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Business News » Personal Finance News

Home Loan Rates, EMIs Compared: SBI vs HDFC vs ICICI vs LIC Housing Finance vs Others - Which is the cheapest?

Planning to buy a new house? Here's something to help you. Buying a house in cities, amid skyrocketing prices, was probably never as easy as now. 

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Home Loan Rates, EMIs Compared: SBI vs HDFC vs ICICI vs LIC Housing Finance vs Others -  Which is the cheapest?
Your dream house is closer to become real than ever before. Representational Image/Pixabay
Written By: ZeeBiz WebTeam
Updated: Sun, Aug 12, 2018
12:54 pm
New Delhi, ZeeBiz WebDesk
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Home loan EMI calculator? First get answer to this critical question - is it the right time to buy a house? Your house-owning dream rests on this Home loan EMI calculator? First get answer to this critical question - is it the right time to buy a house? Your house-owning dream rests on this

Planning to buy a new house? Here's something to help you. Buying a house in cities, amid skyrocketing prices, was probably never as easy as now. With banks readily handing out loans, and government schemes like the Pradhan Mantri Awas Yojana (PMAY) helping new buyers' save over Rs 2.5 lakh, your dream house is closer to become a reality than ever before. But then there a few things to know, about how much monthly instalments you will have to pay back to your lender every month and what would the interest.

Here's a comparison of interest rates and expected EMIs a customer will have to pay on a loan of Rs 30 lakh spread across a 20-year tenure. On an average, an affordable 2BHK house costs around Rs 30 lakh at urban centres these days.

home loan rates

While applying for a home loan, you need to have the following to support your eligibility for a home loan.

1. Income and tenure: You monthly income shouldn't be lower than the EMI you have to pay. 

2. No existing debt position: Ensure you have closed all your previous debts before applying for a home loan. This helps improve your eligibility to qualify for a higher loan. 

3. Apply along with a co-borrower: This helps in saving you from loan rejection. 

4. Consider step loan: For those who expect their incomes to increase in near future, banks allow them to pay lower EMI in starting years.

5. Add an additional source of income in your application, if you fall short of EMI eligibility. 

 

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TAGS:
home loanSBIHDFCICICI
RELATED NEWS
SBI Home Loan EMI Calculator: Save more than Rs 2000 per month on THIS much of loan - here is how SBI Home Loan EMI Calculator: Save more than Rs 2000 per month on THIS much of loan - here is how
SBI Home Loan – Bank offering amazing opportunity to buy a home at concessional interest rates; see FULL details inside SBI Home Loan – Bank offering amazing opportunity to buy a home at concessional interest rates; see FULL details inside
Homebuyers alert! This bank targets Rs 700 crore for home loan disbursal in FY 2021-22 Homebuyers alert! This bank targets Rs 700 crore for home loan disbursal in FY 2021-22
PNB Home Loan EMI Calculator: Own a Rs 39 lakh house; pay Rs 28,841 monthly payment; Check this new PNB Housing Finance offer at pnbhousing.com PNB Home Loan EMI Calculator: Own a Rs 39 lakh house; pay Rs 28,841 monthly payment; Check this new PNB Housing Finance offer at pnbhousing.com
Home loan EMI calculator? First get answer to this critical question - is it the right time to buy a house? Your house-owning dream rests on this Home loan EMI calculator? First get answer to this critical question - is it the right time to buy a house? Your house-owning dream rests on this

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