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#FinancialBytes: Planning to buy house? Here are 6 home-loan options

Ramya Patelkhana

#FinancialBytes: Planning to buy house? Here are 6 home-loan options

17 Apr 2018: #FinancialBytes: Planning to buy house? Here are 6 home-loan options

All major banks and house financing companies offer home loans that provide funding for buying or constructing houses and residential properties.

Home loans are witnessing a steady increase as people prefer to have their own houses instead of renting one.

However, choosing the right home loan is as essential as picking the right property.

Here's a list of top 6 home loan options.

SBI Home Loan: Avail an affordable housing loan from SBI

State Bank of India, a preferred home-loan provider, offers Regular Home Loan scheme that's among the most popular options.

Interest rate levied is 8.35-8.45% per annum (salaried women) and 8.4-8.5% (other salaried people) for upto Rs. 30L.

With maximum repayment-tenure of 30 years, it charges a processing fee of 0.35% of the loan amount. Indian citizens aged between 18 and 70 years are eligible.

Axis Home Loan: The Axis Bank Home Loan scheme's features and benefits

Axis Bank Home Loan Scheme is another good option that offers quick loan processing, attractive interest rates, and eDGE reward points.

Applicants should be aged between 21 years and 60 years (salaried individuals) or 65 years (self-employed). The maximum repayment period is 30 years.

For a loan amount of up to Rs. 30L, the floating interest rates are 8.4% (salaried) and 8.45% (self-employed).

Pragati Home Loans: This ICICI Bank home loan is preferred by several customers

ICICI Bank's Pragati Home Loan scheme is designed to offer housing loans to a wider range of customers, including low-income earners, with 20-year repayment tenure. Salaried individuals with a minimum salary of Rs. 10,000/month can also avail the loan.

Interest rates for up to Rs. 30L are 8.45% (salaried women) are 8.5% (other salaried persons) and 8.6% (self-employed women) and 8.65% (other self-employed individuals).

HDFC Home Loans: HDFC Bank is India's major provider of housing finance

India's leading lender HDFC Bank offers the Home Loans scheme for individuals to buy or construct houses. Under the scheme, the maximum repayment tenure is 30 years for adjustable interest rate option.

For up to Rs. 30L loan amount, interest rates are 8.4-8.9% (both salaried and self-employed women) and 8.45-8.95% (other individuals). Processing fees is 0.5% (salaried) or 1.5% (self-employed) of loan amount.

LIC Housing Finance: State-owned Life Insurance Corporation of India's home loan

LIC Housing Finance is the country's biggest and oldest housing finance company offering long-term loans to customers based on their needs.

Under LIC's Home Finance Loan Scheme, the maximum loan repayment tenure is 30 years for salaried persons and 20 years for self-employed individuals.

For a loan amount of up to Rs. 25L, the interest rates levied are 8.35% (women) and 8.4% (for others).

DHFL Home Loan: DHFL's Home Loan scheme is among the best options

One of India's largest housing finance companies DHFL's Home Loan is among the most preferred options. With repayment tenure of 30 years, individuals can get loans of upto 90% (below Rs. 30L limit). Indian citizens aged between 21 years and 65 years are eligible.

The interest rates for home loans start at 8.35% pa; for loans upto Rs. 75L, the interest rate is 9%.