Housing Finance Companies (HFCs) and banks provide the best home loan deals usually starting from 8 per cent per annum onwards for a repayment tenure of as high as 30 years and loan proceeds of up to 90 per cent of the property’s value. To meet the housing finance needs of a varied customer base, HFCs and banks tend to offer distinct home loan deals aimed at providing higher home loan eligibility lowering EMIs and overall interest outgo. Few lenders even offer home loan deals for affordable housing for those with inadequate income.
State Bank of India home loan deal
State bank of India funds as high as 90 per cent of the property’s value at best home loan interest rates usually starting from 8.75 per cent per annum onwards for a repayment tenure of as high as 30 years. The lender provides special home loan deals for government employees, defence personnel, non-salaried class, those purchasing green homes and those residing in tribal and hilly regions. Other important benefits that come along with SBI loans involve a rate of interest concession of around 0.05 per cent for women customers, overdraft options, step-up loans, balance transfer options, etc.
What are the distinct kinds of State Bank of India home loan deals?
State Bank of India home loan – This is a regular home loan deal availed for purchasing a ready-to-move or under-construction or resale residential land plot. Also, it can be availed for repairing, constructing, extending renovating a prevailing residential plot.
State Bank of India home loan balance transfer option – The home loan balance transfer option permits you as a home loan applicant to transfer your existing home loan to the State Bank of India at a lower rate of interest.
NRI (non-resident Indian) home loan – This loan scheme is for non-resident Indians to purchase or construct a home.
Flexi-pay home loan – This product makes you if you are a salaried applicant qualify for a higher loan proceed by permitting you to pay a lower loan EMI during the starting years of the loan repayment tenure along with a higher loan EMI during subsequent years. Also, you as an applicant can opt for the choice of repaying just the interest constituent during the moratorium tenure.
Privilege home loan – This option is designed for you if you are an employee of a State or Central Government, Public Sector Undertaking, or Public Sector bank and if receiving pensionable service from the SBI account.
Shaurya home loan – This scheme is prepared for defence and army personnel. If you are an applicant for this loan, then you may receive a lower rate of interest and a higher repayment tenure.
Pre-approved home loan deal – This option provides pre-approved loan disbursal to you even before you have finalised the home or property, which you are about to buy. This permits you to confidently negotiate for the best deal with the sellers and builders.
Realty home loan – This scheme is for purchasing a plot for home construction on this land piece.
Top-up home loan – This scheme provides additional loan proceeds to you if you are a prevailing SBI home loan borrower, an amount, which is over the prevailing home loan deal. You can use the loan proceeds for any purpose.
YONO insta home top-up loan – This is a pre-approved top-up option provided to preselect prevailing selected borrowers of home loans. The selected borrowers can take up an instant top-up via a digital procedure using the SBI YONO application.
Home loan to the non-salaried – This is a special kind of home loan product designed to mitigate the unique housing finance needs of non-salaried individuals.
SBI tribal plus – This is a special scheme for you if you are living in a hilly or tribal location.
HDFC home loan deal
HDFC bank provides home loan deals at an interest rate usually starting from 8.65 per cent per annum for repayment tenure of as high as 30 years and for a loan proceed of as high as 10 crores. Also, the bank provides rural housing options for agriculturists, dairy farmers, horticulturists, etc. residing in urban and rural regions and self-employed or salaried applicants looking to buy or construct houses in their villages and hometowns. Also, HFC provides HDFC reach credit option, which is basically aimed at salaried individuals and micro-entrepreneurs not holding adequate income documents.
HDFC home loan kinds –
HDFC housing loan –
It is a loan for anyone looking to buy or build a new home.
HDFC reach home loan –
This is an important loan for salaried and micro-entrepreneurs with or without zero adequate income documents. The loan can be taken up for building a home, buying a residential plot or offering a ready-to-move-in home, etc.
Rural home loan –
This is a facility aimed at dairy farmers, agriculturists, horticulturists, and planters for purchasing an under-construction or new or existing residential home in rural regions. The loan even can be availed for the purpose of construction on a leasehold plot, home extension or home enhancement in your existing home.
Home renovation loan –
This facility is for you if you require funds for repairing your home.
Home extension loan –
Home loan option for you as a homeowner who requires funding for adding more space to your prevailing home.
Top-up home loan –
This home loan option is provided to you if you are an existing home loan customer and in need of additional funding to construct your commercial or residential property.
Home loan balance transfer option –
This loan option permits you as a borrower to simply transfer your existing home loan deal from other HFCs or banks to HDFC bank at a lower rate of interest.
ICICI home loan
ICICI provide home loans that usually begin from 8.75 per cent per annum onwards for a repayment tenure of as high as 30 years for loan proceeds of as high as Rs 10 crore.
ICICI home loan types –
ICICI housing loan
This loan product is great for buying as well as constructing a dwelling unit.
Instant home loan option
This is a pre-approved loan product where the bank provides an instant sanction to you if you hold an ICICI bank salary account.