Some FAQs – Best Home Loan

Which Bank’s Home Loan is Best?

Home Loans offered by Punjab National Bank (PNB) and State Bank of India (SBI) are best in the market right now because they offer lowest interest rate, starting from 7% p.a., making it an affordable deal for the customer. Processing fee is also very low and they offer Home Loans for all your housing-related needs.

What are the Types of Home Loans Available in India?

There are several Home Loan types available in India, including the following:

• Home Loan for Home Purchase
• Home Loan for Construction of House
• Home Loan for Renovation/Improvement of an Existing House
• Home Loan for Extension of an Existing House
• Home Loan for Repairs
• Home Loan for Plot Purchase
• Home Loan to NRIs
• Home Loan Balance Transfer
• Home Loan Top Up

Which Bank is Offering the Lowest Interest Rate on Home Loan?

Currently, Union Bank of India is offering the lowest interest rate on the home loan, starting from as low as 6.85% p.a.

Which Bank is Better for Home Loan SBI or HDFC?

The interest rate offered on HDFC Bank is comparatively higher as compared to the SBI Bank. HDFC Bank Home Loan interest Rates start from 6.90% p.a. whereas interest rates for SBI Home Loan start from  7% p.a. Therefore, SBI Home Loan would be a better choice in terms of affordability in comparison to HDFC Home Loan.

Will Home Loan Interest Rates Go Down in 2021?

Home Loan interest rates are at their lowest right now amid ever-developing news of COVID-19. The coronavirus has impacted the Indian economy and wreaked havoc on the stock market in March, hence, the rates will typically be lower. However, after falling to a record low in just two weeks, Home Loan rates are surging higher again. Hence, it is advised to lock your Home Loan deal right now.

What is the Minimum Salary for Home Loan?

The minimum salary requirement for a Home Loan may vary from lender to lender. However, most lenders require a net monthly income of Rs. 25,000 to sanction a Home Loan. Make sure that your fixed obligations (rent, existing EMIs, bills, etc.) do not exceed 50% of your monthly income.

How Much Home Loan Can I Get on 50000 Salary?

The Home Loan amount is based upon the net income of the borrower. Many banks extend the home loan up to 60 times of the borrower’s net monthly income. In such a case, on Rs. 50,000 take-home salary, the borrower is eligible to obtain a home loan of around Rs. 30 lakhs.

Can I Take 2 Home Loans?

Yes, you can apply for more than 2 Home Loans at same time. However, in that case, the total EMI amount of both loans must not exceed the required FOIR (Fixed Obligations to Income Ratio). Also, banks ideally grant loans that are not more than 75% of your second property’s value.

What is the Best Tenure for Home Loan?

The maximum home loan tenure offered by top lenders is 30 years. The longer the tenure, the lower will be the EMI. If you are looking for low EMIs, it is better to opt for 25-30 years tenure. However, it is best to obtain a loan for the shortest tenure as the interest payment is too high for a long tenure loan. It is best to opt for a tenure within which you can repay your Home Loan comfortably, without impacting your daily life.

What are the features of Best Home Loan in India?

• Low interest rate, processing fee, and other charges
• Long tenure – Up to 30 years
• High loan amount eligibility
• Easy eligibility criteria
• Simple documentation
• Hassle-free loan application
• Online process

✅ What factors affect housing loan interest rate in India?

• Tenure of repayment
• Loan amount applied for
• Age of the applicant
• Income and employer of the applicant
• Applicant’s CIBIL score
• Location of the property
• Market situation
• Changes in repo rate

How to get home loan at low interest rates in India?

• Make sure you do a thorough research and comparisons between top housing loan offers in terms of interest rate, applicable charges, and other features.
• To cut the cost of middleman, apply online either through Estabizz Fintech or bank’s website
• Apply for the required loan amount only
• Check your eligibility before applying for the loan
• Apply early in your life (Preferably mid 20s or 30s)
• Mention all your income sources in the application

For More Details
Feel Free to Call
Deepak Kumar
08069192000 , +91-9825600907

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