Are you excited to buy your very first property? Particularly in this market, purchasing a home is thrilling, exhausting, and sometimes even terrifying. In the end, you want to have a house that you love and can afford. To help you narrow down your options and choose the best one for your family, find out which bank is best for home loans in India.
Which Bank is the Best for Home Loan in India?
Before making a choice, you should weigh a number of aspects for selecting the bank for home loans. Let’s see the table below for a list of top banks and their latest home loan interest rates:
| S. No. | Bank Name | Interest Rate | Processing Fees |
|---|---|---|---|
1 |
SBI |
8.40% onwards |
0.35% of the loan amount |
2 |
HDFC |
8.75% onwards |
Maximum 0.50% of the loan amount |
3 |
ICICI |
9.00% onwards |
0.50% to 2% of the loan amount |
4 |
Axis Bank |
8.85% to 9.15% |
Up to 1% of the loan amount |
5 |
Kotak Mahindra Bank |
8.70% onwards |
0.5% to 1% of the total home loan |
Three banks in particular, in my opinion, are the best among the ones mentioned above: State Bank of India (SBI), HDFC Bank, and ICICI Bank. Moreover, to get which bank provides lowest interest rate for loan against property, you can click on the below link.
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Hey friend,
Taking a loan from a bank or financial institution is a major decision for anyone. If you avail a loan that does not suit your needs, it might impact the next few years of your life negatively. To make sure, I don't make bad decisions. I have conducted some research on which bank is best for loan against property.
Which is the best bank for loan against property ?
Finding the best bank for loan against property will depend on factors like :
- Loan amount
- Type of loan scheme
- Eligibility of the lender for availing a loan
- Loan tenure
- Interest rate etc.
To know which bank is best for loan against property or mortgage loan , you can check the table given below.
| Bank | Interest Rate | Loan Amount | Tenure |
State Bank of India |
8.45% p.a.- 10.00% p.a. |
Up to 7.5 crore |
3-15 years |
HDFC Bank |
8.00% p.a. - 8.95% p.a. |
Up to 65% of the value of the property |
Up to 15 years |
IDFC First |
7.5% p.a. onwards |
Up to Rs.7 crore |
Up to 20 years |
Tata Capital |
10.10% p.a. onwards |
Rs.10 lakh – Rs.3 crore |
Up to 15 years |
Axis Bank |
7.90% p.a. -9.30% p.a. |
Rs.5 lakh – Rs.5 crore |
Up to 20 years |
Kotak Mahindra Bank |
9.5% p.a. onwards |
Rs.10 lakh – Rs.5 crore |
Up to 15 years |
IIFL |
11.50% to 25% p.a. |
Up to Rs.10 crore |
Up to 10 years |
Edelweiss Financial Services Ltd |
As per the terms and conditions |
Up to Rs.25 crore |
Up to 15 years |
Looking at the information given above and your requirements. You can pick which is the best bank for loan against property. I would urge you to read the answers given below. They will further help your research.
This is all from my end on which bank is best for loan against property.
Buy or rent the house of your dreams ! Check out the real estate platform NoBroker to see properties in your area. Read more : How to claim interest on home loan before possession ? Is there any pre closure charges for home loan? How to check home loan eligibility in SBI?Your Feedback Matters! How was this Answer?
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Loan against property is one of the most common ways to accumulate huge funds in case of emergency in India. The concept has been there for a while. In this type of secured loan option, the borrower mortgages his/her property in return for funds which are promised to be paid back along with the decided interest. If you have decided to take LAP but aren’t sure which bank is best for loan against property then I can give you some insights into the interest rates and other details. This should help in making better decisions.
Best bank for loan against propertyHonestly it is very difficult for me to make that decision for you but if you look at the table below you will have a better picture in your head. The lowest interest rate is 8.45% offered by SBI whereas highest can go up to 11.70% by Kotak (as per the stats below)
| Bank name | Interest rate | Loan Amount offered |
SBI |
8.45% to 10% p.a |
Of up to Rs. 7.5 crores |
HDFC Bank |
9.25% to 10.35% p.a |
Of up to 65% of the value of the property |
ICICI Bank |
8.90% to 9.10% p.a |
Of up to Rs. 5 crores |
Kotak Mahindra Bank |
9.50% to 11.70% p.a |
Of up to Rs. 5 crores |
Axis Bank |
Up to 11.25% p.a |
Of up to Rs. 5 crores |
PNB |
9.50% to 11% p.a |
Of up to 60% of the value of the property |
While you make the decision on which bank is best for loan against property. You must also know what is the eligibility to apply for Loan against property. So here you go:
For Salaried employeesResident of India
At least 28 years of age
At least 3 years work experience
Resident of India
At least 25 years of age
A steady source of income
All the best finding
best bank for loan against property.
Read more: What is loan against property? How to get loan against property? What are the documents required for loan against property?Your Feedback Matters! How was this Answer?
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Authors Of The Question
Which bank is best for loan against property?
Sargam
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3 Answers
3 Year
2021-09-22T21:33:05+00:00 2023-11-01T17:22:56+00:00Comment
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