Ever Reliable Banks with Impressive Home Loan Interest Rates and Advantage for Home Owners

Buying a home is once in a lifetime opportunity for a large majority of people. Due to easy availability of home loans, a vast majority of people have finally cherished their long pending dream of owning a house. While home loans are now a common financial instrument offered by virtually all private and public sector banks, some banks continue to be the proffered choice amongst users due to their easy loan approval process, lower interest rates and no hidden charges. A home loan applicant is recommended to always compare home loan quotes from multiple banks before selecting the best suitable bank for his or her home loan. Let us look at some of the reliable and popular banks with impressive home loan interest rates and an overall positive track record.

Five Reliable and Popular Home Loan Banks: 

Public sector banks are largely preferred when it comes to home loans as they offer slightly lower rate of interest. However the slow approval rate and sluggish nature of work in public sector banks usually make people embrace Non-banking financial companies and popular private sector banks who are known for their quick loan approval process and professional dealing. Here is a list of the top five reliance banks and non banking financial companies that users prefer when it comes to applying for home loans.

State Bank of India: 

State Bank of India popularly known as the SBI is the largest public sector bank of the country and one of the popular banks when it comes to home loans. Although the heavy rush of home loan applications and slow loan approval system can sometimes mean a longer waiting period for loan approval, lucrative interest rates makes SBI a popular choice with home loan borrowers. State Bank of India charges a minimal processing fee of Rs 1000 or 0.25% of the loan amount for loans up to Rs. 2 Lakhs. For loans between Rs. 25 Lakhs to Rs. 75 Lakhs, the bank charges a flat processing fee of Rs 6500. Loans higher than Rs. 75 Lakhs come with a loan processing fee of Rs. 10,000.

LIC Housing Finance: 

If any non banking financial company comes close to public sector banks in terms of home loan popularity, LIC Housing Finance tops the list. One of the unique advantages of LIC Housing Finance is the option of having a fixed interest rate for a period of five years. LIC Housing Finance offers a discount of 0.25% on home loan interest rates in case the borrower has an insurance or investment policy with LIC more than Rs 15 Lakhs.

Axis Bank:

Axis Bank is a popular choice for home loans due to its zero pre payment charges and quick loan approval mechanism. Axis Bank also charges quite competitive loan processing charges which are up 1% of the total loan amount of a minimum of Rs. 10,000.

HDFC Bank: 

HDFC bank is a popular choice for home loans for private sector banks. HDFC bank has been a pioneer in the home loan market and has active tie ups with good and respectable builders across the length and breadth of India. HDFC bank charges 0.5% f the loan amount towards processing fee charges excluding cess and service tax.
Click here to know more on home loan provided by HDFC Bank

Punjab National Bank: 

Punjab national bank is a popular public sector bank offering lucrative home loan interest rates. A large number of people are still biased towards public sector banks when it comes to home loans and roughly so as public sector banks offer slightly lower rate of interest and lower loan approval charges. Punjab National Bank charges 0.5% of the loan amount towards loan processing charges for home loan up to Rs 3 crore.