Home Loan Interest Rates, गृह ऋण ब्याज दरें, Home Loan Interest Rate, गृह ऋण ब्याज दर, Bank Home Loan Interest Rates, बैंक गृह ऋण ब्याज दरें, All Bank Home Loan Interest Rates,सभी बैंक गृह ऋण ब्याज दरें,
Currently all banks are offering lowest home loan interest rate starting from 8.45% p.a, The final interest rates offered to home loan applicants depend on their credit score, loan amount, occupation profile, employer profile, etc, Even a small difference in interest rate can lead to a significant difference in the total interest cost of the household
Apply for the best home loan if you want to buy a house. Prospective borrowers should check as many bank interest rates as possible before applying for a loan, Get complete information about current housing loan interest rates from all leading banks and financial institutions in India, Apply for the best home loan with lowest home loan interest starting from 8.40% p.a.
Top Public Sector Banks ‘Home Loan Interest Rates’
| Name of Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh | Processing Fees (Expected) |
| Bank of Baroda | 8.60% – 10.65% | 8.60% – 10.65% | 8.60% – 10.90% | Up to 0.50% (Min. Rs. 8,500; Max. Rs. 25,000) |
| Punjab National Bank | 8.65% – 9.60% | 8.60% – 9.50% | 8.60% – 9.50% | 0.35% (Max Rs. 15,000) |
| Punjab & Sind Bank | 8.85% – 9.95% | 8.85% – 9.95% | 8.85% – 9.95% | The one time processing fee @ 0.15% of loan amount subject to minimum of Rs.1000/- and maximum of Rs.2,000/- |
| State Bank of India | 8.50% – 10.15% | 8.50% – 10.05% | 8.50% – 10.05% | 0.35% – 1% of loan amount |
| Union Bank of India | 8.50% – 10.75% | 8.50% – 10.95% | 8.50% – 10.95% | 0.50% of the loan amount |
| Bank of India | 8.45% – 10.75% | 8.45% – 10.75% | 8.45% – 10.75% | NIL or up to 0.50% |
| UCO Bank | 8.45% – 10.30% | 8.45% – 10.30% | 8.45% – 10.30% | 0.5% of loan amount min. Rs. 1500 and max. Rs. 15,000 |
| Bank of Maharashtra | 8.60% – 11.05% | 8.60% – 11.05% | 8.60% – 11.05% | 0.15% of the loan amount subject to a maximum of Rs. 25,000 |
| Canara Bank | 8.85% – 11.25% | 8.75% – 11.25% | 8.55% – 11.15% | 0.50% of the loan amount (min. Rs. 1,500 and max. Rs. 10,000) |
| Indian Overseas Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards | 0.15% of the loan amount subject to a maximum of Rs. 25,000 |
Top Private Sector Banks Home Loan Interest Rates
| Name of Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh | Processing Fees (Expected) |
| Kotak Mahindra Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards | 2% |
| ICICI Bank | 9.00% – 9.80% | 9.00% – 9.95% | 9.00% – 10.05% | 0.5% to 2.50% of loan amount + GST |
| Axis Bank | 9.00% – 13.30% | 9.00% – 13.30% | 9.00%- 9.40% | 1% or minimum Rs. 10,000 |
| Karur Vysya Bank | 9.23% – 12.13% | 9.23% – 12.13% | 9.23% – 12.13% | 1% of loan amount or Rs. 10,000, whichever is higher |
| South Indian Bank | 9.85% – 12.60% | 9.85% – 12.60% | 9.85% – 12.60% | 0.50% of the loan amount or a minimum of Rs. 5,000 + GST |
| Karnataka Bank | 8.75% – 10.43% | 8.75% – 10.43% | 8.75% – 10.43% | Home Loan above Rs. 25,000 A fee of 0.50% with a minimum (whichever is higher) |
| Federal Bank | 10.15% – 10.20% | 10.20% – 10.25% | 10.25% – 10.30% | Housing Loan: 0.50% of the loan amount (min. Rs. 3,000 and max. Rs. 7,500) Property Power Loan: 1% of loan amount (min. Rs. 3,000) |
| Dhanlaxmi Bank | 9.35% – 10.50% | 9.35% – 10.50% | 9.35% – 10.50% | 1% of the loan amount |
| Tamilnad Mercantile Bank | 9.35% – 9.85% | 9.35% – 9.85% | 9.35% – 9.85% | 0.50% |
| Bandhan Bank | 9.15% – 15.00% | 9.15% – 13.32% | 9.15% – 13.32% | 0.25% to 1.00% depending on scheme+ GST |
| RBL Bank | 9.15% – 11.55% | 9.10% – 11.30% | 9.10% – 11.30% | RBL Bank Processing Fee Rs. 6500 Charges RBL Bank Application fee is Rs. 5000. Charges |
