Banks of IndiaWith the recent drop in the Home Loan interest rates, there is a wave of cheer among all the borrowers who are looking forward to apply for home loans. Many of the major banks have slashed down their interest rate and these are the top 10 banks and non-banking finance companies in India offering home loans at best interest rates.

State Bank of India:
With a maximum processing fee up to Rs. 10,000, State Bank of India charges an interest of 8.35% – 8.40%. So, if you calculate an EMI for per Rs. 1 lakh, it turns out to be Rs.874 – Rs.877 for Women and Rs.877 – Rs.881 for Others.

Bank of Baroda:
Leading the charts, BOB is the bank offering lowest rate of interest for home loans at floating interests between 8.60% – 8.55%. On the basis of these rates, an EMI of Rs 835 – Rs 855 is required to be paid against per Rs.1,00,000.

HDFC Bank:
With current MCLR rate of 8.15%, HDFC observe a decline in rates by 1.98% over last six months. It charges a processing fee of Rs. 3,000 or 1.25% of the loan amount (whichever is higher) and taxes as well. The home loan rate for women is 8.65% while for others is 8.70%

A women applicant shall be required to pay an EMI of Rs. 906 against per Rs.1,00,000 of home loan while other applicants shall be liable to Rs. 909 against the same amount of Home loan. With 8.20% as its MCLR rates, ICICI Bank charges 9.06% to women applicant and 9.09% to others on account of home loan, Rs. 1500/- or 0.5% – 1% of the loan amount (whichever is lower) is charged as the processing fee along with service tax and service charge.

LIC Housing:
With zero processing fee, LIC housing saves the processing expenditure of its home loan applicants. The company has observed no change in LMCLR rate over last 6 months. It charges an interest of 8.50% – 8.70% to all its home loan applicants.

With floating rate of interest between 8.60% to 8.70%, the bank charges processing fees between Rs. 5,000 to Rs. 20,000 depending upon the loan amount. It also levy document charges and service tax along with the processing fees. So an EMI of Rs. 874 to Rs. 881 shall be required to pay against a loan of Rs.1,00,000.

Indian Bank:
For a home loan of Rs.50,00,000, you need to pay an EMI of Rs. 43,700 with a 0.25% of loan amount as processing fees maximum up to Rs. 20,000. The bank has observed a dip in MCLR rate by 2.92% and the current floating rate of interest stands at 8.60%.

Axis Bank:
With an MCLR rate of 8.9%, the bank charges at the floating rate of interest at 8.85% to its customers. So, if you procure a loan of Rs. 10,00,000, you need to pay an EMI of Rs. 8900. Bank also charges a processing fee of 1% of the loan amount subject to minimum of Rs. 10,000.

With zero processing fees, IDBI offers home loan at its best interest somewhere between 9.15% to 9.20%. The bank has observed a fall in MCLR rate by 0.97%. So, you need to pay an EMI between Rs. 909 to Rs. 913 for a loan amount of Rs. 1,00,000 as a home loan. Current MCLR rates for the bank are 9.30%

Union Bank of India:
With the MCLR rate at 9.40%, the floating rates charged by the banks are between 8.75% to 8.80%. So if you procure a home loan of Rs. 10,00,000, you will need to pay an EMI of Rs.8840 to Rs. 8870 per month. The bank does not charge any processing fee.

Corporation Bank:
With no prepayment charges for the loan procured, the MCLR rate is constant for the bank. The bank is currently observing a floating rate of interest at 8.85%. The bank also provided festival waivers like Festival Offer 2016 in which 100% processing fee waiver was provided to its customers till 31st January 2017.

These financial institutions help you to realize your dream of owning a house by offering home loans at competitive rates.