While dreaming of buying a house, the biggest question is – where to get a home loan and which bank will be cheaper? If you are a public sector bank, SBI and private sector HDFC Bank, both are considered the most reliable options for home loans, but there can be differences in interest rates, EMI and salary conditions. Especially if you are thinking of taking a home loan of ₹70 lakh for 20 years, then it is important to know which bank’s loan is more economical and what should be the minimum salary for this. To make this comparison easier, we will understand the home loans of SBI and HDFC Bank in detail below.

SBI Home Loan

The State Bank of India (SBI) currently offers home loans at an interest rate starting at 7.25%. Before taking out a loan, understand that banks immediately offer home loans at this introductory rate, or the lowest interest rate, to customers with a CIBIL score of 800 or higher, and without any existing EMIs. If you meet the eligibility criteria, you can apply. Additionally, you will receive a loan of ₹70 lakh only if your minimum salary meets the bank’s criteria. According to calculations, if you were to take out a home loan at a 7.25% interest rate for 20 years, you would only receive a loan of ₹70 lakh if ​​your minimum salary was ₹83,340. According to calculations, you would receive a total home loan of ₹73.81 lakh based on this rate. Your monthly EMI would be ₹58,338.

HDFC Bank Home Loan

Private sector HDFC Bank currently offers home loans at a starting interest rate of 7.90%. Based on this, if you want to take out a home loan of ₹70 lakh for a 20-year term, your minimum monthly salary should be ₹1,06,000. You can get a loan of up to ₹70,22,174, with a monthly EMI of ₹58,300. It’s also important to understand that when you apply for a home loan, your eligibility primarily depends on your income and repayment capacity. Your age, financial situation, credit history, credit score, and other financial liabilities also determine your home loan eligibility.

Whose is cheaper?

Considering the interest rates of both banks, it’s clear that SBI’s home loan is cheaper. The minimum salary criteria is also slightly more lenient. This means that even with a slightly lower salary at SBI compared to HDFC Bank, you can still get a home loan that meets your needs.

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That is why it is called an emergency loan. Personal loan is a collateral free loan, but the bank charges you a lot of interest for it. Suppose if a person dies after taking a loan from the bank, then who will be responsible for paying the outstanding loan amount? Know here what is the bank’s rule regarding this.

These are the rules for personal loan

Personal loan is an unsecured loan. This loan is given to the person after looking at the parameters of his income etc. In such a situation, the responsibility of repaying the personal loan also lies only with the person who takes the loan. If the person taking the personal loan dies, then the bank cannot harass any other member of the family to recover the dues. Neither can the successor or legal heir be asked for this. In the case of personal loan, after the death of the borrower, this loan is written off, that is, with the death of the person, his loan also ends.

What are the rules regarding home loan

In case of personal loan, the loan of the borrower ends with death, but this is not the case with home loan. In lieu of home loan, you have to mortgage the papers of your house or the papers of any property equal to the value of that loan. In such a situation, when the loan taker dies, the co-applicant is asked to pay the outstanding loan amount, who is usually a family member or the heir of that person is responsible for repaying the loan.

If he expresses his inability to do so, he is given the option to sell his property and pay off the loan amount. If the family does not do so, the bank auctions the mortgaged property and recovers the outstanding amount. To deal with this situation, home loan insurance is offered these days. In such a situation, if the loan taker dies, the bank recovers the outstanding loan amount from the insurance company and the house remains safe with the family.

This is the rule in case of credit card

The credit limit is also determined on the basis of the applicant’s income, credit score, existing loan and repayment history etc. In such a situation, the credit card holder is also responsible for repaying the amount spent through the credit card. But if the credit card user dies before returning the amount, then the bank writes off the outstanding amount of the loan.

But this does not happen in the case of secured cards. To get a secured credit card, FD has to be deposited as collateral. The limit of the secured credit card is decided according to the amount of the FD. If the secured credit card user dies, the bank has the right to recover the loan by encashing the fixed deposit.

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For example, if someone takes a home loan, then one has to go to the bank to sign papers or for other reasons or if you are making a demand draft, then also you have to go to the bank etc. At the same time, in many banks, you apply online to open an account, but you have to go to the bank to get the passbook and other things. In such a situation, if you are planning to go to the bank for some work in the month of October, then wait a bit because first you should know about the bank holidays. Actually, how many days will the banks remain closed in the month of October, you can know this in the next slides.

