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Top 5 Best banks for home loans in India

By techqart,

Buying and owning a property is a dream for many of us. And, it actually is an achievement in our life as well. This is actually a symbol for stability, independence and an investment in your future. However, securing a loan from best banks for home loans in India is just s step towards your dream. There are different banks offering home loans and it can be challenging to pick the best one. This is why we have come up with this post where we are going to discuss some points which will help you pick the best suited lender for your dream property. Home loan is dedicated to purchasing property by borrowing some money from financial institutions. This helps folks to buy the property without paying the full amount at once. In this setting, the borrower is supposed to repay the loan amount along with the interest rates through monthly installments for a specific period of time. However, this time can be 10 years to 30 years depending upon the bank’s terms and conditions. Here is the list for you:

Top 7 Best banks for home loans in India

We have categorised these financial institutions based on their competitive interest rates, customer friendly services and overall reliability. However, you might be aware that home loans often have competitive interest rates and flexible repayment options. Here is the list:

A- State Bank Of India (SBI)

One of the most famous and trusted names in Indian banking sector is SBI. SBI offers different home loan options meeting different needs of customers. This bank offers competitive interest rate and have flexible repayment options. You can consider SBI for Home loan interest rates India as it ensures that borrowers get hassle free experience. Not only this but this bank offers special schemes for women and government employees which makes it an attractive option.

Type of home loans offered by SBI

1- Regular home loan- this home loan is granted for purchasing or constructing a new home.

2- SBI flexipay home loan- this offers flexible repayment options.

3- SBI NRI home loan- this loan is specially designed for non-resident Indians (NRIs).

B- HDFC Bank

Housing Development Finance Corporation (HDFC) Bank is the other leading name for excellent home loan offers. This bank offers Lowest home loan interest rates in India with customised home loan solution and easy repayment options. Not only this, but you don’t even have to worry about long queues of bank anymore as this bank offers doorstep service which makes the loan application process convenient for customers.

Types of home loan offered by HDFC bank

1- Home purchase loan: this loan is for buying a new or resale home.

2- Home improvement loan: this loan is granted for renovating or repairing an existing home.

3- Home extension loan: this loan designed for those who are looking to expand or add more space to the home.

C- ICICI Bank

The other popular name for home loan is ICICI bank. This bank offers quick processing and attractive interest rates. Not only this, but the bank also offers customised home loan products which consists balance transfer options and top-up loans as well. ICICI Bank’s online application process and excellent customer service makes it an attractive option for the homebuyers.

Types of loan offered by ICICI bank

1- Home loan- this is for purchasing a new home or constructing a new home.

2- Balance transfer- when you want to transfer your existing home loan from another bank to ICICI Bank.

3- Top-up loan- some additional funds for personal and professional needs.

D- Punjab National Bank (PNB)

Punjab National Bank (PNB) is popular as the customer friendly home loan policies. This bank offers competitive interest rate, flexible repayment options and minimal document requirements. Not only this, but the bank also offers special schemes for government employees and women borrowers. This point of the bank makes it an appealing option for many.

Types of loan offered by PNB Bank

1- PNB Housing Loan- this loan is granted to those who are interested to purchase or construct a home.

2- PMAY Home Loan- this loan is granted under the Pradhan Mantri Awas Yojana scheme.

3- PNB Pride Housing Loan- this is an special scheme for government employees.

E- Bank of Baroda

The reliable choice for home loan is Bank of Baroda. The bank offers different products which meets different customer needs. However, the bank is also famous to offer attractive interest rates, easy documentation and flexible repayment options. Not only this, but this bank offers pre-approved home loans which makes the process faster and hassle free for the borrowers.

Types of loan offered by BoB

1- Home loan- this loan is available for those who wants to buy a new home or construct a home.

2- Home loan takeover scheme- with this option, you can easily transfer existing home loan from another bank.

3- Pre-approved home loan- this offers quick loan approval as per your creditworthiness.