Top Housing Finance Companies (HFCs) Home Loan Interest Rates
| Name of Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh | Processing Fees (Expected) |
| LIC Housing Finance | 8.50% – 10.35% | 8.50% – 10.55% | 8.50% – 10.75% | Up to 0.50% |
| HDFC Bank | 8.50% – 10.35% | 8.50% – 10.60% | 8.50% – 10.70% | 0.5% or Rs.3,000 whichever is higher |
| Tata Capital Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards | Rs. 5,700 of the loan amount (as the starting fee) |
| Bajaj Housing Finance | 8.50% onwards | 8.50% onwards | 8.50% onwards | Processing Fees – up to 7% of the Loan Amount. Secure Fee – Rs. 10.000 (One Time) |
| PNB Housing Finance | 8.75% – 14.50% | 8.75% – 11.50% | 8.75% – 11.45% | Up to 0.50% |
| Repco Home Finance | 9.80% onwards | 9.80% onwards | 9.80% onwards | 0.50%-1.00% of the applicable loan amount |
| GIC Housing Finance | 8.80% onwards | 8.80% onwards | 8.80% onwards | 8.80% p.a. onwards |
| Indiabulls Housing Finance | 8.75% onwards | 8.75% onwards | 8.75% onwards | Rs. 3,000 + GST |
| Aditya Birla Capital | 8.80% – 14.75% | 8.80% – 14.75% | 8.80% – 14.75% | Can charge from 1% or up to 2% |
| ICICI Home Finance | 9.20% onwards | 9.20% onwards | 9.20% onwards | 0.75%-3.00% plus applicable taxes and other statutory levies if any. |
| Godrej Housing Finance | 8.64% onwards | 8.64% onwards | 8.64% onwards | Processing Fee – for Salaried Rs 999 + GST Processing Fee – for Self- Employed 0.25% of the Loan Amount |
| L&T Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards | 3% on sanctioned amount + GST. |
Reliance Home Finance Interest Rate
| Scheme | Interest |
|---|---|
| Home Loan | 9.75% to 11.00 % |
| Loan for Self Construction | 9.75% to 13.00 % |
| Plot + Construction Loan | 9.75% to 13.00 % |
| Home Extension Loan | 9.75% to 13.00 % |
| Home Improvement Loan | 9.75% to 13.00 % |
| Home Loan Balance Transfer | 9.75% to 13.00 % |
| Home Loan Top Up | 11.00% to 13.00 % |
| Affordable Home Loan | 9.75% to 13.00 % |
| Home Loan for NRI | 9.75% to 13.00 % |
Leading Foreign Bank Home Loan Interest Rate
| Name of Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh | Processing Fees (Expected) |
| HSBC | 8.60% onwards | 8.60% onwards | 8.60% onwards | 1% of loan amount or Rs. 10,000, whichever is higher |
| Standard Chartered Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards | 0.5 % – 1% on the sanctioned loan amount |
India Shelter Home Loan
| Interest Rate | 11.50% – 21.10% p.a. |
| Loan Amount | Rs 5 lakh to Rs 50 lakh |
| Loan Tenure | Up to 20 years |
Shriram Housing Finance
| Interest Rate | The loan amount, tenure, and property features will depend on the credit profile of the borrower. |
| Loan Amount | Rs 1 lakh – Rs 10 crore |
| Tenure | Up to 25 years (The retirement age of the individual is a determining factor.) |
| Processing Fees | Up to 2.5% of loan amount plus applicable taxes |
HUDCO Home Loan Interest Rate
| Interest Rate | 8.95% p.a. to 9.45% p.a.(floating rate) 9.50 % p.a. (fixed rate) |
Sundaram Finance Home Loan Interest Rate
| Interest Rate | Starting at 7.85% per annum for employed individuals. |
| Interest Rate | Starting at 8.35% per annum for those who are self-employed. |
Aavas Financiers Limited Home Loan 2024
When applying for a home loan from Aavas Financiers, it is crucial to be aware of the interest rate. This rate will impact the amount of the loan you receive and the total amount of EMI you will be required to pay, Therefore, it is advisable to consider the interest rate when applying for a housing loan from Aavas Financiers, For more information on home loan interest rates, please visit the link provided.
