Kotak Mahindra Home Loan | Union Bank | HDFC | ICICI | Axis
There are a few important factors to consider when choosing a bank for a home loan in India. The most important is the interest rate, which is often the deciding factor when it comes to the overall cost of a loan.
A low-interest rate is essential for a home loan, so if you’re considering taking out a mortgage with this bank, you’ll want to know how it works before applying for one. In this article, we’ll review the features and requirements of ICICI Bank’s loan.
1. Kotak Mahindra
If you are looking for a low-interest home loan in India, look no further. Kotak Mahindra bank has announced a new home loan rate of 6.50 percent for a limited period, which ends on November 8, 2021.
This rate is among the lowest in the industry and is applicable for both fresh and balance transfers. The rate is linked to the borrower’s credit profile and is available to both salaried and self-employed customers.
The bank’s in-principle sanction process ensures that you can secure the lowest rate available in the market.
Another factor that makes Kotak Mahindra one of the best Indian banks for home loans is its customer-friendly application process. If you are a regular customer of the bank, the easiest mode of repayment is the Standing Instruction.
In this mode, the bank debits your monthly EMI from either your Kotak Mahindra account or a non-Kotak account.
The bank’s home loan interest rates are competitive and start as low as 6.55%. You can get up to 90% of the value of your property, and the loan tenure can be as long as 20 years. Kotak Mahindra has over 100 branches in India.
In addition to having an easy application process, Kotak Mahindra’s customer service representatives will make the process of acquiring a home loan as hassle-free as possible.
To apply for a home loan, you can visit a branch or an authorized online channel partner of Kotak. Complete an application form and submit your documents. The bank will verify your income and property to ensure your eligibility.
If all goes well, you will receive your loan sanction letter and complete the process. You can also transfer your balance to another bank and repay your original loan.
The bank’s home loan EMI calculator is available on its website. Once you have entered your loan amount and selected the interest rate, you can calculate your EMIs. You can also view the total amount you’ll have to pay over the course of the loan.
You can also print a copy of the statement online for CASA and Internet banking customers. Kotak has also cut its home loan interest rates by 15 basis points, making them one of the best Indian banks for a home loan.
HDFC is the most expensive bank when it comes to home loans. It will charge you up to RS.2,000 if you wish to reappraise your loan. You may also want to shop around for the best home loan rate, which comes with some added fees.
If you are looking for a low-interest home loan in India, Kotak Mahindra may be one of the best options for you.
Last October, the bank offered its lowest rate of 6.9 percent. Since then, it has cut this rate twice, making it the lowest rate of all Indian banks for a home loan. The lender claims over 15 percent of its customers qualify for its lowest rate of 6.65 percent. The lender claims that home
loans make up four percent of its overall book, but Chandna refused to reveal the exact percentage of its customers that it expects to sell during the limited-time offer.
HDFC’s rates are aimed at borrowers with a credit score of 750. If you qualify for HDFC’s rates, you will be able to apply for a home loan with no hassles. However, HDFC has a 12-month lock-in period for its new rates. You will need to visit a bank branch to submit your application.
2. Union Bank
If you are looking for a home loan, you may be wondering whether the Union Bank of India is the best bank to go through. If you want to get the best home loan deal, you need to be sure your credit score is good enough to qualify.
While there are no minimum credit scores required to get a home loan, individuals with high credit scores often qualify for lower interest rates. Here are the top three reasons to go with Union Bank.
Probably the best thing about Union Bank is its competitive interest rates. It offers loans from 6.40% to 7.41% per annum and can finance up to 90% of the cost of a property.
The Union Bank also offers a balance transfer facility to existing home loan borrowers and a home loan overdraft facility. For those who are interested in purchasing rural or semi-urban property, they offer a special home loan scheme called Union Awas.
Whether you are purchasing a new home or renovating an existing property, Union Bank is an excellent choice. Their loan terms are flexible, with a maximum term of 30 years.
Additionally, you can choose the repayment term according to your monthly income, as well as your financial situation. The bank will also finance your solar power panels and construction expenses.
This can make your dream home a reality. And if you’re planning to use the loan for renovations, you can choose an 80% loan period.
The Union Bank of India recently cut its home loan interest rate. The new rates are effective for fresh home loans and balance transfer cases and will be the lowest rates in the industry.
And because the Union Bank of India has a history of lowering its rates, this bank is the best choice for a home loan in India. But if you’re already a customer of the bank, this new offer may be too good to pass up.
