Latest home loan interest rates compared: ICICI Bank vs HDFC Bank vs Axis Bank; check all charges before applying

 ICICI Bank, HDFC Bank, and Axis Bank's current home loan interest rates are compared. One of a common man's greatest desires is to own a dream home. Few people can afford to buy a home outright, so they take out a home loan. Easy access to home loans is making this ideal a reality for the general public, especially since the advent of private banks. ICICI Bank, HDFC Bank, and Axis Bank are three significant private sector banks that have given current public sector banks a run for their money in urban India because of their quick service and low interest rates. As a result, today's ordinary man is not hesitant to bank with these institutions for personal banking or to obtain any type of loan, including a home loan. However, before picking a bank for home loan disbursement, it is important for the home applicant to review the interest rates and other costs. The home loan applicant must keep in mind that different banks impose varying fees, such as processing fees, interest rates, and prepayment penalties. So, before finalising your banker for a home loan, do a reality check.

Speaking about the numerous factors that a house loan applicant must consider before taking out a loan, Jitendra Solanki, a SEBI-registered investment advisor, stated, "The interest rate is first and foremost since it determines how much interest you will have to pay while repaying your home loan. However, home loans are now subject to home loan interest rates, which should alter every two months as determined by the RBI MPC. Banks, on the other hand, are hesitant to pass on the benefits of RBI rate cuts to their clients. Before applying for a home loan, you should evaluate the percentage change in several banks over the last six months."

When we compare ICICI Bank, HDFC Bank, and Axis Bank in terms of home loans and the various charges they levy on home loan applicants, we find that ICICI Bank charges a floating home loan rate of 9.05 percent to 9.10 percent, HDFC Bank charges a floating home loan rate of 8.65 percent to 8.7 percent, and Axis Bank charges the same rate of 8.9 percent to 9.10 percent.According to this, if a person takes out a home loan for twenty years, the monthly EMI per lakh in ICICI Bank will be Rs 903 to Rs 906, in HDFC Bank it will be Rs 877 to Rs 881, and in Axis Bank it will be Rs 893 to Rs 906. So, in terms of home loan interest rates, HDFC Bank appears to be the most suited lender for applying for a home loan.

However, there are certain extra fees that a home loan applicant should consider before applying for a home loan. A processing charge, which an applicant must pay before the home loan is disbursed, is the most visible fee after the home loan interest rate. Bankers sometimes remove their processing fee from the net amount granted as a house loan to hide the cost of the processing fee. In these three banks, ICICI Bank charges Rs 10,000+ all taxes or 0.25 percent + all taxes whichever is lower, HDFC Bank charges up to 1.25 percent of the loan amount or Rs 3,000 whichever is higher plus applicable taxes, and Axis Bank charges up to 1% of the loan amount plus applicable taxes with a minimum of Rs 10,000. When it comes to prepayment charges, all three banks have none. However, when we compare the percentage change in home loans by these three banks over the last six months as the RBI has cut the Repo Rates in three consecutive Monetary Policy Meetings (MPM), we find that HDFC Bank has lowered the maximum by 1.98 percent, ICICI Bank by 1.52 percent, and Axis Bank by 0.9 percent.

As a result of the expert's view and the elements he highlighted, HDFC Bank emerges as the clear winner over its competitors.

Conclusion

There's no need to be discouraged if your personal loan application is turned down. To boost your chances of loan approval, simply work on improving your credit report and following the methods outlined above. Once you've completed this checklist, you're ready to submit your personal loan application.To find about the best pricing and deals, call our toll-free number +91-9477079053. They'll help you in every way they can. Please contact me at Best Home Loan In India if you have any more. 

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