Booking a home, flat or apartment is easily the most auspicious moment for an average Indian. Therefore, most people want to do it during the October-November festive season which is the time for auspicious occasions such as Dhanteras and Diwali. Buying a home is also the biggest financial transaction that the average Indian undertakes in his/her life.
The biggest source of funding a flat is a home loan. Banks or housing finance companies fund up to 90% of the funds required to buy a flat. Therefore, clinching the most favourable interest rate is extremely significant in determining the financial obligation that you might be entering. Let’s find out the interest on home loans that major banks are offering before Dhanteras and Diwali.
SBI, HDFC Bank home loan interest rates
India’s biggest bank, State Bank of India (SBI) charges interest rates between 8.5% and 9.65% on home loans. The interest rate charged by India’s biggest private sector ranges from 9.40% to 9.95%. These loans are offered to salaried and self-employed professionals and non-professionals.
Bandhan Bank’s Suraksha home loans carry interest rates between 9.16% and 13.33%, while the mean rate is 9.67% says the bank. Kotak Bank, on the other hand, charges rates that begin from 8.75%.
ICICI Bank, Axis Bank home loan interest rates
ICICI Bank, the second largest private sector lender in India, charges interest rates that begin from 8.75% on home loans or house-building loans. The third biggest private bank, Axis Bank, on the other hand charges rates that start from 8.75% for salaried applicants. For the self-employed, the applicable interest rate is 9.10%. However, both these rates will be offered by Axis Bank if the applicant has a credit score of 751 and above (out of a maximum 900).
Points to note on home loans
The loan amount applied for, the repayment period and the credit score of the applicant are significant factors that determine the eventual interest rate that the homebuyer has to pay.
All home loans carry a few attendant charges, of which processing charges is the main one. For example, SBI charges 0.25% of the loan amount as the processing fee.
Best home loan interest rates for Homebuyers on Dhanteras, Diwali 2024: A large number of people prefer to book apartments on auspicious occasions such as Dhanteras and Diwali. They must scour the market for the best interest rates on home loans. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
