In today’s life where the cost of living is very high, debt has become something very common. Home loan is nothing less than a compulsion nowadays. Millions of people opt for home loans everyday. The banks are enjoying a good time, and are making full efforts to grow more and more. There is tough competition in the Indian banking sector which has resulted in lucrative offers from the banks. If on one side, the competition results in development of lucrative offers, then on the other side, it makes hard for a customer like me and you to opt for the right bank. Anyways, if you are wondering which bank in India is best in providing home loans, then you are on the right page. Here I am providing the list of top 6 banks providing home loans with interest rate.
SBI Home Loan Interest Rate
State Bank of India or SBI is the best bank in the country. This bank has got a huge no. of customers which are very well pleased from the services offered by it. Many people choose SBI to get home loans, thanks to impressive interest rate asked by the bank. SBI Home Loan interest rate is 9.95 percent per annum for an amount of up to Rs. 30 lac. This interest rate includes the 0.25 percent mark up rate as well, which means the effective rate is mere 9.70 percent. Effective interest rate is 10.10% per annum if you are opting for loan of amount more than Rs. 30 lacs. SBI has got a friendly staff which works hard to solve your queries, to help you in every possible manner. This makes the loan approval easy .SBI Home Loan Interest Rate makes it stand at the no.1 in this list about top 6 banks providing home loans with interest rate.
HDFC Home Loan Interest Rate
When we talk about the private banks, it’s the name of HDFC Bank that comes at the first. The best thing that you get when you rely on HDFC for banking needs, is the service. HDFC Home Loan Interest Rate is 10.40 percent for amount of up to Rs. 30 lacs. This is way too higher that what is asked by SBI bank for the same amount. The private banks usually charge more interest rates. For the amount more than 30 lacs, but less than 75 lacs, the interest rate is 10.65 percent. Direct addition of 0.25 markup rate in the base rate. Even if you want to take loan of more than Rs. 75 lacs, the interest rate is same. HDFC Home Loan Interest Rate is although more than that of SBI’s, but it’s still impressive. Since it’s private bank, so you can hope to get your loan sanctioned easily and in short time. The formalities of applying to loan can be checked from the official website of HDFC.
SBH Home Loan Interest Rate
The next in this list about top 6 banks providing home loans with interest rate, is the State Bank of Hyderabad or SBH. This state bank has done impressive job with its lucrative offers in the past some time. Because of its impressive offers, it has become first choice of many for the home loans. Talking about the SBH Home Loan Interest Rate, it is 10.20 percent for amount of up to Rs. 30 lacs. This much interest rate is not for only up to 30 lacs, but for the amount more than this one too. Yeah, there is no addition of markup rate if you opt for home loan of more than Rs. 30 lacs. After knowing about SBH Home Loan Interest Rate, one of my friends opted for the home loan from this bank, and he told me that it was very easy getting loan from there. He told that this task was painless.
Allahabad Bank Home Loan Interest Rate
Allahabad Bank is also among the banks with low interest rates on home loans. Allahabad Bank Home Loan Interest Rate for the amount of up to Rs. 25 lacs is 10.20 percent. Net addition of 0.25 percent is there if the amount you want to take loan of is more than Rs. 25 lacs. Means, the interest rate is 10.45 percent for an amount more than Rs. 25 lacs. It is applicable on any amount below Rs. 75 lacs. The interest rate jumps to 10.70 percent if the amount you want to take loan of, is more than Rs. 75 lacs. Getting loans is quite fast process, thanks to the extremely hard-working staff of Allahabad Bank. Detailed information about the process to get home loan from Allahabad bank can be obtained from its official website. If you liked the Allahabad Bank Home Loan Interest Rate, then don’t wait more, take the next step right away.
Axis Home Loan Interest Rate
Axis Home Loan Interest Rate is the next name in this list about top 6 banks providing home loans with interest rate. Like most of the banks, the first effective interest rate is applicable to the amount of up to Rs. 25 lacs, This interest rate is 10.25 percent. The next amount limit in Axis Home Loan interest rate starts from Rs. 25 lac onward. In this list, you will have to pay interest rate of 10.75 percent. Yeah, a huge 0.50 addition is there in the base rate. Interest rate of 12.25 percent is applicable for the top up amount. If you want to know about formality involved in getting home loan from Axis bank, then you should head over the bank’s official website right away.
Bank of India Home Loan Interest Rate
The very last name in this list of top 6 banks providing home loans with interest rate is the Bank of India. Talking about the Bank of India Home Loan interest rate, the lowest is 10.25 percent per annum. This is applicable up to the amount of Rs. 30 lacs. There is interest rate of 10.35 percent for amount more than Rs. 30 lacs. Yeah, you read it right, there is addition of only 0.10 percent markup rate. Above Rs. 75 lacs, the interest rate is 10.50 percent p.a.