When you are going to choose one of these banks make sure to consider factors like interest rates, repayment options, processing fees etc. Each of these are Best banks for home loans in India and offer unique advantages. This is why it is crucial to evaluate your specific needs and financial situation before you make any decisions. Each type of loan comes with its own set of features and benefits. These products are designed to cater different customer needs.

FLATS AND PLOTS

Best Investment Flats or Plots: A Comparative Guide for Indian Investors

By techqart,

Investment in real estate sector is known as the popular choice in India. There are different options of investment but the best investment flats or plots are common. However, it is sometime confusing to decide which one to choose for investment. This guide is designed to help you determine your goal and then choose one between flats or plots. There different factors such as location, market trends, financial goals and personal preferences that dominates investment. Both flats and plots have their own advantages and disadvantages. However, when you get to know about their difference, it will help you to make better decision. Now let’s move ahead to dig deeper.

Best investment flat or plot

Understanding these points will help you to gain more clarity and lead you to a solid decision. Lets get started:

A- Appreciation potential

One of the main points to consider in real estate is potential for appreciation. As record shows, plots have shown great appreciation that flats. As cities keeps growing, the demand for plots gets increasing which leads to increased value of plots. On the other hand, due to wear and tear, flats may depreciate over time. But there is a bright side about flats that they can offer good returns if they are in prime locations and well-maintained.

B- Cost and affordability

The next important point for Flat vs plot investment in India decision is its cost and affordability. Commonly plots are seen to be more affordable than flats, specially in suburban or developing areas. Not only this, but the cost of plot can increase significantly in urban cities. On the other hand, flats are usually more expensive and they even have an advantage of ready to move in options. This reduces the need for additional expenses on constructions and amenities.

C-  Rental income

Rental income is the other important point for buying flat vs buying plot as if you are looking for a steady income stream then you can consider flats. Flats have the option to be rented to tenants which gives you steady flow of income. Flats offer higher returns than plots. Plots doesn’t give you higher income unless they are developed for commercial purposes. Not only this, but flats that are located in prime locations and have good infrastructure tends to have higher occupancy rates.

D- Maintenance and management

As flats requires regular maintenance and management which consists of repairs, cleaning and security services. In flats, homeowners or society management are responsible to look after these responsibilities but they come with associated charges. Whereas, plots require minimal maintenance. Not only this, but if you choose plots for property investment in India and leave them undeveloped then they attract encroachments or legal disputes.

E- Liquidity

Liquidity simply means how easily the asset can be converted into cash. Flats usually offer better liquidity as compared to plots. As you might know that the demand for residential property is increasing day by day which makes it easier to sell a flat. While, those plots that are located in less developed area may take longer to find buyers. Not only this, but plots that are located in urban areas also offer good liquidity.

F-   Flexibility and control

The next option that can help you decide between flat or plot which is better is its flexibility and control. However, plots offers great flexibility and control on your property. Plots offers you the option to develop it as per your preferences such as a house, building or even leave it undeveloped. Whereas, flats offer limited layouts, structures and even customisation options. Apart from that, the plot owner has the choice to sell or develop their property as per market conditions.

G- Legal and regulatory aspects

The next important point for Flat vs plot investment in India is legal and regulatory aspects. When you are choosing to buy a flat, you must need to ensure that the property is free from any legal disputes, clear titles and adheres to local building codes. Apart from that, it is also important to verify the credibility of the builder and developer. While, plots have simple structure, they require thorough land title checking, zoning regulations and potential disputes. It is recommended to consult a property expert to check for all these legalities.

In this post of Best investment flat or plot we have come to understand that both flats and plots come with their own set of advantages and disadvantages. However, the choice totally depends on your financial goals, risk appetite and investment horizon. As flats offers immediate rental income, better liquidity and convenience which makes them suitable for those who seek steady returns and minimal management. While, plots are the best option for those who want to capitalize on land scarcity and development opportunities.