5 Banks Providing Cheapest Home Loans in India

Bangalore: Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, showed data compiled by mortgage giant HDFC Ltd.

The average price of a home, purchased with a housing loan, rose to over Rs.45 lakh in the 2012-13 fiscal marking the fourth consecutive year of uptrend from about Rs.25 lakh in the year 2008-09, HDFC has said in a presentation.

Read on to know about few banks which provide cheapest home loans in India, listed by Yahoo.

Note: EMI per lakhs (in Rupees) for a loan amount of Rs.30 lakhs as on May 3, 2013

1. Axis Bank

Axis Bank housing loans are intended for current requirements. One can choose between fixed and floating rate options based on which way you think interest rates are moving.

A loan in which the interest rate does not change during the entire term of the loan is known as a fixed rate and a floating interest rate is acknowledged as a changeable rate or adaptable rate.

Axis bank is offering 2,212 as fixed rate and 2, 149 as floating rate for a period of 5 years. Alternatively for 10 years fixed rate is 1,420 & floating rate is 1,349, for 15 years fixed rate is 1,184, floating rate is 1,105 and for 20 years fixed rate is 1,084, floating rate is 998.

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