligibility Calculator: How much loan am I eligible for?

Looking for how much loan amount you can get from bank for your dream home – Don’t wait!!!

Check with Home Loan Eligibility calculator.

Most of the customers first prefer to choose the property according to their needs and priorities and then apply for the loan among the options available.

Home loan best option

However, it may happen that they are not eligible for the larger amount of home loan. Therefore, when you finalize any home, it is essential to know whether you can obtain loan on that property and the exact amount you can apply for.

It will prepare you in advance before buying the home and avoid problems in the future.

3 tips to guarantee you get the best mortgage interest rate

It may happen that the properties under construction are not liable assets for obtaining home loan. Therefore, it is mandatory to check these details with your bank before you decide to buy a home.

Home Loan Processing fees of Major Banks in 2020

BankProcessing FeesPre Payment Charges
ICICI Bank0.50% – 1.00% of the loan amount or Rs.

1500/- (Rs.

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2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge

HDFC Ltd0.5% or 10,000+service tax, whichever is higherNil
SBI Home Loan0.40 % of loan amount, up to a minimum of ₹10,000 +GST and maximum of 30,000 +GSTNil
Axis BankUp-to 1% of the loan amount subject to minimum of Rs.10,000/-Nil
LIC HousingUp to 1 Crore : 10,000 + GST
1 Crore & above : 25,000 + GST
IDBI Home LoanNilNil
PNB Home Loans0.50% of the loan amountNil
Allahabad Bank0.50% of the loan amount or maximum of Rs 10,000/- + service taxNA
CitibankRs.5000 (Application fee)Nil
Syndicate Bank0.12% of the loan amount or maximum Rs 5,000NA
Punjab National BankNilNil
Bank of Baroda0.25% of the loan amount or maximum of Rs 20,000NA

Ease of Home Loan Processing

The procedure to apply for home loan is a bit time consuming.

You have to submit a large set of income and property related documents and the approval of the loan differs from bank to bank.

Interest rate type

There are many agents who specialize in the bank processes, but the credibility of such agents is under question. So, to choose the best bank to apply for home loan as per your convenience, you must do a little research in advance.

Keeping in mind the above things, you can surely save yourself from wasting your time as well as from fraud agents.

We at Deal4loans are available for your service through this process and to guide you in making a diligent choice between Good and Bad loan.

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