Other factors on the basis of which interest rate is charged depends upon:-
- Sum of loan amount
- Loan term
- Scheme or plan opted
Greater is the loan tenure smaller will be the interest charged for smaller sum borrowed and will keep increasing with increase in loan amount. On an average it is between
It must be kept in mind that home loan interest rates are subject to change and it is recommended to make adequate enquiry before applying. Interest rate for home loan in case of floating interest rate changes with market influences apart from that home loan interest charged in fixed plan is also different for 1st, 2nd, 3rd and onwards.
For quick review, home loan interest rate of some banks have been listed here:-
- Allahabad bank -8.25%
- Axis bank-8.25%
- Bank of Baroda-8.50%
- Bank of India-8%
- Central bank of India -9%
- Punjab National Bank-8.75%
- State bank of India
- UCO Bank-8.25%
- Union Bank-9.25%
- United Bank of India-8%
For example if you apply for a home loan from SBI, India’s largest lending bank, you may choose from SBI HI-FIVE loan, with loan amount up to Rs. 5lac, at 8% interest rate during the first year, 10.50 % PA. for 2nd and 3rd year and following years. SBI easy home loan, of Rs. 50lac at 8 %( first year), 8.50 %(2nd and 3rd year) and 10.50 for following years.
Since property prices are usually high and are going up it’s the right time to apply for home loans and buy your dream home. Housing loans are available at quite attractive rate of interest with flexible rules & regulations, simple online application.
|
Home Loans
