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Buying a home requires a significant investment and an average Indian needs financial backing for the same. Fortunately, there are a number of private and public sector banks in India that offer hassle-free home loans to aspiring homeowners at affordable interest rates starting from 8.50% per annum. Besides banks, there are numerous non-banking finance companies, also known as NBFCs, that offer a variety of home loan schemes to applicants at a nominal processing fee starting from 0.25% of the loan amount plus taxes. The interest rates on home loans may vary across banks but generally, they all offer similar home loan schemes such as home/land purchase loans, construction loans, renovation/extension loans, balance transfer home loans and home loan top-up schemes. Some banks and NBFCs offer hassle-free home loans to NRIs and PIOs with minimal documentation and PMAY schemes for the economically weaker sections of the society at subsidized interest rates.
Contact BASIC Home Loan team to get the lowest interest rates from the most trusted banking partners.
Apart from banks, applicants can also consider mortgage loans from NBFCs. Some top banks like ICICI, Axis and PNB have set up their NBFCs and offer financial services like mortgage loans to eligible borrowers. The best NBFCs for mortgage loans in India offer faster loan processing and flexible repayment options to both salaried and self-employed borrowers. The eligibility criteria to apply for an NBFC mortgage loan consists of simple parameters like age, nationality, employment status, minimum income and CIBIL score of the applicant.
Have a look at the best home loan NBFC list in India that offers affordable and hassle-free housing loan schemes:
The maximum loan amount offered by the leading banks in India is up to 90% of the property price and can go up to Rs 5 crore. Eligible applicants can expect a home loan with a maximum repayment period of up to 30 years. Most of these banks offering the best home loans in India require minimal documentation to simplify the application process for the applicants.
Have a look at the list of the best banks for home loans worth considering to realize your dream of buying a home:
A Balance Transfer (BT) scheme allows individuals to transfer their outstanding home loan balance from one lender to another lender with a lower interest rate and better loan terms. This financial strategy helps in reducing interest payments. It’s particularly advantageous for those who want flexible repayment options and lower monthly installments. Some lenders also provide additional benefits like top-up loans or fee waivers on processing, making the balance transfer process more cost-effective