Home Loan Interest Rates Comparison - A Must Before Applying

Buying a home either remains a dream, or a financial torture throughout the loan tenure. Any guesses as to why that happens? No! Well, the reasons can be many depending on the income and savings pattern of an individual.

But the most prominent reason would be the lack of ‘Home Loan Interest Rates Comparison’ a borrower should make before applying for a debt that goes as long as 20-30 years. Failing to pay attention can prevent you from receiving the benefits of lowest home loan interest rates. The lack of lower rate offers can thus translates into a massive outgo from your pocket over the course of a debt.

How to Compare the Home Loan Interest Rates?

Home Loan Interest Rates Comparison is a lot easier these days as opposed to the older times when the so-called online mechanism was not available or say, not that vibrant the way it is now. There are countless websites that show the comparison of interest rates offered by different lenders across India. You just need to visit the website of Fintech companies who invariably does that job to perfection. The rates of different banks along with fees & charges, eligibility, documentation, etc, are also shown.

Home Loan Interest Rates of Different Lenders

Won’t it be good to see if the interest rates of most sought-after lenders in the home loan segment are shown in this article? You would vouch for it, right? So, let’s check the interest rates of top lenders now.

Home Loan Interest Rates SBI

SBI home loan interest rates are based on the gender and profession of an individual. While the salaried women borrowers can get a loan at 8.30%-8.45% per annum, the non-salaried women counterparts would need to service at 8.40%-8.55%. On the other hand, both male salaried and non-salaried are expected to service a home loan at 8.35%-8.50% and 8.45%-8.60%, respectively.

Home Loan Interest Rates HDFC

HDFC charges a home loan at an interest rate of 8.35%-8.85% for a loan of up to 75 lakh for women borrowers, who would need to pay 0.05% extra interest for loans exceeding 75 lakh. The interest rates for the latter set of borrowers thus come out to be 8.40%-8.90% p.a. Other borrowers should be ready to service the debt at 8.40%-8.90% and 8.45%-8.95% for loans of 30-75 lakh and above 75 lakh, respectively.

Home Loan Interest Rates Axis Bank

Axis Bank is also a prominent player in the home loan segment by offering attractive interest rates to the borrowers. Loan amount up to 30 lakh would come with an interest rate of 8.35% per annum. Whereas, the loan amount of up to 30-75 lakh and above 75 lakh will bear 8.65% and 8.75%, respectively. These rates, however, are applicable to the salaried borrowers. The rates for self-employed can range from 8.40%-8.75% per annum.

LIC Housing Finance Home Loan Interest Rates

One of the most prominent housing finance companies (HFCs), LIC Housing Finance offers a home loan at 8.35%-8.70% p.a.

Keep Your CIBIL Score High to Get Best Home Loan Interest Rate Offers

The factor that can help you grab the best interest rate deal is the CIBIL score you would have. It’s nothing but a picture of your creditworthiness. Higher the score, greater are the chances of getting the loan at a lower rate.

CIBIL and few others tie up with the lending institutions to generate credit scores of an individual taking into account the repayment track of any loan EMI or credit card dues. Paying the same on time helps build a good score and enable an easy access to home loans at affordable rates.

On the other hand, a delay or default in the payment brings down the score considerably and makes it very difficult to gain an approval for a home loan, forget about grabbing a lower rate offer.

So, you come to know the importance of lower rates in bringing down your overall liability that normally remains for as long as 20-30 years. Compare, choose and save on your home loan.

Home Loan Interest Rates Comparison - A Must Before Applying Home Loan Interest Rates Comparison - A Must Before Applying Reviewed by Internal Eseo on January 09, 2018 Rating: 5

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