Buying a house is one of the proudest moments of any individual’s life. While this is a significant achievement, buying a home also involves a lot of effort. The most critical aspect of buying a house is arranging for the finances. Most people apply for home loan plans to get the funds they require.
There are various home loan plans out there that you can choose from based on your requirements. Home loans offered by different financial institutions have varying terms and conditions, so it is imperative to research and select the most suitable plan for your budget.
If you are looking for the best bank for a home loan, the first step is to find the best lenders offering home loan plans. Here’s a look at the best banks offering home loans in 2022.
- IDFC FIRST Bank
IDFC FIRST Bank offers a loan amount in the range of ₹1 lakh to ₹5 crore. That said, the approved loan amount depends on the requirements and eligibility of the applicant. Borrowers can choose from a wide array of product variants per their needs.
IDFC FIRST Bank offers competitive and attractive home loan interest rates in India with and tenures varying up to 30 years. It provides tailor-made solutions for various housing needs with minimal documentation and digitized process. Borrowers can also apply for a top-up loan of up to 100% of the loan amount and at the same interest rate as the balance transfer.
- HDFC Bank
HDFC Bank offers a loan amount of up to ₹10 crores with a repayment tenure of 30 years. You can also apply for a top-up loan of ₹50 lakh.
- Kotak Mahindra Bank
Kotak Mahindra Bank offers up to Rs 10 crore loan. The maximum repayment tenure that borrowers can get to repay a home loan is 20 years. Kotak also offers doorstep services to its customers with minimal documentation requirements.
- ICICI Bank
ICICI Bank offers borrowers home loans of up to ₹10 crore. Home loans offered by ICICI Bank can be repaid over 30 years. ICICI Bank also provides step-up home loans to salaried employees from a select list of companies.
Ensure you consider these banks while applying for a home loan. It is advisable to inquire with the lender about the specific home loan documents you will need to submit when completing documentation formalities. This will help in ensuring that the documentation process goes smoothly.
Also, every borrower should ideally use a home loan EMI calculator before applying for the loan. Using this calculator will help you understand the EMI payments of a home loan, based on which you can decide whether to go ahead with it or look for better options.