IDBI Bank Home Loan Interest Rate 2024
| IDBI Home Loan Schemes | Interest Rate (p.a.) |
| IDBI Plain Villa Home Loan | Salaried /S elf Employed Professional – 8.65% – 10.75% Self Employed Non-Professional – 8.70% – 12.25% |
| Home Loan Top Up | Home loan ROI + 20 BPS |
| IDBI Neev | 9.80% – 10.40% p.a. |
| IDBI Neev 2.0 | 10.10% – 10.70% p.a. |
| Rural/semi urban housing | 9.45% p.a. onwards |
| Loan against property | 10.45% – 11.45% p.a. |
IDFC Home Loan Interest Rate 2024
| Employment Type | Product | Home Loan Rate |
|---|---|---|
| Salaried | Home Loan | 8.85% onwards |
| Home Loan Balance Transfer | 8.85% onwards | |
| Home Loan Top Up | Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount | |
| Self-Employed | Home Loan | 9.25% onwards |
| Home Loan Balance Transfer | 9.25% onwards | |
| Home Loan Top Up | Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount |
Saraswat Bank Housing Loan Interest Rate
| Loan Amount | CIBIL Score | Rate of Interest |
|---|---|---|
| Priority Sector Loans | 750 and above | 8.50%* |
| Less than 750 and -1/ 0 | 8.65%* | |
| Upto Rs.35 Lakh (Non Priority Sector) | 750 and above | 8.75% |
| Less than 750 and -1/ 0 | 8.90% | |
| Less than 700 to 650 | 9.20% | |
| Above 35 lakh upto 140 lakh | 750 and above | 8.75% |
| Less than 750 upto 700 / -1/ 0 | 8.90% | |
| Less than 700 to 650 | 9.20% |
JK Bank Home Loan Interest Rate 2024
| Interest Rate | 8.75% p.a. to 9.85% p.a. |
| Processing Fee | • 0.25% + GST (min.: Rs.5,000; max.: Rs.50,000). |
NOTE – Interest rates and Processing Fees rates are changing for bank home loan so it is better to visit the official website of the bank and verify once.
How to Calculate on Home Loan Interest
Home Loan EMI Calculator is an online calculator that allows you to easily calculate your monthly loan installment amount, Home loan borrowers must know how to calculate Equated Monthly Installments (EMI) as it gives a clear idea of how much a person has to pay in EMIs every month, Calculating your EMI will help you make an informed decision about how much you have to pay each month so you can plan your monthly expenditure accordingly.
Generally home loans are long term loans and it is very important to know your total interest liability on the loan first, Home Loan EMI Calculator is a simulation that helps you calculate the EMIs you have to pay on a home loan, Home Loan Calculator calculates the monthly EMIs depending on the principal, interest and tenure of the home loan.
How to Home Loan Interest Calculate
Following are the simple steps to calculate your EMI to calculate your EMI liability for your home loan through your EMI calculation formula.
- P x R x (1+R)^N / [(1+R)^N-1] where-
- P = Principal loan amount.
