Home Loan Rates in 2015: Here’s Your Guide

Home Loan Rates in 2015: Here’s Your Guide
As soon as one starts looking out at properties to buy a house, banks start offering home loans. This can be overwhelming at times. Making a choice then largely depends on comparing what competitor banks have to offer. Here is a list, which compares home loan rates by different banks.

For a loan amount up to Rs 30 lakh and the tenure being 15-20 years, the following is on offering.

1. Floating interest rate of 10.15 per cent
This rate is being offered by the following organizations:

SBI ( State Bank of India)
ICICI Bank
HDFC Bank
HSBC Bank
Axis Bank
PNB Housing Finance
DHFL
India Bulls ( Up to Rs 25 lakh)
Citi Bank
Tata Capital Housing Finance Ltd
EMI per lakh works out to be Rs 975.

SBI charges a processing fee of 0.25 per cent of the loan amount up to Rs 25 lakh or minimum Rs 1000. For a loan amount above Rs 25 lakh the processing fee is Rs 3,250. Citibank charges 0.25 per cent of the loan amount. ICICI, HDFC and PNB charge 0.5 per cent of the loan amount as processing fees. However, HDFC has capped the maximum amount to Rs. 10,000. Whereas, Axis Bank and HSBC charge a minimum processing fee of Rs 10,000 or 1 per cent of the total loan amount. DHFL charges Rs 5000 plus document charges and taxes and India Bulls charges Rs 7,500 plus taxes.

2. Floating interest rate of 10.20 per cent
This rate is being offered by the following banks:

Federal Bank
Bank of India
UCO Bank
Canara Bank

The EMI per lakh works out to be Rs 978.
Federal Bank and UCO Bank both charge 0.5 per cent of the loan amount. The minimum amount charged is Rs 3000 and Rs 1500 whereas maximum is Rs 7500 and Rs 15,000 respectively by both the banks. Bank of India has decided to waive off processing fees on new loans sanctioned up to March 2015.

3. Floating interest rate of 10.25 per cent
This rate is being offered by the following lenders:

IDBI
Punjab National Bank
Allahabad Bank
Central Bank of India
Corporation Bank
Union Bank of India
United Bank of India
Bank of Baroda
Oriental Bank of Commerce
Kotak Bank
Dena Bank
First Blue Home Finance
Syndicate Bank
Indian Overseas Bank
State Bank of Travancore
Indian Bank

The EMI per lakh works out to be Rs 982.
IDBI, Punjab National Bank and Oriental Bank of Commerce have NIL processing fees. State Bank of Travancore does not charge any processing fee up to a loan amount of Rs 25,000 and United Bank of India has waived off processing fee for a loan amount up to Rs 75 lakh. Processing fee ranges from 0.25 per cent to 0.5 per cent of the loan amount. Allahabad Bank charges 0.6 per cent of the loan amount with a cap of Rs 12,000 while India Overseas Bank charges 0.58 per cent of the loan amount with a cap of Rs 10,190.

4. Floating interest rate of 10.26-10.30 per cent
Standard Chartered Bank offers 10.26 per cent on home loans with a processing fee of Rs 5500 plus service tax. The EMI works out to be Rs 982.
Vijaya Bank charges 10.30 per cent and the EMI works out to be Rs 985. The processing fee is 0.25 per cent of the loan amount with a cap of Rs 10,000.

5. Floating interest rate of 10.50 per cent and above
Deutsche Bank offers an interest rate of 10.5 per cent and a flat processing fee of Rs 12,000 plus taxes. EMI per lakh works out to be Rs 998.

Bank of Maharashtra offers 10.55 per cent (up to 25 lakh) and 10.75 per cent above that. Accordingly the EMI works out to be Rs 1001 and Rs 1015 respectively. Processing fee is 0.25 per cent of the loan amount subject to maximum of Rs 25,000.

ING Vysya offers 10.75 per cent, the EMI for which works out to Rs 1015. Processing fee is 0.5 per cent of the loan amount.

Development Credit Bank and Dhanalakshmi Bank offer 11.50 per cent and charge a processing fee of 1 per cent. EMI per lakh works out to be Rs 1066.

6. Fixed rates on offer
LIC Housing Finance offers 10.10 per cent (fixed for 2 years)
HDFC Ltd offers 10.15-10.65 per cent (fixed for 2-3 years) and 10.25- 10.75 per cent (fixed for 10 years).

Axis Bank offers 10.40 per cent (fixed for 20 years)

Look out for festive offers when processing fee is waived off and always negotiate for better rates. Request your bank official to share complete details so that there are no surprises in the form of hidden charges, pre-payment charges etc. Also, find out about special rates applicable for self-employed individuals and women.

Hope this compilation helps you in analysing what suits you best.

Data source: deal4loans.com

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Term & Condition of Loan Schemes by Oriental Bank of Commerce for BSNL Employees

Term & Condition of Loan Schemes by Oriental Bank of Commerce for BSNL Employees


VARIOUS LOAN SCHEMES TO BSNL EMPLOYEE BY ORIENTAL BANK OF COMMERCE

CUSTOMTZED RETAIL CREDIT SCHEME FOR BSNL EMPLOYEES
GENERAL TERMS & CONDITIONS

The various kinds of loans along with the general terms and conditions, are mentioned below:

Loan	Purpose	Maximum Loan Ceilings	Margin	Eligible Loan Amount	No. of Installments (EMI)	Eligibility
Housing	Purchase of plot, purchase of flat from Housing Board / Development agency / Private builders / construction of house / repairs / renovation / addition / alteration of house / flat	Max. Rs. 40.00 lacs for purchase of flat I construction / addition etc. For purchase of plot,50% of the eligible Loan amount. & Rs. 10.0 lacs for renovation.	Upto Rs. 20 lacs - 15% , Above Rs. 20 Lacs - 25%	60 times of gross salary	300 EMIs for construction/ purchase of Home / Flat / Plot & 120 EMIs for Renovation	Employees in regularservice
Car	Purchase of motor Car (new / used)	90% of cost Subject to Max. Rs.10 lacs for New Cars & Rs 7.5 lacs for old cars	New Car: 10% & 30% (old car)	30 times of gross salary	84 EMI for new cars, ForOld Cars 60 EMIs (If car 3 years old) & 36 EMIs (If the car is 5 years old)	Minimum Gross pay - Rs.10,000/- per month with 1 year of confirmed service
Two wheelers	Purchase of scooter/motor cycle/moped	90% of cost including registration,  insurance, etc. subject to maximum Rs 2.0 lacs	10%	30 times of gross salary	Max 60 installments	Minimum Gross Salary - Rs.6000 /- pm & 1 year of confirmed service
Education Loan	To finance the study of family members in India and abroad	Rs. 10.00 lacs for studying in India & Rs 20.00 lacs for studying abroad.  Rs 20.00 lacs for studying in IIMS,IITS, XLRIs and ISBs. (Collateral Free)	Up to Rs. 4.00 lacs - NIL Above 4 lacs - 5% (India) & 15% (abroad) 5% (IIMs,IITs , XLRIS and ISBs.)	As per fee component of the institute includes moratorium period i.e. study period & Grace Period	120 EMIs (up to 7.5 lacs) &. 180 EMIs (above Rs 7.5 lacs) Repayment Period	Confirmed admission to Govt.'/ Regulatory (AICTE/UGC etc.) approved institutes
Personal loan	Any miscellaneous requirement / contingency except for speculation	A) Rs.l.50 Lac. B) Rs 5.0 lacs if salary a/c is with Bank	NA	A) Upto 15 months net take home salary, subject to maximum of Rs.1.50 Lac. B) Upto 20 months net take home salary, subjec to max of Rs 3.0 lacs, if salary a/c is with Bank C) Up to 15 months net take home salary, subject to maximum of Loans above Rs 3.00 lacs and up to Rs 5.00 Lacs,  if salary a/c is with Bank	60 EMI (subject to remaining period of service)	1. Permanent and regular employees of BSNL 2. Minimum 3 years of service, including service with the previous employer (s), Govt., if any.
Natural Calamity Loan	To the affected employees of BSNL in natural calamities areas	The Bank shall immediately devise suitable scheme if the unfortunate need so arises, taking into account the specific circumstances of the calamity, in the affected area.

 Notes:

1. The recovery of housing loan will start not later than 18 months from the date of first disbursement or immediately from the next month after completion of the house/flat, whichever is earlier.
2. The recovery of education loan will start 12 months after completion of the course or 6 months after getting the job whichever is earlier, for the child whose studies have been financed through loan.
3. Loanees can fore-close the loan account without any foreclosure charges.
4. The interest will be charged on reducing balances of loan on day-to-day basis.
5. No processing charges will be levied by bank.
6. Amount of the loan will be as per eligibility and maximum loan ceiling as detailed above. However, the bank can give loan for a lesser amount also at its own discretion.
7. Borrowing capacity of the borrower shall be considered at the time of the sanction of the loan.
8. Employees desiring to avail loans will furnish their Employee / PF No. duly certified by their Staff Department.

Interest Rates for Various Retail  Credit Loans

As a special gesture, the Bank has allowed a concession of 0.50% on its card interest rates in all brackets and schemes (excl. Personal Loan  Scheme which is already customized for BSNL employees); and the final rates (Related to Base Rate System) for BSNL Employees are as under:

S. No.	Loan	Rates of Customized Scheme for BSNL Employees Floating rate of Interest* (Present Base Rate is 10.25% w.e.f.25.02.2013)
1.	Housing	Up to Rs 30.00 lacs  BR= 10.25% Above Rs 30.00 Lacs - Rs. 75.00 Lacs 10.25% (Repayment up to 25 years) Above Rs 75.00 Lacs - Rs. 03.00 Crores  10.50% (Repayment up to 25 years)
2.	Car	Up to 3 Years - 10.35% (New Car) 12.75% (Old Car) More than 3 Yrs and up to 7 Yrs-  10.60% (New Car)
3.	Two wheeler	Up to 3 Years - 10.35% More than 3 Years - 10.60%
4	Personal	12.75%
5	Education	Up to Rs.4.00 lacs 12.25% Rs 4 lacs - Rs 7.5 Lacs 12.75% Above Rs 7.5 Lacs 12.25% Scheme for Students of IITs,IIMs, XLRIs & ISBs 10.25% *Special concession of 0.5% to girl students SC /ST / Disabled and special scheme for students of IITs, IIMs, XLRIs & ISBs offering collateral free loans at Base Rate i.e. 10.25%
6.	Natural calamity loan	The Bank shall immediately devise suitable scheme if the unfortunate need so arises, taking into account the specific circumstances of the calamity. in the affected area.

*Floating rate of interest will change as per the changes in the Base rate of the Bank, i.e., increase or decrease in the interest rate by the same basis points as in the base rate of the Bank. However in any case, the proposed rate of interest shall not fall below the Base Rate of the Bank.  Most of the loans are in Branch Managers' powers and will not take any significant time after fulfillment of the documents / formalities.

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