Scheduled banks offer home loans at 7.05% p.a. onwards for tenures up to 30 years and loan amounts of up to 90% of property’s cost. To cater to the housing finance requirements of a wide customer base, the banks offer various home loan schemes offering benefits such as higher eligibility, reducing EMIs, EMI waivers, mixed interest rates, overdraft facility and balance transfer facility. Some banks also offer home loan products for affordable housing and for customers with insufficient income documents are also available.
Below we have listed some of the best home loan bank in india that offer lowest home loan interest rates.
List of Popular Indian Banks Offering Home Loan Interest Rates
|Name of Lender||Up to 30 Lakh||Above 30 Lakh & up to 75 Lakh||Above 75 Lakh|
|State Bank of India||7.55-8.55||7.55-8.45||7.55–8.45|
|Kotak Mahindra Bank||7.50 onwards||7.50 onwards||7.50 onwards|
|Punjab National Bank||7.45-8.85||7.40- 8.55||7.40-8.50|
|Bank of Baroda||7.45-8.95||7.45-8.95||7.45-9.20|
|Union Bank of India||7.40- 9.15||7.40- 9.35||7.40- 9.35|
|IDFC First Bank||7.50 onwards||7.50 onwards||7.50 onwards|
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1. SBI Home Loan
SBI finances up to 90% of property’s cost at 7.55% p.a. onwards for tenures up to 30 years. The bank offers special home loan products for defence personnel, government employees, non-salaried individuals, applicants buying ‘green’ homes and individuals living in hilly/tribal areas. Other benefits that come with SBI home loans include interest rate concessions of 0.05% to women borrowers, overdraft facility, balance transfer facility, step up loans, etc.
Types of SBI home loans:
- SBI Home Loan – It is a regular home loan scheme availed for buying ready-to-move/under construction/resale residential properties. It can also be availed for constructing/repairing/ renovating/extending an existing residential property.
- SBI Home Loan Balance Transfer – The balance transfer facility allows home loan borrowers to transfer their existing home loans to the State Bank of India at lower interest rates.
- NRI Home Loan – This home loan scheme is for NRIs to buy/construct a house in India.
- Flexipay Home Loan – This home loan product makes salaried applicants eligible for higher loan amounts by allowing them pay lower EMIs during the initial years of the loan tenure and higher EMIs during the subsequent years. Applicants also get the option of repaying only the interest component during the moratorium period.
- Privilege Home Loan – This home loan product is designed for the employees of Central/State Government, Public Sector Banks, Public Sector Undertaking and for other applicants with pensionable service.
- Shaurya Home Loan – This home loan scheme is designed for Army and Defence Personnel. The applicants of this loan may get lower interest rates and longer repayment period.
- Pre-approved Home Loan – This facility offers pre-approved loan sanction to loan applicants even before the finalization of their properties, which allows the applicants to confidently negotiate with the builders/sellers.
- Realty Home Loan – This home loan scheme is for buying a plot for constructing a house on it.
- Top-up Home Loan – This home loan scheme offers additional loan amount to the existing SBI home loan borrower over and above the existing home loan. The loan can be used for any purpose other than speculative purposes.
- YONO Insta Home Top-up Loan – A pre-approved top-up home loan facility offered to pre-select existing home loan borrowers of SBI. The pre-select borrowers can avail instant top-up home loan through a completely digital process over the SBI YONO app.
- Home Loan to Non-Salaried- Differential Offerings – A special home scheme designed for meeting the unique housing finance requirements of non-salaried applicants.
- SBI Tribal Plus – A special home loan scheme for applicants residing in tribal/hilly areas.
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2. Axis Bank Home Loan
Axis Bank offers home loans at 7.60% p.a. onwards for tenures of up to 30 years and for loan amounts of up to Rs. 5 crores. The bank also offers home loans for affordable housing and other special home loan products for offering reducing EMIs, EMI waivers, home loan overdraft facility and mixed interest rates (fixed for 2 years and then floating interest rates).