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But if you buy a house in the name of your wife, then you are given benefits in it. The central government is taking many steps to increase the participation of women in society.

That is why the government gives discounts to women in many things as compared to men. The government has also made separate rules for women to buy property. Women are especially given discounts in property tax. So if you are planning to buy a new house, then buy a house in your wife’s name. You will get a lot of benefits in that. Let us tell you

Less interest is charged on taking a home loan

There are many jobs in India where women are given preference and they are also given concessions. If you are buying property, it is better to buy it in your wife’s name. This is most beneficial when you need a loan. There are many banks and housing finance companies in India.

Also Read: New rules of Sukanya Samriddhi Yojana will be implemented from next month, know what will change

Women are given loans at lower interest rates than men. Many banks and housing finance companies have schemes specifically for women. If you take a home loan in your wife’s name, you can get a home loan at a lower interest rate.

Exemption in stamp duty too

When anyone buys a house, a lot of paperwork has to be done to buy the house. You have to get the house registered. For this you pay stamp duty. A lot of your money is spent on stamp duty as well. But there are many states in India where women have to pay less stamp duty than men.

If compared, women are generally given a discount of 2 to 3 percent on stamp duty as compared to men. For example, in Delhi, men have to pay 6% stamp duty. Women have to pay only 4% stamp duty which is 2 percent less than men. In Uttar Pradesh, men have to pay 7 percent stamp duty while women have to pay only 5%.

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If you are planning to buy a house and are preparing to take a home loan for it, then you will look for a bank which gives you home loan at low interest and processing fees. Since home loan is a long term loan. Therefore even minor differences in interest matter. Therefore everyone wants a loan at low interest. We are giving you details of interest offered on home loans by 5 big banks including SBI, HDFC.

Top 5 banks offering home loans at low interest rates

HDFC Bank

HDFC Bank, the largest private sector bank, is offering interest rates ranging from 9.4 percent to 9.95 percent per annum on home loans.

SBI

State Bank of India is offering interest ranging between 9.15 percent to 9.75 percent depending on the CIBIL score of the home loan borrower.

ICICI Bank

This private sector bank is offering home loans between 9.40 percent to 10.05 percent. Offers home loans at interest rates ranging from a range of percentage. On home loans below ₹35 lakh, the interest rate for business owners ranges between 9.40 to 9.80 percent. Whereas for salaried individuals it is between 9.25 percent to 9.65 percent.

Kotak Mahindra Bank-

This private sector bank is giving home loans at the rate of 8.7 percent to the working class and 8.75 percent to the businessmen.

Punjab National Bank-

PNB (Punjab National Bank) is charging interest on home loans between 9.4 percent to 11.6 percent depending on the CIBIL score, loan amount and loan tenure. For example, a borrower with a credit score of 800 and above is offered the lowest rate of 9.4 for a loan above Rs 30 lakh.

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Home loan is a long term loan. Home loans usually last for 15 to 20 years. Due to this, people have to pay huge amount as interest. If the interest rate is low, there is huge savings on home loan in the long run. We are telling you about those 5 banks which are giving home loan at the lowest interest.

If you look at the current home loan interest rates offered by the top 5 banks – Bank of Baroda, Punjab National Bank, SBI, HDFC Bank and ICICI Bank, you will find that their rates range from 8.4% to 10.90%. You can save big by taking home loan from these banks.

Bank of Baroda

Bank of Baroda (BoB) home loan interest rates start from 8.4% per annum to 10.90% for tenures up to 30 years.

Punjab National Bank

Punjab National Bank home loan interest rates start from 8.4% per annum and go up to 10.25% per annum (on floating basis) for tenures up to 30 years.

SBI Home Loan

State Bank of India (SBI) is currently offering home loan interest rates starting from 8.50% per annum to 9.85% for tenures up to 30 years.

HDFC bank

HDFC Bank home loans start at 8.7% per annum for tenures up to 30 years and loan amounts up to Rs 10 crore. One can avail a loan up to 90% of the property price.

ICICI Bank

ICICI Bank currently offers home loan interest rates starting at 8.75% per annum for tenures up to 30 years. The bank charges a processing fee of 0.5%.

