Oct-2016 – Best Home Loan Interest Rates in 2016

Best Home Loan interest rates in India in 2016Best Home Loan Interest Rates in 2016


RBI has reduced the repo rate in the last few quarters and banks have continuously reduced bank fixed deposit rates. However, they are slow on reduction of home loan interest rates. Last month, I purchased a Plot and was inquiring about latest home loan interest rates. I felt, there could be an article around this. Which are the best home loan interest rates in Apr-16. Which are the financial institutions or banks offering lowest home loan interest rates now in 2016?

Best Home Loan Interest Rates in 2016


While there are several banks and financial institutions offering home loans, few of them are offering with low interest rates and less processing fees. Let us look at top best home loan rates, which one can consider in 2016 if you are going to buy your dream home. Since small interest rate variance can save lakhs of interest, one need to be careful for this long term commitment.

Also Read: How to choose a best home loan suitable to you?

1) State Bank of India Home Loan


SBI is one of the largest public sector bank in India offering lowest  home loan interest rates in India. SBI looks all home loan documents, link documents, deviations etc., accurately. Hence, sometimes, you may find difficult to get an SBI home loan in case of any minor errors in your documents. Otherwise, SBI offers Best Home Loan Interest Rates in 2016

  • Home loan interest rate: 9.25% for Women and 9.3% for Men. EMI works out to be Rs 916 / Rs 919 per every Rs Lakh of loan amount for women and men respectively.
  • Processing fees is 0.35% of the loan amount.
  • Pre payment charges: Nil

2) ICICI Bank Home Loan


ICICI Bank is the largest private sector bank in India offering lowest home loan interest rates. Like SBI, even ICICI Bank has stringent document verification and any missing documents pertaining to 20 years back, they can reject the loan. If any home loan project is financed by ICICI Bank, it means, your documents and link documents are more accurate and complete.

  • Home loan interest rate: 9.4% for Women and 9.45% for Men. EMI works out to be Rs 926 / Rs 929 per every Rs Lakh of loan amount for women and men respectively.
  • Processing fees 0.5% up to Rs 1 Crore home loan amount.
  • Pre payment charges: Nil

2) HDFC Bank Home Loan


HDFC is the second largest private sector bank in India offering lowest home loan interest rates. Even HDFC Bank validates all documents perfectly.

  • Home loan interest rate 9.4% to 9.45%. EMI works out to be Rs 926 to Rs 929 per every Rs Lakh of loan amount.
  • Processing fees 0.5% of the home loan amount or Rs 10,000 whichever is higher.
  • Pre payment charges: Nil

4) Axis Bank Home Loan


The axis Bank is the one of the largest private sector banks in India offering lowest home loan interest rates.

  • Home loan interest rate: 9.4% to 11%. EMI works out to be Rs 926 – Rs 1,032 per every Rs Lakh of loan amount based on the interest rates.
  • Processing fees 1% home loan amount subject to minimum of Rs 10,000.
  • Pre payment charges: Nil

Also Read: Ways to close your home loan faster than you thought

5) DHFL Home Loan


DHFL is the one of the largest financial institution that offers home loans in India at low interest rates. One thing I observed is if any minor errors / missing documents are there, these financial institutions would provide the way on what additional documents are required to make these documents complete and loans would be processed. Hence I feel, this is one of the good financial institution offering Best Home Loan Interest Rates now in 2016.

  • Home loan interest rate: 9.55% up to Rs 25 Lakhs. Beyond Rs 25 Lakhs, it is 9.65%. EMI works out to be Rs 935 to Rs 942 per every Rs Lakh of loan amount depending on the interest amount.
  • Processing fees are 1% home loan amount for salaried and 1.5% for others.
  • Pre payment charges: Nil

Other banks and financial institution's home loan interest rates are indicated below (Updated October, 2016)


Latest and Lowest Home Loan Interest Rates in India-October 2016

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Suresh

Best Home Loan Interest Rates in 2016

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