In today’s time, property prices are skyrocketing high, and it’s nearly impossible to fund the entire costs of your house at one go. Therefore, comparing home loan offered by top banks and housing finance companies will help millions of individuals to realize their dream of buying their own house.
Lenders will pay on your behalf to the developer, and in turn, you will pay them as per the plan. You will pay an equated monthly installment spread over the loan tenure. It will cover your principal amount, interest rates and a minor processing fee on it.
However, the competition amongst the peer players is quite stiff, and it becomes a daunting task to pick your ideal home loan. To make your job easy, compare quotes of top 35+ lenders in India at apnaloan.com
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Compare Home Loan Interest Rates:
Interest rates are the crux of the entire loan, and it would decide your principal amount and EMI. Usually, there are two types of interest rates i.e fixed home loan interest rates, and floating interest rates. While fixed rates would stay the same throughout the loan tenure, floating home loan interest rates will keep fluctuating as per the changes in the market conditions.
At Apnaloan, we have the complete list of current home loan interest rates offered by top banks and NBFCs like SBI, HDFC, ICICI, Bank of Baroda, DHFL, India Bulls, and many more. You can compare home loan rates, calculate the interest and apply for the best housing loan that will fit your requirements.
You can fill up a simple form online, and get competing offers from 35+ top loan lenders in just a few clicks! Get quotes based on various home loan comparison factors like interest rates, EMI, eligibility, tenure, principal amount, other fees, etc.
Other than interest rates, you can compare quotes for salient features of a particular home loan product, lender’s profile, etc. We empower loan seekers to strike the best home loan deal by providing relevant information and letting banks, HFCs compete for their home loan.
Factors to consider when you compare housing loan interest rates:
There are several factors that will influence the interest rate for a home loan. Below is the listed of a few factors that will make an impact on your home loan rates:
Type of Interest Rates: The costs of your home loan will depend on whether you opt for a fixed or floating interest rate. While fixed rates fetch slightly higher interest charge, floating will be based on the market volatility, and the base rate offered by banks and HFCs
Income Source: A good and stable income will help you make an easy loan repayment. It places trust in the mind of lenders that you can comfortably repay the loan within the stipulated time.
Credit Score: A credit score of around 750+ is considered good enough to negotiate with the lenders for attractive home loan interest rate deal. You can get quick loan approval if you have a good credit history.
Loan Tenure: The loan tenure will have a direct impact on interest rates. If you opt for a longer tenure, you will end up paying more interest rate, and if you opt for shorter tenure you will pay lesser interest rates.
Property Value: Those properties which are located in prime location, purchased from a reputed builder, or have a higher market value will procure more favorable interest rate deals.
Employment Status: Lenders will have separate slabs for salaried professionals and self-employed individuals. Thus, those who work in the reputed organization at higher position else run a successful business can yield more favorable interest rates.
Principal amount: If you take higher loan limits, then there are chances that the interest rates would come down.
So, compare home loan rates and get the best housing deal today!
A Quick Guide on Home Loan:
Purpose: It can be availed for buying a new or resale property, house construction, home improvement, home extension or renovating your house and purchasing a plot.
Some key features of a home loan:
- Eligibility: For salaried professional and self-employed individuals between 18 to 65 years
- Loan amount: Can avail from Rs 1 lakh and can go up to Rs 15 Crore
- Loan-to-Property Value Ratio: It varies from 65% to 90%
- Loan tenure: Ranges from 10 to 30 years
- Interest Rates: Starting from 8.30% and special 0.05% to 0.10 % concession for women borrowers.
- Processing Fees: Up to 1% of loan amount or Maximum Rs 10,000