Why do we need home loan?

A house loan or home equity credit simply means a sum of cash borrowed from a financial organization or bank to get a house. Home loans contains an adjustable or fixed rate of interest and payment terms. The property is mortgaged to the lender as a security till the repayment of the loan

By taking a home equity credit , you become eligible surely tax benefits which will prevent some serious cash. consistent with Section 80C of the tax Act, 1961, any principal repayments up to INR 1 lakh are tax deductible per annum . However, this rule applies only to residential property owners.

Low interest rates: Low home equity credit interest rates make home loans very attractive to potential buyers. Also, it’s easy to urge these loans as by their nature, they’re approved in lieu of a collateral or asset. Flexible tenure: Repaying your home equity credit is simpler with flexible tenures offered by various banks.

There is no restriction on the amount of home loans that a homebuyer can take like there’s no restriction on the amount of homes that one can purchase . consistent with popular notion, one cannot take quite one home equity credit at a time but it’s not so.

A home-purchase loan amount is employed to shop for a residential property. Financial institutions usually provide up to 80-85% of the market price of the house as loan amount. The rate of interest on these loans is either fixed, floating or hybrid.

Compare Current Home Loan  Interest Rates, September 2021
Lending CompaniesLowest Interest Rate (p.a.)Lowest EMI/Lakh**Processing Fees (exclusive of GST)
Kotak Mahindra Bank6.50%*Rs. 754Up to 0.50% plus statutory dues
Punjab & Sind Bank*6.65%Rs. 7540.15% – 0.25% of the loan amount (Min. of Rs. 1,000 & Max. of Rs. 15,000)
LIC Housing Finance6.66%Rs. 755As applicable
State Bank of India*6.70%Rs. 7570.35% – 1% of loan amount
Tata Capital Housing Finance6.70%Rs. 757Up to 0.5% of the loan amount
HDFC Bank6.75%Rs. 760Rs. 3,000 for loans between May 17, 2021 and September 30, 2021
ICICI Bank6.75%Rs. 7600.50% – 2.00% of the loan amount or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher
Bajaj Finserv6.75%Rs. 760Up to 6% of loan amount
Bank of Baroda6.75%Rs. 7600.25% – 0.50% of loan amount (Min. Rs. 8,500 & Max. Rs. 25,000)
Punjab National Bank6.80%Rs. 763Up to 0.35% of the loan amount (Min. Rs. 2,500 & Max. Rs. 15,000)
 (Full waiver of upfront/ processing fee charges during Independence Day Home Loan Offer from 06.08.2021 to 30.09.2021)
Union Bank of India6.80%Rs. 7630.50% of the loan amount (Max. Rs. 15,000)
Central Bank of India6.85%Rs. 7660.50% of loan amount (Max. Rs. 20,000)
IDBI Bank6.85%Rs. 766For Inward Balance Transfer and PMAY Cases: Nil
 For Other Home Loan Cases:
 Up to Rs. 35 lakh: Rs. 3,500 to Rs. 7,500
 Above Rs. 35 lakh & Up to Rs. 75 lakh: Rs. 6,000 to Rs. 10,000
 Above Rs. 75 lakh & Up to Rs. 125 lakh: Rs. 10,000 to Rs. 16,000
 Above Rs. 125 lakh: Rs. 10,000 to Rs. 20,000
Bank of India6.85%Rs. 7660.25% of loan amount (Min. Rs. 1500 & Max. Rs. 20,000)
IDFC First Bank6.90%Rs. 769Up to 3% of loan amount
Tata Capital Housing Finance6.90%Rs. 769Up to 0.5% of the loan amount
Axis Bank6.90%Rs. 769Up to 1% of the loan amount (Min. Rs. 10,000)
Canara Bank6.90%Rs. 7690.50% of the loan amount (Min. Rs. 1,500; Max. Rs. 10,000)
UCO Bank6.90%Rs. 7690.5% of the loan amount (Min. Rs. 1,500; Max. Rs. 15,000)
HSBC Bank6.90%Rs. 7691% of the loan amount or Rs. 10,000, whichever is higher
Indian Overseas Bank7.05%Rs. 778Up to 0.50% of loan amount (Max. Rs. 25,000)
Karur Vysya Bank7.15%Rs. 784Loans up to Rs. 25 lakh: Rs. 2,500
 Loans between Rs. 25 lakh & Rs. 50 lakh: Rs. 5,000
 Loans above Rs. 50 lakh: Rs. 7,500
J&K Bank7.20%Rs. 7870.25% on the loan amount (Min. Rs. 5,000 & Max. Rs. 25,000)
 (50% waiver in processing charges for women borrowers (for both sole/joint home loans)
South Indian Bank7.25%Rs. 7900.5% of loan amount (Min. Rs. 5,000 & Max. Rs. 10,000)
PNB Housing Finance7.35%Rs. 796Up to 1% of loan amount (Min. Rs. 10,000)
Standard Chartered Bank7.49%Rs. 8050.50% – 1% of loan amount
Karnataka Bank7.50%Rs. 805Up to 0.25% of loan amount
Federal Bank7.65%Rs. 8140.50% of loan amount (Min. Rs. 10,000; Max. Rs. 45,000)
Fullerton Grihashakti7.99%Rs. 835Up to 3% of loan amount
IIFL8.20%Rs. 8481.25% – 1.75% of loan amount
Indiabulls Housing Finance8.65%Rs. 877Up to 2% of loan amount
DHFL8.75%Rs. 883Salaried/Self Employed Professional – 0.5% of loan amount (Min. Rs. 2,500)
 Self Employed Non Professional – Net PAT: 0.5%, Others: 1.0% of loan amount
Shriram Housing Finance8.90%Rs. 893Up to 0.50% of the loan amount or Rs. 5,000 whichever is higher
YES Bank8.95%Rs. 896Up to 2% of loan amount or Rs. 10,000, whichever is higher
Aditya Birla Housing Finance Ltd.9.00%Rs. 899Up to 1% of loan amount
India Shelter Finance Corp. Ltd.12.00%Rs. 1,1012% – 3% of loan amount

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