Canara Bank and Central Bank

Canara Bank and Central Bank of India are charging interest at the rate of 8.5 percent on home loans. The EMI on a home loan of Rs 75 lakh for a tenure of 20 years will be Rs 64,650. The interest rate on home loan in Kotak Mahindra Bank starts from 8.7 percent. The EMI on a home loan of Rs 75 lakh for a tenure of 20 years will be Rs 65,550.

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If seen, a large section of people are employed who depend on the salary they receive every month. But all the work cannot be done with salary alone and sometimes such needs arise for which a lot of money is required at once. One of these is building your own house. We all know that buying a house requires a lot of money at once.

That’s why most people take home loan, but perhaps you don’t know that you should know some things before applying for home loan? Otherwise your application may get canceled. So let us know what these things are.

• If you are taking a home loan, then one thing to ensure is that your credit score is correct. Whether you will be able to get a loan or not depends largely on your credit score. If it is bad, your loan may even get rejected.

• Your loan can also be rejected for this reason, if your loan history is not good. Have you ever taken any loan and did not pay its EMI on time or did not pay any loan at all or got any loan settled etc. Then even in such a situation, many banks can register objection and cancel your loan.

• It is also important to fulfill the conditions of the bank from which you are taking the loan. Non-fulfillment of the eligibility criteria of the Bank may result in rejection of your application.

• Whenever you take a home loan, you need some documents for it. If you do not have these related documents, then you may face a lot of difficulties in getting the loan and your application may also get canceled.

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How much did Federal Bank increase (Federal Bank MCLR Hike)

Federal Bank has increased its lending rates by 0.10% today, the new rates are applicable from today. Now the lending rate for one year will be 9.30%. Overnight MCLR has become 9.05, one month MCLR 9.10, three months MCLR 9.15 and six months MCLR 9.25%.

How much interest will be charged on home loan?

The bank’s home loan interest rates for salaried people are as follows – 10.15% on home loans of 30 lakhs, 10.20% on home loans between 30 lakhs to 75 lakhs and 10.25% on home loans above 75 lakhs. It will take By the way, if we talk about the interest rates, then the most expensive loan is the car loan of the bank, on which you will have to pay interest at the rate of 16.30%.

Punjab and Sind Bank hikes MCLR by 0.10-0.20%

Punjab and Sindh Bank has also increased the lending rate from today. The one year MCLR of the bank (above six months to 1 year) has become 8.60%. Overnight MCLR is 7.70, one month MCLR is 7.80, up to three months MCLR is 8.30 and six months MCLR is 8.45%.

Explain that MCLR is the minimum rate at which banks can lend to customers. They are not allowed to give loans below this rate. The RBI MCLR system works with the target that banks have a fixed base lending rate for different types of loans.

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Especially such taxpayers, who invest at the very last moment. They are looking for investment avenues for tax saving. Generally, there is no tax liability on annual income up to five lakh rupees. It has to pay tax on excess income. However, by choosing the investment option, taxpayers can get tax concession even on income of more than five lakh rupees. A taxpayer can also declare income up to Rs 10 lakh tax free.

Earning up to 2.5 lakh tax free

According to the Income Tax Rule, there is no tax liability on income up to 2.5 lakhs annually. There is a provision of 5% tax on income of Rs 2.5-5 lakh. Income tax is to be paid at 30% on income between 5 to 10 lakhs and 30% on income above 10 lakhs.

Suppose someone’s CTC is Rs 10 lakh. In this way, according to his annual income, he comes under the purview of 20 per cent tax slab. But if he wants, he will not have to pay even a single rupee as tax. For this, he has to choose all kinds of investment options. Then he can take advantage of exemption in income tax.

Standard deduction

Income tax rules clearly state that up to Rs 50,000 is available as standard deduction. So deduct this amount from your earning of Rs 10 lakhs, then it will be Rs (10,00,000-50,000=9,50,000).

Saving under 80C

After this, you can save tax of Rs 1.5 lakh under 80C. Saving schemes like EPF, PPF, ELSS, NSC come under this. You can get tax exemption by investing in them. Apart from this, you can also take tax exemption in the form of tuition fees for two children. Now deducting Rs 1,50,000 from Rs 9,50,000, then this amount will come to the tax net of Rs 8 lakh.

Home loan

Home loan borrowers can save an additional tax of Rs 2 lakh. Under section 24B of Income Tax, the home loan borrower gets tax exemption on the interest of two lakhs. You also deduct this from your annual income. (8,00,000-2,00,000= 6,00,000). In this way, now your income of Rs 6 lakh will come under the ambit of tax.

