Owning a home is a dream of almost everyone, and home loans help make this dream a reality. In the ever-evolving landscape of home loans, it is essential for borrowers to compare interest rates and offerings from various financial institutions. This article aims to provide an overview of some prominent players in the home loan market and their key features.
LIC Housing Finance: LIC Housing Finance Limited (LICHFL) stands out with its competitive interest rates, starting from 8.45% p.a. onwards for tenures of up to 30 years. Borrowers have the option of transferring their existing home loans from other lenders to LICHFL at lower interest rates. LICHFL offers the Griha Varishtha home loan catering to applicants with pension benefits, allowing loan tenures of up to 80 years of age.
HDFC Ltd: A trusted name in home financing, HDFC offers home loans starting at 8.5% p.a. for tenures up to 30 years, with loan amounts of up to Rs 10 crore. The company provides the facility of home loan balance transfer, enabling borrowers to shift their loans from other banks or housing finance companies. HDFC also caters to micro-entrepreneurs and individuals without sufficient income documentation through their Reach Loans. Their Rural Housing Loan scheme focuses on the needs of agriculturists, horticulturists, and self-employed/salaried applicants residing in rural and urban areas.
Bajaj Housing Finance: This company offers home loans starting from 8.5% p.a. onwards for loan tenures of up to 30 years, with loan amounts of up to Rs 5 crore. Apart from the balance transfer facility, they provide a home loan top-up option of up to Rs 1 crore. Bajaj Housing Finance embraces digitalisation, offering an online home loan application process with quick sanction within 10 minutes. Their commitment to speedy service extends to disbursing home loans within 48 hours after verification. Select customers may benefit from pre-approved home loans with faster disbursal.
Tata Capital Housing Finance: Tata Capital offers home loans starting at 8.6% p.a. for tenures of up to 30 years, catering to loan amounts of up to Rs 5 crore. Eligible applicants fall between the ages of 24 and 65 years, with a minimum CIBIL (Credit Information Bureau (India) Limited) score of 750. Tata Capital’s focus on customer eligibility ensures that borrowers receive competitive interest rates and favorable terms.
While the interest rates offered by these financial institutions are subject to market conditions and individual eligibility criteria, this overview serves as a starting point for borrowers to consider their options. Thoroughly researching and comparing loan terms, interest rates and additional benefits is crucial for making an informed decision.
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