In a commercial & over-crowded city like Mumbai, the possibility of getting a house is difficult because a common man can hardly afford it due to the rise in it's price. So a common man's dream to buy a house gets fainted. As a result, people stay on rented house.
From past few years, as indian economy increased, income of a common man also has been increased. To buy a home in mumbai is the very first aim for a common man. To fulfill this dream, many banks in India give home loan to the people at a very low rate of interest.
Compare to other loans, home loan is available at a very low interest rates. Almost 60% or abovepeople took houses on loan in mumbai due to ease in availability in home loan. People got their desired home which they ever dreamt of through housing loan.
Check this list of Banks offering Home Loan with fixed Interest Rates:
SBI Home Loan: SBI offers 8% fixed for 1st yr, 9% fixed for 2-3 yrs, 4th yr onwards the rate is 3.5% above SBI Base Rate, currently 7.6%
IDBI Housing Loan: 11%. This fixed interest rate may be reset at the end of every 5 years on the basis of then prevailing interest rate.
HDFC Home Loan: 14.25%. This interest rate remains fixed during the entire duration of the loan.
ICICI Bank Home Loan: 16%. This interest rate remains fixed during the entire duration of the loan.
Axis Bank Home Loan: 14% Fixed rates may be reset anytime at the lenders discretion.
To view all banks interest rates visit http://www.apnaloan.com/home-loan-india/best.html