Current Home Loan Rates in India
Buying a home has become easier due to home loans. Almost all banks provide a home loan facility at various interest rates and for various tenors. Before taking a home loan, compare home loan offers of various banks and select the best one which not only fulfills your needs but is cost-effective as well.
Comparing Home Loans
Interest Rate:
Interest rate is the most important factor of any loan. Every bank has different interest rate for different loans. While applying for home loan, compare the interest rates of various banks and select the one with the least interest rate.
EMI:
EMI stands for equated monthly installment payable every month for any loan. You can calculate EMI of home loan of different banks with the help of an EMI calculator. On the basis of the result, you can judge which bank’s loan suits your budget and financial predicament.
Duration:
Home loans are available for different tenures. Consider the duration for which you require loan and opt for the bank which provides loan for that duration with lowest cost.
Total Fees Charged:
Banks charge processing fee for home loan. Some banks offer schemes in which low processing fees or no fees is charged for pre-payment. Take into account the total fees charged by the banks for that loan and go for the bank which charge minimum fees.
Leading Banks Offering Home Loans:
Most of the banks in India offer the facility of home loans to its customers. Here is a list of some leading banks of India providing home loans:
| Name of Banks | Fixed Rate | Floating Rate |
| State Bank of India | – | Up to Rs 30 lac – 9.95% p.a. > Rs 30 lac – 10.10% p.a. |
| Axis Bank | For all tenors: 11.75% p.a. |
< Rs 25 lac – 10.75% p.a. > Rs 25 lac to Rs 75 lac – 11.00% p.a. > Rs 75 lac – 11.25% p.a. Top up- all loans, renovations – 12.00% p.a. |
| HDFC Bank | For all tenors (max 20 years):Up to Rs 30 lac – 10.50% p.a.> Rs 30 lac – 10.75% p.a. | For all tenors (max 30 years): Up to Rs 30 lac – 10.15% – 10.65% p.a. > Rs 30 lac – 10.40% – 10.90% p.a. |
| ICICI Bank | For tenor of 2 years: Up to Rs 30 lac – 10.15% p.a. > Rs 30 lac – 10.40% p.a.For tenor of 3 years: Up to Rs 30 lac – 10.50% p.a. > Rs 30 lac – 10.75% p.a.For tenor of 5 years: Up to Rs 30 lac – 10.75% p.a. > Rs 30 lac – 11.00% p.a. |
Up to Rs 30 lac – 10.15% p.a. > Rs 30 lac – 10.40% – 11.00% p.a. |
| Punjab National Bank | For tenor of 10 years: Salaried and self-employed professionals – 10.75% – 11.25% p.a. Self-employed non-professional – 11.00% – 11.50% |
For all tenors (max 20 years): Up to Rs 10 lac – Salaried/Self-employed professionals – 10.25% – 11.00% p.a. Self-employed non-professional – 10.75% – 11.25% p.a.> Rs 10 lac to Rs 75 lac – Salaried/Self-employed professionals – 10.50% – 11.25% p.a. Self-employed non-professional – 11.00% – 11.50% p.a.> Rs 75 lac – Salaried/Self-employed professionals – 10.75% – 11.50% p.a. Self-employed non-professional – 11.25% – 11.75% p.a. |
| Corporation Bank | For all tenors (max 20 years): Up to Rs 25 lac – 13.10% p.a. > Rs 25 lac – 13.60% p.a. |
For all tenors (max 30 years): Up to Rs 50 lac – 10.25% p.a. > Rs 50 lac – 10.50% p.a. |
State Bank of India:
State Bank of India is a nationalized bank and a government owned corporation. For home loans, SBI is the most preferred bank. The interest and processing fees charged by the SBI is very low in comparison to other banks.
Axis Bank:
Axis bank is the third largest private sector bank in India. Axis bank offers home loans for flexible tenures and interest. The processing fees is also low. It does not charge any fees for pre-payment of loan.
HDFC Bank:
HDFC bank is India’s largest housing finance company. HDFC is one of the first private sector bank in India. It offers a wide range of home loan products. The EMIs are affordable and Repayment options are also flexible.
ICICI Bank:
ICICI bank is India’s largest private sector bank. It is a multi-national financial service company. It offers a wide range of products to choose from, provides doorstep services, fast loan processing, flexible repayment options and simplified documentation.
Punjab National Bank:
Punjab national bank is an Indian financial service company. It is second largest state owned commercial bank in India. It gives option to choose between fixed and floating interest home loans, long repayment period, low EMIs and hassle free processing.
Corporation Bank:
Corporation bank is one of the oldest banks in India. It is a nationalized banking company owned by government of India. It offers home loans at both fixed and floating rate. The tenure is also long.
