2020 has been a challenging year for everyone, but with many positive changes, it looks like a better year for the housing sector as buyers can finally get their dream home. With so many happenings all around the world, you might be wondering how the current crisis has an impact on the real estate trends.
Like every other sector, the real estate too has been severely impacted by the outbreak of pandemic. Even though it affected this sector; it also made some positive impacts on people’s idea about owning a house. The pandemic pushed people indoors and this made apartment dwellers feel the pinch. With poor access to green spaces and high density within units, people, people, especially millennials, started looking at investing in a home of their own
Best Home Loans in India as per October 2020
Are you constantly searching for the best Home loan provider in India for October 2020 and the cheapest home loan available in India on the basis of Interest Rates? If you are some who is planning to buy a home with the help of a home loan, you need to keep track of the current trends and their relevant impact on the home loan sector. Let us check and compare the home loan interest rates of various banks in India.
The Interest rate offered here is the primary factor of comparison. It affects your EMI and the total amount payable. For a long duration loan it is advised to prefer a home loan with low interest rate.
| SBI | 6.95 – 7.70% |
| HDFC Ltd | 6.95 – 7.50% |
| ICICI Bank | 6.95 – 8.05% |
| LIC Housing Finance | 6.90 – 7.30% |
| DHFL Housing | 8.70% |
| Axis Bank | 7.75 – 8.40% |
| Bank of Baroda | 6.85 – 7.85% |
| Canara Bank | 6.90 – 7.90% |
| Aadhar Home loan | N.A |
The Best Banks Which Offers Home Loans in India
Eager to know the best banks which offers better home loans? Don’t wait!!!
| S.No | Bank Name | Market Percentage |
| 1 | SBI Home Loan | 34.00% |
| 2 | HDFC Ltd | 24.13% |
| 3 | LIC Housing | 05.83% |
| 4 | ICICI Bank | 13.10% |
| 5 | PNB Housing Finance | 6.23% |
| 6 | IDBI Home Loan | 4.67% |
| 7 | Axis Bank | 4.22% |
| 8 | Others | 6.32% |
(Home Loan Interest Rates as of 01 October 2020.
The housing loan interest rates in the table are subject to change anytime without prior notice.)
While comparing home loans, one should check certain key facts from different lenders. The key points of comparison when it comes to loans include:
> Interest rates
>Processing fees
> Turnaround time
> Loan to value Ratio
Ease of Home Loan Processing
The procedure to apply for home loan can be a bit time consuming. You will have to submit a set of income and property related documents, and keep in mind that the approval of the loan differs from bank to bank. There are many agents who specialise in the bank processes, but the credibility of such agents is under question. So, to choose the best bank to apply for home loan wisely as per your convenience, you must do a little research in advance.