A person decides to buy a house as soon as she starts earning. But, having the responsibility on her shoulders make it a little difficult to achieve that goal so early in life, especially if you are a salaried person who has just started your career. The solution is, however, not far away when you can get a loan.
Once upon a time, people used to say that a home can be bought easily without a loan. This was applicable to those who are either too good at saving their money or have ancestral assets that can be used to buy a new home. In the latter scenario, there are no arguments that it can happen. But, if we talk about those who have other dependencies on their salary, it is quite impractical to think that a home in the present days can be bought without a loan.
Since most of the people who dream to buy a home and are not financially capable of paying Rs. 50-60 lakhs which are an average price of a 2BHK in Delhi-NCR. So, these people may simply lessen their burden by taking a home loan.
Now, how would they choose which lender is offering a good deal? We are bringing in all the things you need to keep in mind while choosing best home loan rates.
Best Home Loan Rates
Below are some of the interest rates presently available at top home loan lenders in India. Later, you would also see that we have shown an example the EMI that you will have to pay for a default value of a home loan.
LIC Housing Loan Interest Rate
The home loan interest rate at LIC is one of the lowest interest rates in India presently. The minimum interest rate on housing loan is 8.35% per annum for women applicants. Below is the rate chart for the variable loan amounts and for different applicants:
- Up to ₹30 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others)
- From ₹30 lakhs to ₹2 crores- 8.50% p.a. (for all)
- From ₹2 crores to ₹5 crores- 8.70% p.a. (for all)
DHFL Home Loan Housing Loan Interest Rate
DHFL home loans are offering home loans with the interest rate starting from 8.60% per annum.
SBI Home Loan Interest Rate
At present, the home loan interest rate at SBI is the lowest. If you are a salaried person, you can get the rate of 8.30% to 8.60% per annum.
Axis Bank Home Loan Interest Rate
The home loan rate at Axis Bank is presently is at 8.35% per annum onwards.
ICICI Housing Loan Interest Rate
The interest rate on home loans is starting at 8.35% per annum which is a special rate for women applicants. The rate for others is 8.40% per annum onwards.
Home Loan EMI Calculator
A home loan EMI calculator is an online facility that is accessible anytime anywhere. You just need to mention the basic details of your home loan which are as follows:
- Loan amount
- Interest rate
Now, when you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example of the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% p.a.
Total interest outgo: ₹15,13,480
Total amount: ₹35,13,480