Top 5 Banks for Home Loans – Must Read These Facts
Top 5 Banks for Home Loans – Must Read These Facts
Top Five Banks for Home Loans:
The bank offering the lowest interest rate should be avoided as they are not considered good from the point of investment. But the question still arises as to which bank to choose to get the best home loan facility.
To help one out with this dilemma, some of the best banks one can select for Home loans are as follows:
#1. Union Bank of India:
With the headquarters situated in Mumbai, the Union Bank of India was in existence when the government merged the bank with Andhra Bank and Corporation Bank in 2020. This bank has a network of over 9,300 domestic branches and more than 11,800 ATMs in recent times.
Talking about the home loans facilities given by the bank, the longest tenure offered is for 30 years with processing fees of 0.50% of the loan amount, which are subject to the maximum of Rs. 15,000 Plus GST. The affordability scale of the scheme is large.
This loan facility is usually preferred by a lot of people as there is no cap on the home loan amount. The only disadvantage one may suffer is that the bank has a limited number of branches compared to other public lenders.
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#2. Kotak Mahindra Bank
Being the fast-growing lender, Kotak Mahindra Bank has its branch in over 100 Indian cities. Talking about housing loans, at present, the bank has the best interest rates on home loans. It has the longest tenure of 30 years and has processing fees of 0.5 to 1% of the loan amount with a high affordability scale.
The advantage of a home loan from the bank is that you can get instant approval. While the only disadvantage is that, compared to other banks, it has less penetration in India.
#3. Punjab National Bank:
It is the second-largest public sector with headquarters situated in New Delhi and has over 6,937 branches across India with 80 million customers. The home loans of the bank are highly preferable as it offers home loans at affordable rates. Moreover, the maximum tenure is of 30 years, while the processing fees are 0.35% of the loan amount.
In addition, the bank offers rewards to people with good credit scores. At the same time, the downside of the bank is that its image has suffered several downfalls in the past and was alleged to get involved in fraud cases.
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#4. State Bank of India:
It is the largest known bank in India, with over 24,000 branches in India and abroad. It is a highly preferred bank for Home loans. The bank’s longest tenure is 30 years, with processing fees of 0.40% of the loan amount. Hence, the affordability of the loan is high.
Being a government-organized bank, it is highly preferred and trusted by its customer, which adds an advantage to customer safety. The downside that clients face is that the number of documents that applicants have to submit is high, considering the bank employs strict due diligence to affirm the borrower’s creditworthiness.
#5. Bank of Baroda:
It is the third biggest bank in India after SBI. The headquarters of the bank is situated in Vadodara and currently has more than 10,000 branches in India as well as abroad.
The bank currently does not have any processing fees, and the maximum tenure is 30 years with a high affordability scale. In addition, the bank adds an advantage to getting the loan very easily on an online platform, while the client’s downside is that clients with poor credit scores will find the cost of borrowing higher.
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The bottom line:
As home is the basic human need, home loans are highly preferable by people these days. However, people need to keep in mind the policies that banks offer to them while taking home loans, and they should choose the loan facilities which are most suitable for them.
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