5 Home Loans To Consider Before RBI Hikes Interest Rates

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    The Monetary Policy Committee is slated to conclude its three-day meeting later on Wednesday, where there is a possibility of an interest rate hike. If interest rates or the RBI repo rate as they are popularly known are hiked, there is a possibility that home loans could be revised higher. Here are some home loans that you can consider from some of the top banks and housing finance companies in the country.

    1) HDFC Home Loans 

    India's leading housing finance company offers an interest rate of just 8.40 to 8.90 per cent for women. These loans are upto Rs 30 lakhs.

    • For others the interest rate on home loan varies from 8.45 per cent to 8.90 per cent. 
    • There is also on offer a a TruFixed Home Loan, which offers you a part fixed rate term and a part adjustable rate term. Under this variant of the TruFixed Home Loan, you can avail of a fixed rate for a maximum term of 2 / 3 years, post which the loan will automatically convert to an adjustable rate. 
    • One can avail home loan for re-sale, under construction and also for self employed. 
    •  Interest and principal amount on home loans qualify for tax exemption.

    2) PNB Housing Finance home loans

    PNB Housing Finance home loans are as competitive as the others. Here are a few things you might want to look at:

    • Interest rates begin from 8.40 per cent and can move to as high as 10 per cent. 
    • There is 0.50 per cent, processing charges that is applicable. It is important to remember that the minimum processing charge of Rs 10,000. 
    • The tenure ranges from 1 to 30 years. 
    • The minimum loan amount is Rs 8 lakhs.

    3) Indiabulls Housing Finance home loans

    • Indiabulls Housing Finance offers interest rates as low as 6.84 per cent, under the Pradhan Mantri Awas Yojana.
    • Loans up to Rs 75 lakhs the interest rate offered is 8.40 per cent to 9.75 per cent. This is clearly under the variable loan category.
    • Investors, who are looking to buy can also be offered door step services.

    4) LIC Housing Finance

    LIC Housing Finance is another top financing home loan company in the country. Again, the interest rates vary for women and for others. Take a look at some of the salient features of the loan from the company.

    5 Home Loans To Consider Before RBI Hikes Interest Rates

    • LIC Housing Finance offers 85 per cent of the total cost of the property for loans up to Rs 20 Lacs; 80 per cent of total cost of the property for loans above Rs 20 lakhs and up to 75 lakhs.
    • The maximum term for salaried individuals is 30 years and for all self employed it is 20 Years.
    • Interest rate can vary, depending on a host of factors and hence we have not highlighted the exact interest rates being offered by the housing finance company.

    5) ICICI Bank Home Loans 

    • ICICI Bank also offers a home loan interest rate that is very competitive at around 8.40 per cent for salaried women borrowers. 
    • For others, who are salaried it increases to 8.45 per cent per annum, which is marginally higher.
    • Both the principal and the interest amount qualifies for tax exemption under the Income Tax Act. 
    • There is a processing fee that is chargeble.

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