Which bank is good for home loan?

With our complete guide to acquiring an easy home loan for your new home, you can make the route to homeownership much simpler. Learn the essential actions, from determining your eligibility and obtaining supporting documentation to evaluating loan offers and selecting the best one. Allow us to assist you in smoothly navigating the process so you can realize your ideal house.

To secure a home loan we need to understand which bank is good for home loan. For this, we need to do thorough research. Without proper research, we might end up taking a loan with a higher interest rate which in turn can also affect our monthly EMI. Before applying for a home loan it is better to make a list and check out the interest rate as well as processing charges. Besides, one must also learn about prepayment clauses, terms and conditions of the mortgage, home loan insurance clauses, etc.

Which bank is good for home loan in India?

I will discuss three banks that I feel are safest to secure the home loan. I will share the details below.

Union Bank of India

For salaried individuals the Union Bank of India is offering home loans at the lowest interest rate of 6.40% and for the self-employed individual, the lowest interest rate is 6.45%. The processing fee is 0.5% of the loan amount and this is a trustworthy well known bank in India. 

Kotak Mahindra

Kotak Mahindra, one of the largest private financial institutions in India is providing home loans at the lowest interest rate of 6.55% for both salaried and self-employed individuals. They are not charging any processing fee at the moment. But depending on the circumstances the processing charges can be around 0.5 to 1% of the loan. The best perk about Kotak Mahindra is that you get instant approval while applying for a loan if you have a good track record. 

SBI (State Bank of India)

SBI is a government-run bank and it is one of the trustworthy banks in India. The lowest interest rate SBI is offering currently is 6.7%. This rate is applicable for both salaried and self-employed individuals. The processing fee SBI charges is 0.40% of home loan. You need to have a CIBIL score of 750 to secure a loan in SBI. 

My parents have secured a home loan from SBI before and their service is decent.

I hope you now know

which bank is good for home loan in India.

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