National Pension System

If you separately invest up to Rs 50,000 annually in the National Pension System (NPS), then under section 80CCD (1B) you can save an additional Rs 50,000 in income tax. (6,00,000-50,000 = 5,50,000). In this way, now the income of Rs 5.5 lakh will be taxable.

Health policy

You can save tax up to Rs 25,000 by taking a medical policy under section 80D of income tax. You, your wife and children should be named in this health insurance. Apart from this, if your parents are senior citizens, then you can get an additional discount of up to Rs 50,000 by purchasing health insurance in their name. (5,50,000- 75,000 = Rs.4,75,000). In this way, your income of Rs 10 lakh is now out of the purview of tax liability.

The income tax rules clearly state that the tax on an income of Rs 5 lakh is Rs 12,500 (5% of Rs 2.5 lakh). In this case, a rebate of Rs 12, 500 is available under Income Tax Section 87A. Then you choose the option of investment, then you will not have to pay tax of even a single rupee on the income of Rs 10 lakh.

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Home loan will be expensive: Significantly, after the increase in the repo rate of RBI, SBI has also increased the interest rate by 50 basis points. Due to this, home loan borrowers will now have to pay more EMI than before. Significantly, many experts were of the opinion that after the increase of RBI, many more financial institutions including banks can increase the interest rate.

RBI had increased the repo rate on Friday: Let us tell you, on Friday, the Reserve Bank of India had increased the interest rate for the fourth time. After this increase, the repo rate has increased to 5.90 percent. SBI has also given this information on its official website. After this increase, the EBLR of State Bank has gone up to 8.55 percent. At the same time, RLLR has increased to 8.15 percent. This increase is effective from Saturday itself.

Two more banks increased the interest rate: At the same time, after increasing the repo rate, private sector giant HDFC has also increased the lending rates. HDFC Bank has increased the interest rate by 0.50 percent. This will increase the EMI for home loan borrowers. HDFC Bank has increased this for the 7th time in five months. At the same time, Bank of India has also increased the RBLR to 8.75 percent.

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But apart from this, many other tasks are done by banks such as home loan, education loan, business loan etc. are provided by banks only. But if you also get the FD fixed in the bank, then you get interest for it. For which you will not need to take any kind of risk and you will get money sitting at home.

If you are also familiar with all these services provided by the banks, then probably some special of you readers have also got FD done in the bank. So you have always brought a very good news for all the readers through the article. We hope that this article will definitely make you happy. So to know what is this good news, definitely stay connected with our article till the end.

As we have mentioned in the heading that the bank has increased its FD interest rate. Due to which an atmosphere of happiness has been created among all the FD holders. If you have also made FD, then your interest rate will also increase.

Let us tell you that for the senior citizens of our country, Suryoday Small Finance Bank , Jana Small Finance Bank and Ujjivan Small Finance Bank have decided to provide interest rates up to 8%. This section is applicable to deposits of less than Rs. 2 crores. As it is in the headlines right now that as a result of the rate hike by the Reserve Bank, the interest rates on bank FDs have also increased.

FD Rates of Suryoday Small Finance Bank

• 3.25% for 7 to 14 days, 3.75% for senior citizens.
• 3.25% for 15 to 45 days, for senior citizens 3. 75%.
• 46 to 90 days 4. 25% for senior citizens 4.75%
• 91 days to 6 months 4. 25% for angels 5. 25%
• 5.25% for 6 months to 9 months, 5.75% for senior citizens
• Above 9 months but less than 1 year 5.75%, for senior citizens 6.25%
• 6.50% for 1 year to 1 year 6 months, 7.00% for senior citizens
• 7.00% for more than 2 years up to 998 days, 7.50% for senior citizens
• 999 days to 7.49% for senior citizens 7.99%
• 7.00% for 1000 days to 3 years, 6.80% for senior citizens
• Above 3 years but below 5 years 6.50%, for senior citizens 7.00%
• 6.75% for 5 years, 7.25% for senior citizens
• Above 5 years and above 10 years 6.00% for Senior Citizens 6.50%

