Home Loans – The best one for your dream home

Looking to buy a new home or planning to redesign your existing home – then home loan is the answer. Home loans have made life easy for consumers as it provides with easy repayment options. Home loans are repaid through monthly installments (EMI) spread over 25-40 YEARS depending upon the amount and the interest rate. Consumer VOICE has done a comparative study of the best home loans provided by the top banks in India.

Home Loans Compared – Oriental Bank, PNB, Punjab & Sind Bank, State Bank of India, Central Bank, Uco Bank, HDFC Bank, Karur Vysya, Bank of India, Union Bank,BOB, Axis Bank

Parameters Compared – Minimum Eligibility age, Processing charge, Maximum Rate of Interest, Maximum Repayment Period, Insurance Cover, Consumer Feedback

Who provide home loans in India?
The home loans in India are provided by banks and Housing Finance Companies.
What is the purpose of home loans?
Home loan is a loan product where the lender provides funding for purchase or construction of a house/ residential property. The housing loan may also be availed either for buying a new flat or resale of a residential house.  One can also avail a housing loan product, for the purpose of buying a plot of land and carrying out construction on the same, which is called composite loan.
How are home loans repaid?
Home loans are repaid through monthly installments (EMI) spread over several years. Some of the banks provide housing loans even for a tenure extending up to 35- 40 years.
How to choose your home loan lender?
The foremost thing to be kept in mind is that one should never finalize a lender on the basis of interest rates alone. There are other parameters like repayment period and processing charge which should also be considered.
How many banks have been compared?
Our study team selected a total of 9 banks in the government sector; 3 in the private banking sector for carrying out product comparison for creating consumer awareness.
What are the key findings?
The key test findings on various qualitative and performance parameters are available in September 2019 issue of “Consumer VOICE” magazine.