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A housing loan is a loan offered to the general customers who are in need of funding that is required for purchasing a new home. Home loans are disbursed by a financial institution to the customer鈥檚 bank account to support the customer financially in buying a home. When the customer wishes to purchase a home but does not have sufficient funding to complete the process Josh Richardson Youth Jersey , they can complete the process by opting for a home loan through a bank or an NBFC (non-banking financial institution). Home loans are sanctioned to the customers and the repayment details are discussed before sanctioning the loan, the home loan is supposed to be paid back in instalments, and depending on the financial standing of the customer the conditions of the equated monthly instalments (EMI) are discussed.

A housing loan is a secured loan Alonzo Mourning Youth Jersey , which means the financial institution will require some sort of asset as collateral for security, until the repayment of the loan is completed. A home loan can be availed for any reason like home extension, home renovation Goran Dragic Youth Jersey , property purchase. The amount of loan that is borrowed by the financial institution is supposed to be paid back after a tenure that was fixed during the sanctioning of the loan. Since a home loan is a secured loan, the interest rates offered on a home loan are comparatively low.


Banks that offer the best home loans in India


1. Axis Bank (Private):
Axis Bank offers an interest rate between 8.35-8.70% approximately. Axis Bank offers repayment with a waiver scheme for 12 EMIs. 4 EMIs each after the fourth year, eighth year and twelfth year from the first date of first disbursement. The EMI waiver will reduce the loan tenure.


2. HDFC Ltd (Private):
HDFC Bank offers an interest rate between 8.35-8.55% approximately. HDFC offers two different types of home loans Hassan Whiteside Womens Jersey , the TruFixed home loan and the adjustable rate home loan. The adjustable rate home loan is linked to its retail prime lending rate (RPLR) If the RPLR changes, bank will revise the rate of interest on loan once every 3 months based on first date of disbursement. It may not change the EMI. In TruFixed home loans, the fixed interest rate will be applied for a certain period while for a balanced term an adjustable rate is charged. Thus Dion Waiters Womens Jersey , a fixed rate can be used for 2 to 3 years, after which loan is converted to a flexible rate.


3. ICICI Bank (Private)
ICICI Bank offers an interest rate between 8.35-8.80% approximately. ICICI offers Home loan Overdraft facility. This loan is exclusively available only for salaried employees, who have home loans with the bank Dwyane Wade Womens Jersey , they can avail a loans of up to Rs 1 crore.

4. State Bank of India (Public)
State Bank of India offers an interest rate between 8.35-8.50% approximately. State Bank of India offers overdraft facility in a different way. The loan under this scheme with the same interest rate as other housing loans is sanctioned as an overdraft with limit equal to the loan amount that was approved


5. Bank of Baroda (Public)
Bank of Baroda offers an interest rate between 8.35%-9.60% approximately. Through a Bank of Baroda home loan the customer can deposit with a different saving bank account that was linked to home loan. The amount is automatically taken without earning any interest rate from the savings account. This is done so the customer does not have to pay interest linked to the loan.


6. Punjab National Bank (Public)
Punjab National Bank offers an interest rate between 8.55-8.65% approximately. Punjab National Bank offers Flexible housing loan, but the payment is done through EMIs.

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