Check Out Some Of The Best Banks For Home Loans In 2022


A year before acquiring your own home, you start planning to store all your incredibly expensive goodies and start yearning for only reasonably priced, priority-based purchases. 

Why? Because you are worried about your financial stability. However, a home loan could provide you with relief from financial pressure. Discover which banks will offer the best home loans in 2022. And also how a home loan EMI calculator can help you choose the best loan deals.

Home Loan EMI Calculator

Home Loan EMI Calculator helps you figure out your monthly loan payment, or EMI, for your mortgage. It serves as a tool for financial planning for homeowners and is simple to use. Without a calculator, you will have to use the EMI calculation formula. 

How To Calculate EMI Using Formula?

To find out your home loan EMI you could use the following formula: 

P x R x (1+R) ^N / [(1+R) ^N-1]

Here the different symbols signify: 

N -Tenure (in months)

P – Principal loan amount

R – Monthly interest rate

R = Annual Rate

For example, if a person wants to avail of a home loan of Rs. 2 crores for a tenure of 20 years at an interest rate of 12%, so

as per the formula given above: 

E = [2,00,00,000 x 12 x (2+12) ^ 20] / [(2+12) ^ 20- 1]

Here, the total interest payable = 3,28,52,134 

5 Best Home Loan Banks in 2022

The following sections reveal some of the best home loan banks:

HDFC Bank 

Compared to other banks, HDFC Bank offers cheap interest rates. There won’t be any unstated fees as there will be proper transparency in their loan products. You can pick from several unique payback options to suit your requirements and financial constraints.

Interest Rate: 

Highest Interest Rate: 7.40% (Salaried) and 7.85% (non-salaried)

Best Interest Rate: 6.70% (salaried) and 6.70% (non-salaried)

Loan Tenure:

The tenure period from HDFC bank is a maximum of 30 years.

HDFC home loan EMI calculator could help you self-plan the amount you have planned for the loan. 

Axis Bank

There will be a swift and clear application procedure for getting your home loan. There are no prepayment penalties for Axis Bank home loans. Additionally, it is simple and hassle-free to transfer your current house loans to Axis Bank. From the convenience of your home, you can apply for an Axis Bank house loan and make a payment on one that has already been taken out.

The interest rates on Axis Bank home loans are low, and you are given the option of choosing between fixed or fluctuating rates for the duration of the loan.

Interest Rate:

Highest Interest Rate: 8.40% (salaried) and 8.55% (non-salaried)

Best Interest Rate: 6.90% (salaried) and 7.00% (non-salaried)

Loan Tenure:

A maximum of 30 years is given by Axis Bank for a home loan. 

State Bank of India

Specially designed to meet the needs of various customers, SBI offers FlexiPay Home Loans for Young Salaried Earners, Privilege Home Loans for Government Employees, Shaurya Home Loans for Employees of the Defense, Businessmen, NRI Home Loans, and more. You can use the SBI home loan EMI calculator for a better idea of your calculations. 

Interest rates are low from the government-run institute.

Interest Rate:

Highest Interest Rate: 7.05%(salaried) and 7.05% (non-salaried)

Best Interest Rate: 6.7% (salaried) and 6.7% (non-salaried)

Loan Tenure:

A maximum of 30 years of tenure is provided.

Kotak Mahindra Bank

You can spare your loved ones the stress of having to repay the home loan in the sad event of an accident. You could even apply for a home loan online, and it’s that simple. This is considered to be one of the best banks as they have maintained rates at the lowest in the market for the past year and aim to preserve housing finance as its top focus, so the borrowers should anticipate ongoing benefits. 

Interest Rate:

Highest Interest Rate: 7.10% (salaried) and 7.45% (non-salaried)

Best Interest Rate: 6.55% (salaried) and 6.55% (non-salaried)

Bank of Baroda

Bank of Baroda provides house loans starting at 8.45% per annum for terms of up to 30 years and loan amounts of up to Rs. 20 crores. It also provides a balance transfer service at cheaper interest rates to current home loan borrowers of other banks and housing finance businesses. 

Interest Rate:

Highest Interest Rate: 8.75%(salaried) and 8.75% (non-salaried)

Best Interest Rate: 6.5% (salaried) and 6.75% (non-salaried)

Documents For Home Loan

You will require the following documents:

  • Pan card/ driving license/voter’s id, or any of your identity proof 
  • Copies of water and electricity bills, Aadhar card, driving license
  • Passport-size photos of the individual
  • If you are an employee, then your workspace identity card


Choosing a better and healthy financial stability provider is crucial and needs more research on which could be the best option. When it comes to the matter of finance, people are out for the best institute that could help them get their loans, interest rates, and other favorable essentials. Using a home loan EMI calculator makes the process of comparison of the best home loans easier and quicker. 

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