Home Loans to Build Your Dream House.
Home loan is a secured loan that can be availed for buying/ constructing a residential property. Currently Home Loan interest rate starts at 6.40% p.a. Most Banks & HFCs sanction 75% to 90% of property’s value as home loans. Low processing fee, provisional sanction, 30 years of tenure & flexible EMIs are some of the key benefits of home loans.
Home loans are given to individuals who are interested in buying/constructing houses. It is supported by banks or financial institutions who loan a certain amount, based on the need of the individual(s). Loans can be applied for purchase, construction or improvement of homes.
Current Home Loan Interest Rates 2022
| Interest Rate |
Starting @ 6.40% |
|---|---|
| Processing Fee | Up to 0.25% |
| Loan Tenure | 5 to 30 years |
| Lowest EMI Per Lakh | Rs. 626 for 30 years |
| Prepayment Charges | Nil |
- Home loan interest rates can be floating or fixed in nature.
- Interest rates remain unchanged throughout the tenure for fixed interest rate home loans.
- Interest rates fluctuate depending on the RBI or bank’s policies, and other external factors for floating interest rate based home loans.
- Interest rates on home loans can be linked to Repo Rate or MCLR (Marginal Cost of Funds Based Lending Rate).
- The interest rates for home loans have become highly affordable in the last couple of years.