- N = Loan tenure in months.
- R = Monthly interest rate.
- The interest rate on your loan is calculated for 6 months.
- R = annual interest rate/12/100.
- The interest rate is 7.2% p.a. Then r = 7.2/12/100 = 0.006.
How to Calculate the Effective Interest Rate
The interest rate on a home loan is divided into two parts: the base rate and the markup rate. A combination of these two will result in the repayment of the loan, let’s take a look at these sections for you to understand.
Base Rate – It is the bank’s normal lending rate, which applies to all retail loans. This rate fluctuates frequently due to a variety of influences.
Markup – This minor percentage is added to the base rate to calculate the EIR (Effective interest rate) for a certain form of house loan and varies by type.
Effective Interest Rate (EIR) = Base Rate + Markup
Types of Interest Rates in Home Loan
Fixed Interest Rate – The rate remains constant in this calculation system throughout the loan term. Because the interest rate is fixed, there will be no change in the interest costs. Depending on the deal, you may be able to switch to a floating rate scheme after completing a specified period of the loan term.
Advantage – Because the rate remains fixed, you know how much interest you’ll pay up front. Your loan will be protected from frequent rate swings and will save you money in the long run if lending rates rise.
Disadvantage – You will not benefit if normal loan rates decline because the interest component remains frozen.
Floating Interest Rate – The interest rate on your home loan is determined by the bank’s most recent lending rates. The rate is connected to the bank’s most recent stated rate, which is determined by a variety of factors such as the RBI’s monetary policy and lending rate adjustments, the bank’s response to the revision, and so on.
Advantage – The most obvious advantage of choosing a variable rate is that you will be billed based on the most recent rate. Interest charges are reduced if interest rates fall.
Disadvantage – In rare cases, if standard rates rise, the loan must suffer the weight of being charged a higher rate.
your Home Loan Interest Rate Determining Factors – When applying for a home loan, it is crucial to understand the criteria that lenders take into account while assessing your eligibility and interest rate, as home loans involve large amounts of money, banks look at your credit history and repayment capabilities, your income and property details, and low interest rates. Here are the main factors that lenders consider as they come with strict eligibility criteria.
Credit Score – Credit Score – Your credit score reflects your credit history and financial track record; a strong credit score, combined with prompt payment of EMIs and credit card bills, demonstrates responsible credit management, Lenders will consider you more favorably for a home loan if your credit score is 750 or above, as determined by CIBIL or other bureaus. With banks increasingly using credit scores to determine home loan interest rates, applicants with higher credit scores, indicating responsible credit behavior, may be offered lower interest rates; those with no or low credit scores can improve their scores by applying for a Lifetime Free Step-UP Credit Card; and those with no or low credit scores can improve their scores by applying for a Lifetime Free Step-UP Credit Card.
Income and Employment – When determining your home loan eligibility, lenders consider characteristics such as your salary, occupation type, and employer profile. Because of the higher certainty of work and income, applicants with steady jobs in government, PSUs, or large/reputed private sector enterprises are often chosen by lenders. As a result, such applicants may be eligible for lower home loan interest rates. Individuals with irregular or insufficient income, on the other hand, may have difficulty acquiring a home loan with a reduced interest rate.
Loan Amount – The quantity of money you wish to borrow for a house loan might also influence the interest rate. Home loans of up to Rs. 30 lakh often offer cheaper interest rates than larger loan amounts. Making a lump sum down payment will help lessen your loan’s total load and potentially secure a cheaper interest rate.
Type of Home Loan – The interest rates on various forms of home loans differ. Regular home loans have conventional interest rates, however specialist loans, such as Plot Loans or NRI Home Loans, may have higher interest rates.
Interest Rate Concession for Women Borrowers – Some lenders give a house loan interest rate reduction, usually approximately 0.05%, to female customers only. As a result, married couples should pursue a combined house loan and designate the wife as the primary applicant if a reduced interest rate is possible. Choosing a shared home loan might also boost eligibility and provide additional tax advantages.