Types of Axis Bank home loans:
- Axis Bank Housing Loan – This loan is for Resident Indians and NRIs for buying or constructing a new house.
- QuikPay Home Loan – This loan allows borrowers to repay higher principal amounts during the earlier part of the loan tenure. The EMIs reduce every month helping borrowers save huge on the overall interest payout.
- Shubh Aarambh Home Loan – The loan facility comes with 12 EMI waivers (4 EMIs each waived off at the end of 4th, 8th and 12th year) and interest subsidy benefits on qualifying under Pradhan Mantri Awas Yojna Scheme.
- Fast Forward Home Loan – The home loan product offers 12 EMI waivers for loan accounts repaid beyond 10 years with 6 EMIs waived off at the end of 10th and 15th year
- Asha Home Loan – This home loan scheme is for applicants having combined family income of Rs 8,000 onwards. The home loan scheme is offered on the basis of the banking patterns of the loan applicants. The home loan scheme also offers EMI waivers of 12 months with 4 EMIs waived off at the end of 4th year, 8th year and 12th year of the loan tenure.
- Super Saver Home Loan – This is a home loan overdraft facility, which allows borrowers to invest their surplus funds in the account to earn interest and withdraw whenever needed.
This home loan scheme helps borrowers save on the total interest payable on your home loan.
- Power Advantage Home Loan – In this home loan scheme, the bank levies fixed interest rates for the first 2 years of loan tenure, followed by floating rate of interest for the rest of the loan tenure.
- Top-Up Home Loan – This home loan is offered to existing Axis Bank home loan customers and for home loan balance transfer customers requiring additional finances for personal/business requirements or for construction of residential/commercial property.
Apply for Axis Bank Home Loan Online Click Here
3. ICICI Bank Home Loan
ICICI Bank offers home loans starting at 7.60% p.a. onwards for tenures up to 30 years and for loan amounts of up to Rs. 10 crore.
Types of ICICI Bank Home Loan:
- ICICI Housing Loan – This home loan product is for purchasing/constructing a dwelling unit.
- Instant Home Loan – It is a pre-approved home loan wherein the bank offers instant sanction to those having salary accounts with ICICI Bank.
- Express Home Loans – This home loan is for borrowers who want to avail home loans on a fast track basis through online application, quick processing and digital sanction. The Provisional Sanction Letter issued remains valid for 6 months from the date of issue.
- Extraa Home Loan – This home loan scheme comes with the provision of increasing the repayment period till 67 years of age of the applicant for enhancing the home loan amount by 20%. The enhanced loan amount and repayment tenure is backed by Mortgage Guarantee.
- Pre-Approved (Instant) Balance Transfer – This is a pre-approved instant home loan balance transfer facility offered to existing ICICI Bank customers for transferring their existing home loan availed from other banks/HFCs to ICICI Bank at lower interest rates.
- Balance Transfer and Top-up – This home loan product is for transferring existing home loans from other banks/NBFCs to ICICI Bank at lower interest rates. Provision of top-up on existing home loan to meet any professional or personal requirements.
- Pratham Home Loans – This home loan scheme is offered to salaried applicants wishing to buy affordable housing properties. To avail this loan, the salaried applicants should have salary of at least Rs 10,000 per month and self-employed applicants having business vintage of at least 5 years.
- Land Loan – This home loan product is for those who need funds to purchase a land/plot.
- NRI Home Loan – This home loan product is for NRI applicants for the purchase/construction of house in India.
- Insta Home Loan Overdraft – This is a pre-approved digital home loan overdraft facility with instant access to funds to meet the personal expenses such as education, home renovation, debt consolidation, other emergencies, etc.
- Insta Top-up Loan – This pre-approved top-up loan, which eligible applicants can avail instantly in just 3 clicks for funding their personal and business requirements.
