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Wednesday, October 27, 2021

SBI Vs HDFC Vs ICICI Bank: Where to get the cheapest home loan, how much EMI will be made on 30 lakh loan

SBI Vs HDFC Vs ICICI Bank Home Loan Rates: If you are thinking of buying a house, and are planning a home loan for it, then you must be wondering where you will get the cheapest home loan. Recently, SBI and Kotak Mahindra Bank have offered offers on their home loans. HDFC has also made home loans cheaper. Let us know where you will get the cheapest home loan at this time.

Where will be the EMI?

Suppose you want a home loan of 30 lakh rupees for a period of 20 years, then EMI will have to be given in this way.

State Bank of India (SBI)

Current interest rate: 6.7 percent
Home loan: 30 lakh rupees
Tenure: 20 years
EMI every month: Rs 22,722
Total Interest: 24,53,239
Total payment: 54,53,239

PNB Housing Finance

Current interest rate: 7.35 percent
Home loan: 30 lakh rupees
Tenure: 20 years
EMI every month: Rs 23,893
Total Interest: 27,34,412
Total Payment: 57,34,412

HDFC

Current interest rate: 6.75 percent
Home loan: 30 lakh rupees
Tenure: 20 years
EMI every month: Rs 22,811
Total Interest: 24,74,621
Total Payment: 54,74,621

ICICI Bank

Current interest rate: 6.80 percent
Home loan: 30 lakh rupees
Tenure: 20 years
EMI every month: Rs 22,900
Total Interest: 24,96,045
Total Payment: 54,96,045

Kotak Mahindra Bank

Current interest rate: 6.65 percent
Home loan: 30 lakh rupees
Tenure: 20 years
EMI every month: Rs 22,633
Total Interest: 24,31,898
Total Payment: 54,31,898

SIP Return: 11 lakhs of 3 lakhs in 5 years, know everything before doing SIP

Interest rates depend on many factors.

Most people take loans from the bank to buy a house. The rate at which the bank will provide home loan depends on many factors such as age of applicant, gender, loan amount, duration. Apart from this, the rate of interest for the loan depends on the credit score. The lower the credit score, the higher the interest rate. Apart from this, the loan rates also depend on the LTV ratio (loan to property value ratio).

(Note: Here the interest rates on Homalon are taken from the website of banks or housing finance companies. These are the current interest rates.)

Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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