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In today’s article we are going to read about best home loan providers in India according to 2022 Information.
Every individual has a dream of having their own home, but not everyone has enough financial resources for this purpose. In such a situation they require some financial assistance and home loan is the best option for this. It’s a kind of secured loan that is lent by various financial institutions for constructing and purchasing a home. Being secured loan it is lent against some security so that in case of default the money can be recovered from the sale of the secured property.
Best Home Loan Providers:
There are a number of home loan providers in India whether banks or registered financial institutions. Some of the best house loan providers are:
SBI Home Loans – SBI stands for the State Bank of India and it is awarded as the most preferred provider of home loan in India. Since this bank is committed towards environment protection so it offers concessional interest rate loans for Green Homes. Some of the unique advantages about SBI Home Loans are:
- SBI provides exclusive benefits in a single package that fulfill your varied requirements
- They generally charge interest rate on the loan amount on daily reducing balance. Thus, result in low interest rates
- Along with this there will be low processing charges and there will be no administrative or hidden charges that saves your time as well as money
- If any time you have a surplus fund then you can easily use it for interest pre-payment. This is because SBI home loan doesn’t charge any pre-payment penalty and assist you to reduce your loan burden
- SBI has around 13,700 branches across the country. So you can easily take loan from your nearest branch
IDBI Bank Home Loan – IDBI bank also assist you to make your home dream come true. IDBI offers flexible loan policy along with the following lending advantages:
- IDBI offer maximum funding benefit along with the long-term tenure which will be up to 15 years for self-employed and NRIs whereas 20 years for resident individuals
- Offers attractive interest rates along with the option of choosing the type of interest rate that will be either fixed rate or floating rate
- The loan agreement requires only simple documentation. Along with this IDBI Bank will also offer you technical as well as legal assistance
- The balance transfer facility will also be provided by the Bank
- Like in SBI, IDBI also charges EMI on the daily reducing balance
ING Vysya Home Loan – ING offer home loan for the purpose like constructing a new home, refinancing existing loans and also for buying a flat. The various advantages are:
- Offers attractive interest rates and on the basis of floating rates
- Provides funds up to the 85% cost of the property
- EMI will also be based on the reducing balance method
- There will be no limitation with regard to the repayment options and there will be no penalty on pre-payments
- There will be a processing fee, which is 0.5% of the applied loan amount
HSBC Bank Home Loan – HSBC is another home loan provider in India with advantages like:
- They provide loans to every individual whether NRI or Resident Indian
- The various purposes for which they provide home loan are for self-construction, purchasing ready property and also for home renovation
- The loan amount can range from Rs 5 Lakhs to Rs 5 Crore as per your requirement
- The tenure of the loan is also impressive which will be up to 25 years
- Also provides you an opportunity to opt for either fixed rate or floating rate. Along with this you can also easily switch between these rates whenever you want to once in a year
- Resident individuals can also avail tax benefits
There are other home providers also that too offer similar services in one or another way or somewhat different services. But the main purpose of every home loan provider is to make your dream come true. That’s all from us, now it’s your turn. Share your thoughts, experiences and questions (if any) with us in the comments below.