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4. Kotak Mahindra Home Loan
Kotak Mahindra Bank offers home loans starting at 7.50% p.a. onwards for tenures up to 30 years and for loan amounts of up to Rs. 10 crore.
Types of Kotak Home Loan:
- Kotak Housing Loan – This loan is for borrowers who want to buy/construct/renovate a house.
- Home Loan Balance Transfer – This home loan facility is for transfer of existing home loan from other financial institutions to Kotak Mahindra Bank at lower interest rates.
- Home Improvement Loan – The bank offers this home loan product for renovating or making other improvements in an existing house.
- NRI Home Loan – This home loan scheme is for meeting housing finance requirements of NRIs.
- NRI Home Improvement Loan – This home loan is for NRIs who need funds to cover expenses related to their home’s renovation or improvement.
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5. PNB Home Loan
Punjab National Bank offers home loans starting at 7.40% p.a. onwards for tenures up to 30 years and for loan amounts of up to up to 90% of property’s value.
Types of PNB home loans:
- Housing Loan for Public – This housing loan scheme is availed for purchasing a house/plot and for carrying out additions/repair/renovation/alterations/furnishing in an existing property.
- PNB Max Saver – This is a home loan overdraft facility, which can be availed for all purposes as under housing finance scheme except for the purchase of land/plot.
- PNB Pride Housing Loan for Government Employees – These home loans are specifically designed for permanent employees of State/Central Government and Defence Personnel/Paramilitary.
- PNB Gen-Next Housing Finance Scheme for Public – This home loan scheme is for gen-next salaried class borrowers including employees of PSBs/PSUs/Government sectors and IT professionals aged up to 40 years.
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6. Bank of Baroda Home Loan
Bank of Baroda offers home loans starting at 7.40% p.a. for tenures of up to 30 years and loan amount up to Rs. 20 crores.
Types of BoB home loans:
- Baroda Housing Loan – The bank offers this home loan scheme for purchasing plot/flat/house, constructing homes and extending existing homes.
- Baroda Home Loan Advantage – This is a home loan overdraft facility wherein the bank will link the home loan account with an overdraft account, which here is a savings bank account. This facility allows borrowers to deposit or withdraw funds from the overdraft account as and when required. The surpluses parked in the overdraft account are considered as repayment, thereby, reducing the outstanding principal and resultantly the overall interest cost of the loan.
- Baroda Home Loan Takeover Scheme – This facility allows borrowers to reduce their home loan interest cost by transferring their outstanding home loan to Bank of Baroda at lower interest rates.
- Home Improvement Loan – This home loan scheme is offered to cover costs related to repair/renovation of an existing home including purchase of new furniture, furnishings and fittings such as fans, geysers, air conditioners, air purifier, water filter, etc.
- Baroda Pre-Approved Home Loan – In this home loan facility, eligible applicants get home loan approval prior to the identification of house/flat/plot with a validity of 4 months.
- Baroda Top-up Loan – This is an additional loan facility for existing home loan borrowers including NRIs and PIOs for purposes other than speculative purposes.
- Pradhan Mantri Awas Yojna – Home loans under PMAY cater to the housing finance needs of customers who want to falling under the Economically Weaker Sections, Low Income Groups and Middle Income Groups. In this housing loan, eligible applicants who wish to buy affordable properties can claim interest subsidy of up to Rs 2.67 lakh.
Apply for Bank of Baroda Home Loan Online Click Here
7. Union Bank of India Home Loan
Union Bank of India finances up to 90% of property cost at 7.40% p.a. onwards for tenures of up to 30 years.
Types of Union home loans:
- Union Home Loan – The bank offers this home loan product for purchasing a plot/dwelling unit. The loan can also be availed for the construction/repair/renovation/extension of an existing house. The loan also comes with balance transfer facility.
- Union Awas – This is a special home loan scheme for those customers who want to buy or construct houses in rural/semi-urban areas. It is also availed for carrying out repair/improvement/extension of existing dwelling units in rural or semi-urban areas.
