Top 10 Best Private Banks in India 2023
March 09, 2023
March 15, 2023
We have compiled a list of the best banks for a home loan in India 2023 based on the home loan value it offers to the borrower. These banks offer a variety of home loan programs with numerous advantages and features. Some of the advantages of such home loans are higher eligibility, lower EMIs, EMI exemptions, mixed interest rates, overdraft capability, and balance transfer capability. The banks also offer other attractive features with their loan products to meet the housing finance needs of a wide customer base. Continue reading to know the best bank for home loan in India in terms of who would offer the best home loans in 2023.
|Name of Banks||Interest Rates (%)||Processing Fees||Bank Total Branches Across India|
|SBI||8.50%* p.a.||0.35% onwards||22,000|
|HDFC||8.50%* p.a.||0.5% or Rs. 3000 whichever is higher||6,499|
|ICICI||9.00%* p.a.||0.50% onwards||5,288|
|Axis Bank||8.75%* p.a.||Rs. 10,000||4,758|
|Kotak Mahindra Bank||8.85% p.a. onwards||0.50%||1600|
|Bank of Baroda||8.5% p.a. onwards||0.25%||8178|
|PNB||8.5% p.a. onwards||0.35% (Max. Rs. 15,000)||12,248|
|Union Bank||7.90% p.a. onwards||0.50%||8,700|
|LIC Housing Finance||8.45% p.a. onwards||Rs. 10,000 – Rs. 15,000||2048|
|Federal Bank||7.65% p.a. onwards||0.50% of the Loan Amount Property||1336|
The government-run State Bank of India (SBI) is India’s largest mortgage lender With over 65 years of industry experience, SBI has supported over 30 lakh households in their home purchases so far. Founded in 1955, SBI now has over 24,000 branches in India and internationally. With a book size of Rs 5.05 trillion, it is the largest participant and is considered one of the best banks for home loans in India.
Housing Development Finance Corporation Limited (HDFC) is a Mumbai-based Indian financial services firm. It is a leading provider of housing financing in India. It was created in 1977 with the help of India’s business community as the country’s first specialized mortgage firm and the principal company in the HDFC group of enterprises. Since its inception, HDFC has assisted over 80 lakh individuals in purchasing houses and is known to be one of the best banks for housing loans.
ICICI Bank, the country’s second-largest private lender by market capitalization, was founded in 1994 as a wholly-owned subsidiary of ICICI Limited. ICICI Bank now has 5,288 branches across India and its affordable and amazing features cement its place firmly in the top 10 banks in India for home loans.
Axis Bank, a significant private sector bank founded in 1993, now has over 4,500 branches in India and worldwide. Further, Axis Bank provides its high-value loan clients with EMI Holidays. Fast Forward Home Loan borrowers receive a 6-month EMI break after 10 and 15 years However, this is only applicable if they maintain a consistent payment record throughout the loan tenure.
Uday Kotak-led banks have over 100 branches in India and are fast-growing private lenders. Kotak Mahindra is now giving the market’s lowest interest rate on home loans. As of November 2021, it is India’s third-largest private sector bank in terms of assets and market capitalization. The bank has 1600 branches and 2519 ATMs and is popular for its low-interest rates, making it fall under the bracket of best banks for a home loan in India.
After a merger with Dena Bank and Vijaya Bank in April 2019, the Vadodara-based Bank of Baroda became India’s third-largest bank after SBI and provides the best home loans. Founded in 1908 by the Maharaja of Baroda, the bank, along with 13 other major commercial banks in India, was nationalized by the government on July 19, 1969, and now has over 10,000 branches in India and internationally.
Punjab National Bank (PNB), India’s second-largest public sector bank, is also providing low home loan interest rates making it one of the best banks for a home loan in India. The state-owned bank, headquartered in New Delhi, was formed in 1894 and has over 80 million clients and 6,937 branches in 764 cities.
Union Bank of India, located in Mumbai, made headlines in 2020 when the government combined it with Andhra Bank and Corporation Bank. This public lender now operates a network of over 9,300 domestic branches and over 11,800 ATMs. Being one of the top 10 banks for home loans in India, it provides a number of home loan products designed to meet varying end-use
LIC Housing Finance Limited (LIC HFL) is one of India’s leading housing finance mortgage lending organizations, with headquarters in Mumbai. The company was formed on June 19, 1989, in accordance with the Companies Act of 1956. The organization, a subsidiary of LIC, has authorized over 3.35 lakh house loans so far.
Federal Bank offers a home loan for those looking to purchase a home or considering renovating or extending an existing property. The loan can help borrowers finance up to 90% of the property value or construction cost, whichever is lower. The loan amount is up to ₹15 Crores with a repayment tenure of up to 30 years. The interest rates for the loan are competitive, with a minimum rate of 8.90% p.a. with no processing or pre-closure charges. The loan is available to both salaried and self-employed individuals. The bank also offers an online application process and doorstep service for the convenience of customers.
To establish their KYC, the applicants are required to produce the following documents:
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