The banks offer home loans only after carrying out due diligence though they always welcome eligible loan buyers for selling their home loan products. Some of the examples of available bank loans are as follows -.
1. SBI offers 10.10% to 10.25% interest rate for women and 10.15% to 10.30% for others.
2. LIC Housing finance offers 10% fixed interest rate for women and 10.20% to 12.25% for others.
3. HDFC provides home loans with interest rate of 10.25% to 10.50%.
4. ICICI offers home loan with 10.10% to 11.25% of interest rate.
First of all the bank branch, where the applicant has his/her account should be approached as his/her financial record being available in the concerned branch, it may be less cumbersome for the bank officials to process the loan.
Some of the factors should be considered while buying a home loan are - percentage of the loan amount offered i.e. whether 80% or 85%, interest rates and prepayment charges, loan processing charges, if any, and time involved, availability of the special concessional schemes and of course the interest rates charged.
Nowadays online home loans are also offered.
There are many websites which offer comparative studies on home loans offered by different financial institutions.
Let us encourage each other in sharing knowledge.