- Union Home-Smart Save – This is a home loan overdraft facility wherein your home loan account will be linked to an overdraft account, which can either be a savings/current bank account. In this facility, borrowers can deposit or withdraw funds from their overdraft account anytime. Any surplus parked in the overdraft account will act as repayment, thereby, helping borrowers save on the total interest cost of the loan.
- Pradhan Mantri Awas Yojna (PMAY) – Home loans under PMAY can be availed for the purchase/construction of a new house/flat, for repair/renovation/extension/addition for Economically Weaker Sections, Lower Income Groups and Middle Income Groups.
- Union Ashiyana Personal Loan Scheme – This home loan scheme is for meeting personal expenses of existing and fresh home loan borrowers.
- Union Ashiyana Overdraft Scheme – This is a home loan overdraft scheme for meeting personal or business needs of home loan borrowers or for the repayment of high cost loans.
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8. IDFC First Home Loan
IDFC First Bank offers home loans starting at 7.50% p.a. for loan tenures of up to 30 years and loan amounts of up to Rs 5 crore. The bank offers various home loan schemes and surrogate programs to arrive at higher eligibility for self-employed customers. The bank also offers home loans to customers without regular income documents.
Types of IDFC First home loans:
- IDFC First Housing Loan – This home loan is for customers who want to buy or construct a house. The loan can also be availed by customers who want to renovate their existing homes.
- IDFC First Suvidha Shakti – This is a micro-housing loan scheme for women to meet various home improvement requirements like sanitation, water connection, renovation, etc.
- IDFC FASTRACK Home Loan Balance Transfer – This balance transfer facility allows existing home loan borrowers to save on their loan’s overall interest cost by transferring the outstanding loan balance to IDFC First Bank at lower interest rates. Customers transferring their home loans to the bank can also avail top-up home loans to meet their additional fund requirements.
Apply for IDFC First Home Loan Online Click Here
9. Federal Bank Home Loan
Federal Bank offers home loans amounting up to Rs 15 crore at low interest rates starting at 8.55% p.a. for tenures of up to 30 years.
Types of Federal Bank Home Loans:
- Federal Housing Loan – Customers can avail this home loan product for buying/constructing/repairing/renovating/extending a residential property. The loan can also be availed for reimbursing the debt obtained for purchase/construction/furnishing/plot purchase/balance transfers/supplementary housing loans for employees of well-established companies.
- Plot Purchase Loan – This home loan product can be availed for buying a plot of land for residential purposes.
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10. Indian Bank Home Loan
Indian Bank offers home loans at 7.40% p.a. onwards for tenures of up to 30 years and loan amounts of up to 90% of the property’s value.
Types of Indian Bank Home Loan:
- IB Home Loan – This is a regular home loan scheme for buying/constructing/repairing/renovating/extending a house. The loan can also be availed for buying a plot and for availing balance transfer facility.
- IB Home Advantage – This is a home loan overdraft facility that helps borrowers save on the interest cost while maintain their liquidity.
- Plot Loan – The home loan can be availed for buying a plot duly approved by Competent Authority.
- NRI Home Loan – This home loan is specially designed for NRIs and Persons of Indian Origin for purchase/construction/ repair/renovation/alteration of a flat/house.
- NRI Plot Loan – This home loan product for NRIs who want to buy plot in non-rural areas in layouts approved by Government authority.
- IB Home Improvement – This credit facility is for buying household furniture, kitchen racks, TV sets, cupboards, fridge, computers, etc.
- IB Home Loan Plus – This is a top up home loan, which can be used for any purpose other than speculative purposes.
- IB Home Enrich – This home loan facility can be availed for repairing/renovating a residential house/flat.
- IND Awas-Home Loan under PMAY CLSS – Home loans under PMAY CLSS is aimed at urban poor who want to purchase affordable properties. The loan can also be availed to construct houses.
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