Which bank is best for home loan – HDFC, ICICI or SBI ?
If you’re thinking about applying for a home loan, there are several things to take into consideration: the interest rate, the tenure of the loan, and how long you have to repay it, among others. These three banks — HDFC, ICICI, and SBI — have different home loan products that might fit your needs, but it can be hard to compare their offerings without some help. Don’t worry though – we’ve got you covered!
Home Loan Interest Rates
In India, banks have different home loan interest-rate offerings. When you’re trying to pick a bank for your next home loan, comparing all three is an important first step. But it doesn’t stop there: You also need to understand what you’re looking at when you dig into interest-rate offers. Let’s look at some common terms used by banks in India for home loan interest rates
Repo rate: The repo rate is a reserve bank of India (RBI) policy rate that determines how much money commercial banks can borrow from RBI.
Home Loan Eligibility
To check if you are eligible for a home loan at these banks, go through their eligibility criteria. To ensure that you’re getting home loan offers from a cross-section of banks, you can use an eligibility screening tool such as Cibil Online Eligibility Tool. This will help you quickly filter down your list to just those banks that meet your basic eligibility requirements. For example, if your gross annual income is above Rs. 6 lakhs per annum (Rs. 60 thousand), and it has been so for at least two years in a row, or if your net worth is above Rs. 20 lakhs.
Other Things To Consider
Choosing which bank is best for you can be difficult. After all, these are all quality financial institutions with long histories and solid reputations. But when it comes down to comparing your options for a home loan or personal loan, there are a few factors you should consider: whether you’re looking for a fixed or variable interest rate; term length; and lender fees.
Home loan interest rate is perhaps one of those factors that you have no control over, which makes it more difficult for you to determine whether a bank’s home loan product is better than another. But by understanding some basic facts about interest rates, comparing them for various banks becomes easier. There are other aspects like tenure or EMI that one must consider when taking a home loan from a bank.
