There are several lenders in India that provide home loans to individuals. By borrowing a home loan at a low-interest rate, means it is affordable for you. So many individuals try to get a low rate of interest on their home loans because they want to make their loan repayments smoother. To amend this problem, there are banks and housing companies which provide home loans to customers at an attractive rate of interest. In this article, you will know about some of the top lenders for a home loan in India. This article will also give you insights to choose the best lender for your home loan. So, read and know more.
Why Low-Interest Rate Home Loans?
A home is close to an individual heart and many people invest their all savings in it. Because you need a large sum of money in order to buy a home. When you borrow money from any of the lenders whether it’s a bank or financial company, they usually charge a certain interest rate on your borrowed amount. It’s important you choose the low-interest home loans. Why? Because your interest rates directly affect the EMI amount which can either make your repayment easier or difficult.
As if you have a higher interest rate your EMI is higher as well. And you should always apply for a loan according to your repayment capability. The EMI will be debited from your monthly income only, so you should keep this in check. It also becomes easy for you to manage the monthly installments without disturbing your monthly budget. So try to get a low-interest home loan whenever you apply for it. There are some top lenders in India that provide home loans to customers at an affordable rate.
Top Home Loan Providers in India
State Bank of India (SBI):- Being the largest public sector bank in India, SBI provides home loan for a range of purposes such as renovation, construction, purchases, etc. SBI home loan interest rate ranges from a minimum of 6.95% to a maximum of 7.60% per annum.
ICICI Bank:- Among the top five banks of India, ICICI Bank provides home loans to customers at an attractive rate of interest. You can opt for an interest rate ranging from 6.95%-8.05% per annum which is quite affordable as per the current market rates.
HDFC Housing Finance Limited
Apart from public and private banks, there are housing finance companies that provide home loans to customers. You can also apply for the HDFC Home loans at low-interest rates ranging from 6.95%-8.00% per annum.
How can you get a Home Loan at Lower Rate of Interest?
If you want to borrow a home loan at a low rate of interest then you should follow the steps below.
Your income must be above the eligible minimum amount
The CIBIL score should be 750 or above
You can add a co-borrower who can be the co-owner of the house as well
Property value should be high in market
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