FD rate of Jana Small Finance Bank

• 7 days to 14 days – 2.50%, for senior citizens 3.30%
• For 15 days to 60 days 3.00% for Senior Citizens 3.80%
• 3.75% for 61 days to 90 days 4.55% for senior citizens
• 4.50% for 91 days 180 days, 5.30% for senior citizens
• 5.50% for 181 days to 364 days, 6.30% for senior citizens
• 6.50% for 1 year (365 days), 7.30% for senior citizens
• 7.00% for 1 year and above 2 years, 7.80% for senior citizens
• 7.25% for 2 years and above and below 3 years, 8.05% for senior citizens
• 7.25% for 3 years and above and less than 5 years, for senior citizens 8.05% for citizens
• 7.35% for 5 years (1825 days), 8.15% for senior citizens
• 6.00% for 5 years and above 10 years, 6.80% for senior citizens

Ujjivan Small Finance Bank FD Rates

• 3.50 % for 30 days to 89 days, 4.00 % for senior citizens
• 7 days to 29 days – 2.90%, for senior citizens – 3.40%
• 4.75% for senior citizens
• 5.00% for 6 months, 5.50% for senior citizens
• 6 months and above 4.75% for less than 9 months, 5.25% for senior citizens
• 5.05% for 9 months, 5.55% for senior citizens
• 6.50% for 9 months and less than 1 year, 7.30% for senior citizens
• 6.70 % for 1 year, 7.20% for senior citizens
• 6.00 % for 12 months and 1 day to 15 months, 6.50 % for senior citizens
• 7.00% for 15 months and 1 day to 18 months, for senior citizens – 7.50%
• 18 months and 1 day to less than 24 months – 6.60%, 7.10% for senior citizens
• 7.10% for 24 months, 7.60% for senior citizens
• 6.50 % for 990 days, 7.00 % for senior citizens
• 7.20% for 991 days to 36 months, 7.70% for senior citizens
• 18 months and less than 1 day for 24 months 6.50%, for senior citizens 7.00%
• 6.25% for 36 months and 1 day to 42 months , 6.75% for senior citizens
• 7.20% for 42 months and 1 day to 60 months, 7.70% for senior citizens
• 6.00 % for 60 months and 1 day up to 120 months, 6.50 % for senior citizens

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1. LIC premium, PF, PPF, Pension Scheme 

You get all the tax exemptions under Section 80C of Income Tax. For example, if you have taken a policy of LIC, then you can claim its premium. You can get tax exemption under 80C on the principal of provident fund, PPF, children’s tuition fee, national savings certificate, home loan. If you have purchased an annuity plan (pension plan) of LIC or any other insurance company under section 80CCC, then you can claim tax exemption. If you have bought a pension scheme of the Central Government under section 80 CCD (1), then you can claim it. Remember that taking all these together the tax exemption cannot exceed Rs 1.5 lakh.

2. Claim on Principal Amount of Home Loan

You can avail tax exemption under section 80C on the principal payment of the home loan. However, this limit cannot exceed 1.5 lakhs. So, if your remaining deductions under 80C are less than 1.5 lakhs, then you can claim tax deduction by meeting this limit from the principal amount of the home loan.

3. Tax Deduction on Home Loan Interest 

If you have taken a home loan, you get tax exemption on the interest paid under section 24(b) of Income Tax. According to Income Tax rules, you can get tax exemption on interest payment up to 2 lakhs. This tax exemption will be available only if the property is ‘self-occupied’.

4. Central Government Pension Scheme 

If you invest in the National Payment System (NPS), a central government pension scheme, then you get an additional exemption of Rs 50,000 under section 80 CCD (1B). This exemption
is on top of the tax exemption of Rs 1.5 lakh availed under section 80 (C). The contribution made by the employer to the pension scheme of the Central Government can be claimed under section 80 CCD2. It has two conditions. First, whether the employer is a Public Sector Unit (PSU), state government or any other, the deduction limit is 10 percent of the salary. If the employer is the Central Government, then the deduction limit will be 14% of the salary.

5. Health Insurance Premium

If you have taken any health insurance or get regular health checkup, then you can claim the premium under section 80D. Although its limit is fixed. If you have taken a health insurance policy for yourself, spouse, children and parents, you can claim a premium of up to Rs 25,000. In this case the age of the parents is less than 60 years. If your parents are senior citizens, then the tax exemption limit will be Rs 50,000. Health checkup of Rs 5000 is also available in this. However, the tax deduction cannot exceed the premium of health insurance.

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