Home Loan EMI: Often when we talk about people’s dreams, one thing remains the same in many cases. Almost every person dreams of owning his own house. Due to rising inflation and rising house prices, people take help of home loans from banks. If you also want to build your own house by taking a home loan, then you should keep some important things in mind. With this you can avoid many problems. Let us know, if you take a loan of Rs 25 lakh for 20 years, then how much EMI will you have to pay every month?

Home loan rates and EMI of different banks

HDFC Bank is offering monthly EMI of around Rs 20,524 for 25 years at 7.75 percent interest rate. Canara Bank is offering home loans at interest rates between 7.40 percent to 8.90 percent. In which EMI for 25 years goes from around Rs 20,000 to Rs 22,500. Whereas Kotak Mahindra Bank is giving loan at monthly EMI of around Rs 20,000 to 22,000 for 25 years at the rate between 7.70 percent to 8.70 percent.

Axis Bank charges EMI around Rs 21,500 to 22,500 for 25 years at interest rates between 8.40 per cent and 8.50 per cent. At the same time, SBI is also offering monthly EMI of around Rs 21,500 to 21,650 for 25 years at the rate of 8.40 percent to 8.50 percent.

Keep these things in mind while taking home loan

1. Before taking a loan to buy a house, you should check the interest rates and offers of different banks carefully, because the conditions of each bank may be different. Choosing the right option can reduce both your EMI and total expenses.

2. While applying for a home loan, an application fee also has to be paid. This amount is not refundable. Before taking a loan, it is better to decide from which bank you want to take the loan.

3. Mortgage deed charge also has to be paid at the time of home loan. Which is taken according to the loan amount, although in some cases banks also waive it. Therefore, taking decisions only after getting information is a wise step.

4. The bank appoints a lawyer to investigate the property, whose fees are charged from the applicant. If you check in advance whether the property in which you are investing has got bank approval or not, then the expenses can be reduced.

5. While taking loan one must definitely ask about prepayment. If you repay the loan amount before the stipulated time, you may have to pay prepayment charges. This may be different for every bank. In some cases, banks impose heavy charges on prepayment. This information must be obtained before taking the loan.

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Home Loan Interest Rates India: Buying a house is no longer easy in today’s time. In big cities the prices have reached crores of rupees. That’s why most people take help of home loan from banks. Different banks give loans to their customers at different interest rates.

Due to which there can be a lot of difference in the total expenditure. In such a situation, if you are thinking of taking a home loan, then it would be a wise step to first compare the interest rates of different banks. Let us know about the interest rates of different banks….

Axis Bank Home Loan Rates

Axis Bank is offering home loan facility to its customers at an initial interest rate of about 8 percent. However, this rate is not the same for everyone. Rather, it can change depending on many factors like the customer’s credit score, loan amount and eligibility.

HDFC Bank Home Loan Rates

If you are planning to take a home loan from HDFC Bank, then you can get the loan at an initial interest rate of around 7.75 percent. However, this rate is not fixed and may change depending on the customer’s credit score, loan amount and other eligibility conditions.

Therefore, while taking loan, you can also demand change in interest rates on the basis of these things. In some cases it is seen that the bank gives discount in interest rates to the customers.

Kotak Mahindra Bank Home Loan Rates

Kotak Mahindra Bank is offering home loans to its customers at an initial interest rate of around 7.70 percent. Customers can apply for home loan in this bank on the basis of their profile.

ICICI Bank home loan rates

ICICI Bank is offering home loans to its customers at an initial interest rate of about 7.45 percent. Which includes it among the affordable options. However, this starting rate is not applicable to every customer, as the final interest rate depends on many factors.

Bandhan Bank Home Loan Rates

Bandhan Bank is providing home loans to its customers at an initial interest rate of about 8.41 percent.

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