One of the most critical financial decision in your life is taking a home loan. But one thing I must tell you that before choosing a bank, you must know the interest rates of various banks so that you can choose what is best for you. You can also check your eligibility for getting a home loan in different banks. Here we are going to describe all the details reading which you will be able to apply for a home loan easily at a low interest rate.
How to Apply for Home Loan at Low Interest Rates in India
First of all, let’s see which are the top banks with a low interest rates in home loans.
|BANK NAME||LOAN AMOUNT||INTEREST RATE||MCLR RATE|
|STATE BANK OF INDIA||75% – 90% of total value of property||8.35% – 8.90%||8.15%|
|HDFC BANK||75% – 80% of total value of property||8.40% – 9.35%||16.35%|
|AXIS BANK||75% – 85% of total value of property||8.35% – 8.75%||8.15%|
|ICICI BANK||85% of total value of property||8.35% – 8.80%||8.20%|
|PUNJAB NATIONAL BANK||75% – 80% of total value of property||8.35% – 8.45%||8.15%|
Now you can see the interest rates, the top banks are providing. The steps of taking the home loan are mentioned below.
- First of all, you have to know that you are eligible to take the loan in that particular bank which you are thinking. They will first calculate your income and give you a loan which will take near about 50% to 60% of your monthly income as installment.
- Evaluate the interest rate and other factors before taking any loan from any bank.
- After you had checked all that, you can apply for the loan. You have to fill an application form for that. All the professional and personal details along with the details of property need to be mentioned.
- Some documents are required which will be verified. The person in account of your loan will tell you or you can know about the documents from the bank website.
- After checking your eligibility, the bank will pass the loan. The bank will then send you a letter with all the details on the loan and interest rates.
- Now, you need to send the acceptance copy to the bank. Then again bank will check all the legal documents provided before sanctioning the amount.
- They will call you to sign the loan agreement. After it is signed, you will get the loan.