{"id":20480,"date":"2016-06-02T20:16:13","date_gmt":"2016-06-02T20:16:13","guid":{"rendered":"http:\/\/www.casagrand.co.in\/?p=20480"},"modified":"2019-04-05T10:29:59","modified_gmt":"2019-04-05T10:29:59","slug":"top-home-loan-options-for-you","status":"publish","type":"post","link":"https:\/\/backup.casagrand.co.in\/blog\/top-home-loan-options-for-you\/","title":{"rendered":"Top home loan options for you"},"content":{"rendered":"

For most Indians, buying a house is a lifelong dream. Of course, while buying a house it is easy to get overwhelmed by the financing options available. Thankfully, if you take the time and effort to research, you can save a lot of money and hassle. Availing a home loan is not as easy as it used to be. There are multiple processes and documentation involved it. Even a small misstep and your home loan can get rejected. So if you are looking for a home loan, read on to know about the best home loan options available to you.
\n Some of the key factors to look into before taking the loan are:<\/strong><\/p>\n

\u2022 Interest rates<\/strong><\/h2>\n

Every bank charges different interest rates. It is important to compare various interest rates before settling for one. It is also important to remember that even a small difference in the interest rate can have a huge impact in your EMI. There are two kinds of interest rates you to choose from:
\nFixed interest rate:<\/strong> Fixed interest rate is an interest rate where repayment of home loans in fixed equal installments over a stipulated period of time. The interest does not change even if there is a fluctuation in the market.
\nFloating interest rate<\/strong>: As the name suggests, this type of interest rate is when the rate of interest varies with market conditions. They are usually cheaper than fixed loan rates; however, they can increase depending on the market conditions.<\/p>\n

\u2022 Processing fees<\/strong><\/h2>\n

The fee charged by financial institutes to cover the basic expenditure to process your home loan is referred to as the processing fee. This fee varies from bank to bank and is usually anywhere between 0.5\u20131 per cent.<\/p>\n

\u2022 Pre-payment charges<\/strong><\/h2>\n

In case you are looking to pay off your loan ahead of the stipulated time period, do remember there is a prepayment fee that you will have to pay. This fee is only applicable on fixed rate home loans and not the floating rate home loans as the RBI has as the RBI has barred the lenders from charging prepayment penalty on floating rate home loans.<\/p>\n

\u2022 Late payment charges<\/strong><\/h2>\n

If there is a delay in paying EMIs, lenders charge a penalty. This fee is usually high and can be as high as 2 per cent per month on the over dues EMIs. It is advisable for borrowers to check ahead before availing the loan.<\/p>\n

Documents required while applying for a home loan:<\/h2>\n

\u2022 Filled in application with processing fee
\n\u2022 Photographs of the applicant and co-applicant
\n\u2022 Income proof
\n\u2022 Address proof
\n\u2022 Bank statements
\nAdditional documents in case of a salaried individual:<\/p>\n

\u2022 Employment letter from employer
\n\u2022 Copies of pay slips for last few months
\n\u2022 Latest Form 16 issued by employer<\/p>\n

 <\/p>\n

Interest rates of major banks<\/strong><\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n
Bank<\/strong><\/td>\nInterest Rate<\/strong><\/td>\n<\/tr>\n
SBI<\/td>\n9.35% \u2013 9.40%<\/td>\n<\/tr>\n
HDFC Ltd<\/td>\n9.40% \u2013 9.45%<\/td>\n<\/tr>\n
LIC Housing<\/td>\n9.50% (fixed for 2 years)<\/td>\n<\/tr>\n
ICICI Bank<\/td>\n9.40% \u2013 9.70%<\/td>\n<\/tr>\n
Axis Bank<\/td>\n9.45% \u2013 9.60%<\/td>\n<\/tr>\n
IDBI Bank<\/td>\n9.60% \u2013 9.75%<\/td>\n<\/tr>\n
PNB<\/td>\n9.55% \u2013 9.80%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Home Loan Processing fees of Major Banks in 2016<\/span><\/strong><\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n
Bank<\/strong><\/td>\nProcessing Fees<\/strong><\/td>\nPre Payment Charges<\/strong><\/td>\n<\/tr>\n
ICICI Bank<\/td>\n0.50% \u2013 1.00% of the loan amount or Rs. 1500\/- (Rs. 2000\/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge<\/td>\nNil<\/td>\n<\/tr>\n
HDFC Ltd<\/td>\n0.5% or 10,000+service tax, whichever is higher<\/td>\nNil<\/td>\n<\/tr>\n
SBI Home Loan<\/td>\n0.35% for every Lakh+Service tax or Rs. 10,000 whichever is less, subject to minimum Rs 2000<\/td>\nNil<\/td>\n<\/tr>\n
Axis Bank<\/td>\nUp-to 1% of the loan amount subject to minimum of Rs.10,000\/-<\/td>\nNil<\/td>\n<\/tr>\n
LIC Housing<\/td>\nUp to 50 lacs : 10,000 +(Service tax)
\n50 lacs & above : 15,000 +(service tax)<\/td>\n		Nil<\/td>\n<\/tr>\n
IDBI Home Loan<\/td>\nNil<\/td>\nNil<\/td>\n<\/tr>\n
PNB Home Loans<\/td>\n0.50% of the loan amount<\/td>\nNil<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

References:<\/span><\/em><\/p>\n

http:\/\/www.moneycontrol.com\/news\/home-loan\/how-to-choose-best-home-loanindia_1102258.html
\nhttp:\/\/www.deal4loans.com\/loans\/home-loan\/best-home-loan-bank-housing-loan-banks\/<\/p>\n","protected":false},"excerpt":{"rendered":"

For most Indians, buying a house is a lifelong dream. Of course, while buying a house it is easy to get overwhelmed by the financing options available. Thankfully, if you take the time and effort to research, you can save a lot of money and hassle. Availing a home loan is not as easy as […]<\/p>\n","protected":false},"author":1,"featured_media":34299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[249,523],"tags":[355,391,529],"class_list":["post-20480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-home-buying-process","tag-home-financing-options","tag-first-time-home-buyers","tag-real-estate-checklist"],"acf":[],"yoast_head":"\nTop home loan options for you - Casagrand<\/title>\n<meta name=\"description\" content=\"With numerous options for Home loands, here are some of the top home loan options available for you. 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