Home Loan Interest Rates – Owning your dream Home is easy with Home Loan at low rate of interest. There are different Home Loan Interest Rates offered by Banks and Other Financial Institutions in India. Banks give you the option to choose from Fixed or Floating Rate of Interest on Home Loan. Also, the Bank may offer you an interest rate based on your income, loan amount, loan tenure, CIBIL Score etc. Some Banks also offer Home Loans with reduced interest rate to women borrowers.
Read below to find out about the best interest rates offered on Home Loan.
While offering interest rate on Home Loan, Banks take into account few factors that have been listed below:
Income: Banks offer preferential Home Loan Interest Rate to salaried customers with high monthly income. In case of Self-Employed customers, the annual turnover of the business is taken into account while determining Home Loan Interest Rate.
CIBIL Score: Banks offer attractive interest rate to customers with high CIBIL Score as it ensures the credit worthiness of the customer.
Home Loan Amount: Home Loan interest rate also depends on the Loan Amount availed. Banks offer comparatively low interest rate on Home Loan to customers availing higher loan amount.
Type of Home Loan: Home Loan interest rate varies on the type of Home Loan. Banks offer different interest rate on Home improvement loan, Home construction loan, Plot Loan and Regular Home Loan.
Home Loan Tenure: Home Loan interest rate depends on the tenure of the Home Loan. It is likely that the higher tenure on Home Loan will reduce the interest rate offered by the Banks.
Types of Home Loan Interest Rate
There are two types of Home Loan Interest Rate offered by Banks in India:
Fixed Rate of Interest: Fixed interest rate on Home Loan remains fixed during the tenure of the Loan. This allows you to calculate exactly how much interest you have to pay as the EMIs remain constant during the tenure of the Home Loan.
Floating Rate of Interest: Floating interest rate on Home Loan fluctuates based on RBI’s monetary policy and revisions in lending rates. So, any increase or decrease in the lending rate will also impact your EMIs out go.
|Home Loan Interest Rates|
|Banks / NBFCs||Interest Rates (Floating)|
|Allahabad Bank||8.80% – 9.25%|
|Andhra Bank||8.75% – 9.90%|
|Axis Bank||8.85% – 9.10%|
|Bandhan Bank||12.41% – 13.72%|
|Bank of Baroda||8.75% – 9.75%|
|Bank of India||8.85% – 8.90%|
|Bajaj Finance||8.85% – 11.15%|
|Bank of Maharashtra||8.75% – 8.85%|
|Canara Bank||8.75% – 8.95%|
|Central Bank of India||8.60% – 9.60%|
|CitiBank||9.00% – 9.85%|
|Corporation Bank||8.60% – 9.30%|
|DHFL||9.05% – 9.95%|
|Dena Bank||8.80% – 8.95%|
|Federal Bank||8.60% – 9.20%|
|Fullerton India||8.50% – 17.00%|
|HDFC Ltd||8.90% – 9.80%|
|HSBC Bank||8.55% – 9.05%|
|ICICI Bank||9.10% – 9.30%|
|IDBI Bank||8.65% – 8.95%|
|IDFC Bank||9.15% – 9.60%|
|Induslnd Bank||8.90% – 9.80%|
|Indiabull Housing Finance||8.80% – 11.05%|
|Jammu & Kashmir Bank||8.85% – 9.15%|
|Karnataka Bank||8.80% – 9.20%|
|Karur Vysya Bank||8.90% – 9.65%|
|Kotak Mahindra Bank||8.90%|
|LIC Housing||8.95% – 9.15%|
|Lakshmi Vilas Bank||9.90%|
|Nainital Bank||9.30% – 9.75%|
|Oriental Bank of Commerce||8.75% – 8.85%|
|Punjab National Bank (PNB)||8.70% – 8.95%|
|PNB Housing||9.00% – 13.00%|
|Punjab & Sind Bank||8.80% – 9.05%|
|Reliance Home Finance||8.75% – 14.00%|
|RBL Bank||10.30% – 11.65%|
|State Bank of India (SBI)||8.70% – 9.35%|
|Standard Chartered Bank||9.21% onwards
|TATA Capital||9.00% – 9.45%|
|UCO Bank||8.70% – 8.95%|
|United Bank of India||8.65%|
|Yes Bank||9.60% – 12.00%|