Top 10 Banks offering Attractive Home Loans

    Let us throw a few figures at you, to start off. According to the 2011 Census, India has 24.67 crore households. Of all these households, 32% are urban households while 68% dwell in the rural areas. Now, the share of households living in owned houses in rural areas is an astounding 95% but falls to just 69% in urban areas. So, overall only 14% of Indian households live in rented houses. If we compare this to the US numbers, 37% of their total households dwell in rented houses. Something seems amiss in the numbers. If we dig in deeper, we find that 40% of the total households in India live in homes with a single room. With an average household size of 4.9, it means that 40% of the households have 5 people living in one single room. No wonder that the Indian Government has come up with the ‘Housing for All by 2022’ scheme under which borrowers can get 4% interest rate rebate on home loans for up to 9 lakh rupees and so on. The home loan market in India comprises 76 lenders which include banks, and housing finance companies. We have cherry picked the best banks in the country for you which would help you in zeroing down upon the best home loan to apply for.

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    10Canara Bank

    Canara Bank is one of the largest public sector banks owned by the Government of India. Its headquarters is in Bengaluru. It was established at Mangalore in 1906 by Ammembai Subba Rao Pai, making it one of the oldest public sector banks in the country. The government nationalized the bank in 1969. Over the years, as many as 9 banks have merged with the Canara Bank. Canara Bank deals in home loan through its fully owned subsidiary, CanFin Homes Limited which has a network of 132 branches and 25 satellite offices throughout India.

    CanFin Home Loans cover 75-85% of the loan amount subject to repayment capacity and net take home salary. All salaried, professional, self-employed, businessmen, NRI, pensioners are eligible for the CanFin home loans. The repayment period differs for different individuals with 5-30 years for salaried individuals, 5-25 years for professionals and so on. The floating rate of interest for salaried and professionals varied from 8.50% to 10% for a loan amount of less than 30 lakh rupees, 8.75-10.25% for loan amount of 30-75 lakh rupees and 9.5-10.5% for loan amount of above 75 lakh rupees.

    Under the affordable housing loan for a dwelling unit to be purchased in a rural area, the maximum loan amount is 20 lakh rupees. The rate of interest is fixed at 8.25% for the 1st 3 years irrespective of the circumstances. The repayment period is a maximized at 30 years.

     
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    25 COMMENTS

    1. I ve a question about it. Can i take the loan under PM yojna. I ve been filling IT Return from last 4 years..that is near 3 lakh per year. I am doing private job n side buissnes..if i can get loan pls guide me

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