Best Home Loans Of 2023
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Home loans can be divided into various categories depending on their features like interest rates, availability, extra charges etc. Choosing a home loan at a time when the market is flooded with multiple options can be daunting.
Forbes Advisor India analyzed 84 home loans to select the ones that are most affordable and comparatively easier to honor. Here are some of the best offerings in the home loan segment in India.
Featured Partner Offer
1
Aditya Birla Capital Home Loan
Interest rate starting from
9.05% per annum
Loan tenure
Up to 30 years
Charges
Nil pre-payment charges for floating rate home loans given to individuals
Best Home Loans In 2023
J&K Housing Loan
Interest Rate
Starting with 8.00%
Processing Fee
0.25%
Loan Amount Up to
Will depend on an individual case.
Interest Rate
Starting with 8.00%
Processing Fee
0.25%
Loan Amount Up to
Will depend on an individual case.
Jammu and Kashmir Bank’s home loan is available at an interest of 8.00% for salaried people and 8.10% for non salaried. The tenure of the loan is between 1 to 30 years for salaried and 1 to 20 years for non salaried. The processing fee is 0.25% and there is a rebate of 50% for female borrowers, making it 0.125% for women.
- Economical processing fee.
- Different processing fee for women(lower than men).
BOI Star Home Loan
Interest Rate
Starting with 8.60%
Processing Fee
Nil
Loan Amount Up To
5 crore
Interest Rate
Starting with 8.60%
Processing Fee
Nil
Loan Amount Up To
5 crore
Bank of India’s home loans are available at an interest rate starting at 8.60% and the maximum interest rate is 10.60%. The maximum amount available as loan is INR 5 crore. Applicants can get it for a maximum period of 30 years or till the age of retirement, whichever comes first. There is no processing fee at this point in time. There is a free accidental coverage of up to INR 5 crore.
- Economical interest rate.
- Nil processing fee.
- May not cover all districts.
Cent Home Loan
Interest Rate
Starting with 8.20%
Processing Fee
0.5%
Loan Amount Up To
Will depend on the circle rate.
Interest Rate
Starting with 8.20%
Processing Fee
0.5%
Loan Amount Up To
Will depend on the circle rate.
The Central Bank of India’s home loan is known as Cent Home Loan. The rate of interest of loan is between 8.20% to 9.00% and there is a rebate for women applying for the loan, which is 7.00% onwards. The processing fee is 0.5% and will not exceed INR 20,000. Applicants can get INR 10 lakh to repair the house, and for construction maximum loan will depend on the circle rate.
- Economical processing fee.
- Different interest rates for women.
HDFC Bank Home Loan
Interest Rate
Starting with 8.20%
Processing Fee
0.50%
Loan Amount Up To
Will depend on the circle rate.
Interest Rate
Starting with 8.20%
Processing Fee
0.50%
Loan Amount Up To
Will depend on the circle rate.
HDFC Bank is offering home loans to people with a credit score 800 and above at an interest rate of 8.20%, but for others it will start with 8.60%.
For amounts more than INR 75 lakh and a credit score about 750 the rate of interest can go up to 9.50%, making it a little expensive. This loan can be considered better for people with a credit score of 800. Processing fee is 0.50%( can go higher). The tenure of this loan can be 30 years or the age of retirement, whichever is earlier.
- Economical rate of interest for people with less credit score.
- Slabs for interest rates not clear.
LIC Griha Suvidha Home Loan
Interest Rate
Starting with 8.30%
Processing Fee
0.25%
Loan Amount Up To
Will depend on an individual case.
Interest Rate
Starting with 8.30%
Processing Fee
0.25%
Loan Amount Up To
Will depend on an individual case.
LIC Housing Finance Ltd. is providing home loans at an interest rate for salaried individuals starting with 8.30% and for self employed borrowers is 8.40%. Processing fee is 0.25% of the loan amounts to a maximum of INR 20,000, processing fee is fixed at INR 60,000 after INR 2 crore. This interest will remain the same till INR 15 crore and after that amount the rate of interest will be decided by management.
- Economical processing fee.
- Fixed processing fee after 2 crore.
Maha Super Housing Loan Scheme
Interest Rate
Starting with 8.35%
Processing Fee
Will be decided by the management.
Loan Amount Up To
Will depend on an individual case.
Interest Rate
Starting with 8.35%
Processing Fee
Will be decided by the management.
Loan Amount Up To
Will depend on an individual case.
Bank of Maharashtra is providing home loans at an interest rate starting with 8.35%. There is a concession of 0.05% for women and defense personnel. There is no processing fee on this home loan. The loan tenure is 30 years. Bank has not disclosed the processing fee and will be decided by the manager at the time of disbursement.
- Economical rate of interest.
- Different interest rate for women.
Summary of Best Home Loans In 2023
Methodology
To rate a particular bank for its home loan we have taken into consideration the following factors.
- Specific Qualification Requirements: How many people can be facilitated by a particular loan and if any complex reservations like the customer should have a salary account with them bars an individual from getting a loan.
- Interest Rates: We have considered the banks with interest rates close to or below 11 percent.
- Processing Fee: Banks that charge processing fee of up to 1% have been given preference
- Availability: Loan offering to all kinds of applicants has been considered an important parameter.
- Geography: The area covered by the bank as a service provider as banks do not cater to all the districts has been kept in mind.
Featured Partner Offer
1
Aditya Birla Capital Home Loan
Interest rate starting from
9.05% per annum
Loan tenure
Up to 30 years
Charges
Nil pre-payment charges for floating rate home loans given to individuals
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