Type of Interest Rate – The repayment rate is affected by the type of interest rate you choose for your home loan. Fixed-rate mortgages provide regular EMIs throughout the loan term. Floating rates, on the other hand, fluctuate with changes in the lending rate and are tied to parameters such as the Repo tied Lending Rate (RLLR). Because of the additional interest rate risk, lenders often demand higher interest rates on fixed-rate home loans.
Home Loan Interest Rate Factors that Determine
Income – The industry in which you work, as well as your employer, have an impact, as does your income, A steady and strong income that is sufficient to cover the loan will be rewarded with a lower interest rate.
Credit Score – When you apply, your credit report will be thoroughly scrutinized. It entails checking your previous and present credit. If your credit score is up to date, you’re likely to acquire a competitive rate. A solid credit history also provides you the confidence to bargain.
Location of the Property – The location and surroundings are also important. If the house is in a desirable location or is purchased from a reputable builder/agency, you can expect to pay the lowest interest rate possible.
Loan Amount – The suggested loan quantity has the potential to influence the interest rate. The general rule is that the larger the loan amount, the lower the interest rate.
Type of Loan – The interest rates charged are also determined by the sort of house loan you obtain. Standard loans, such as home purchases, will have standard interest rates, however home improvement loans may have higher interest rates.
Loan Tenure – The loan tenure chosen has an impact on the interest rate offered to you by the bank. If you are willing to commit to a longer period, the interest rate provided is likely to be lower.
Type of Interest Rate – The interest rate on your home loan is determined by whether you choose a “Fixed” or “Floating” rate. The fixed rate is slightly higher than the variable rate.
Employment Type – Due to the risks involved, salaried applicants are likely to receive a little lower rate than self-employed applicants. Banks have different rates for salaried and self-employed applicants.
Ongoing Promo Offers – Look for promotional offers offered by lenders on various fronts, both locally and nationally. Lenders will collaborate with multiple partners like as builders and aggregators to offer tailor-made offers that include competitive rates in their effort to create the most customer-centric schemes.
Things to Know Before Taking Home Loan
Compare Interest Rates – If you find a house loan program with the lowest interest rate, don’t apply for it right away. Examine all of the scheme’s terms and conditions to see why the interest rate is so low in comparison to comparable home loans. Before applying for a home loan, experts urge customers to compare the interest rates of various plans.
Read Lender’s History – Before you borrow a house loan from a bank or another lender, make sure you understand its history. Loans are a liability that can cause major financial troubles if borrowed from an unknown or untrustworthy lender. You must hunt for news about the various lenders online, read up on their history, and read reviews of the services and products they provide. You can also get information about any lender by contacting mortgage brokers or specialists.
Make a Down Payment – When applying for a house loan, make sure to include a down payment. Do not be enticed by plans that need no upfront payment. If you apply for a home loan without putting down any money, you may not realize it and end up paying higher interest. Furthermore, the more money you invest as a down payment, the lower your EMIs will be, allowing you to repay your loan sooner.
Read the Fine Print – It is critical that you read the tiny print before taking out a house loan. It may appear lengthy, and you may be sluggish, but reading it will save you from future surprises. The fine print document will contain all of the information as well as the terms and conditions of the loan you intend to apply for. If you are unable to grasp the clauses in this paper, seek the assistance of a Chartered Accountant.
Understand the Fees and Charges – There are several costs and charges involved with a house loan, including late payment fees, prepayment fees, processing fees, legal expenses, documentation fees, and so on. You should be informed of all of these fees and expenses. Request that the lender provide you with a written list of all fees.
These are just a few of the many rules that must be followed while applying for a house loan. Aside from the foregoing, you should learn about the tax benefits on home loans and how to claim them. When you acquire your house loan, make sure you pay your EMI on time each month.
NOTE – Home loan interest rates vary according to the bank’s discretion, the information given here is only the current interest rates given by the banks, when you want to apply for a home loan in a bank, you should visit the bank’s official website and confirm.