The best interest rate for home loans at the moment is 6.7% per annum. The bank is one of the nine public lenders to reduce interest rates on home loans. This is a major move since the repo rate is now 4%, and this is the lowest rate in India.
And if you’re a salaried individual, Union Bank is the best option for you. So get one today.
TD Bank is known for its personal touch. The service that the bank provides to its customers is exemplary. The staff of TD Bank is dedicated to assisting their customers. They make sure they understand their financial needs and provide personalized service.
TD Bank’s home loan program also offers competitive rates and an unbeatable interest rate for home loans. This means that you’ll be able to afford your home mortgage while still getting the best rate possible.
3. HDFC
HDFC home loans are flexible and provide a variety of benefits. Apart from a competitive interest rate, HDFC home loans allow you to repay the loan in easy installments over a period of 30 years.
The bank also allows you to opt for flexible repayment plans, such as allowing you to pay off the loan sooner. And with its low processing fees, you can save a considerable amount of money on the loan.
Whether you are purchasing a home or renovating an existing one, HDFC home loans have a solution for you.
If you are employed in a company that is not listed on the bank’s website, you may face rejection from the bank. This happens because the bank feels your job is not secure.
If you are employed at an organization that is not listed, it is advisable to investigate other banks that list the company and apply for a loan with them. You can also find good terms on a loan by looking for a lender who has a company listing with HDFC.
In order to apply for HDFC home loans, you must submit the original documents of the property to the bank. Since your property is the collateral for the loan, you should make sure that you have sufficient equity in it.
If you are in search of an HDFC home loan, HDFC has an online eligibility calculator that you can use to check your eligibility. The calculator will ask you to input your gross monthly income and net monthly income.
You should also input your net monthly income if you are an NRI. Moreover, the longer the loan tenure, the more likely you are to qualify. For this reason, HDFC home loans are the right choice for those who are looking for a new home.
4. ICICI
The ICICI Bank offers a wide range of home loans that can be used to buy a house. The loan amounts are based on the borrower’s age and monthly income.
The bank also provides a home loan eligibility calculator where the applicant can enter basic information and the type of property they intend to buy. This can help them decide if the loan amount they qualify for is affordable.
This calculator can be helpful if you are considering an ICICI Bank home loan but are unsure of your eligibility.
Regular home loans are available for the construction, renovation, and purchase of homes. The regular home loan scheme can be used to finance personal and business expenses.
You can borrow up to 15 percent of the value of your property and use it for either residential or commercial purposes. This scheme is also available with low-interest rates, easy documentation, and a 15-year repayment term. ICICI Bank offers both freehold and leasehold home loans.
ICICI Bank offers home loans for salaried and self-employed individuals. The rates are low and can be as high as seven crores. In addition, ICICI Bank home loans come with no prepayment or foreclosure charges.
The interest rate of an ICICI Bank home loan can be higher or lower depending on your credit score and your employment status. ICICI Bank home loans are a great way to finance a new home, even if you’re not a resident of India.
5. AXIS Bank
Choosing a home loan from an NBFC can be a difficult task, but Axis Bank makes it easy with its flexible and low-interest rates. Axis Bank also offers a balance transfer facility and comes to your doorstep to assist you with your loan application.
The bank offers a 12-month fixed-rate EMI waiver on home loans with a good repayment history. Its loan documentation is simple and hassle-free.
Pre-approval: Axis Bank offers pre-approved home loans for borrowers who are looking to purchase a property. These loans are available to both existing and new home loan borrowers. Pre-approval is available for borrowers with high income and low debt-to-income ratios.
You can apply for a home loan online or offline. After getting approval, the bank will credit the loan amount directly to your Axis Bank account.
Flexible interest types: Axis Bank offers both fixed and floating rate home loans. If you prefer a floating rate, Axis Bank does not charge pre-payment charges. Axis Bank also offers excess transfer facilities and transparent terms.
These benefits are designed to benefit existing and premium customers. You can also transfer the balance from your existing bank to Axis Bank without incurring any prepayment charges. Axis Bank home loans are available for a minimum loan amount of Rs. 3 lakh.
There is no prepayment charge and you can opt for flexible repayment options, like reducing monthly installments.
Getting an Axis Bank home loan is an excellent idea for anyone looking to buy a new property. Axis Bank has many home loan schemes, including flexible rates, EMI waivers, and balance transfer options.
As always, you should make sure your CIBIL score is at least 650. This will help you strengthen your chances of getting approval. If you get approved, you will be able to take advantage of the special interest rates offered for home loans from Axis Bank.