Table of Contents
Interest Rates of Rs 10 Lakh Home Loan
Almost all lenders offer Rs 10 lakh home loans to their applicants at floating interest rates. Although some lenders do offer fixed interest rates for home loan schemes, these rates are usually higher than floating rates provided by other banks/HFCs. Some lenders also provide home loans to loan applicants at mixed/hybrid interest rates wherein the interest rates usually remain fixed for the first 2 to 3 years, post which the lender starts charging floating interest rates from the borrower. Note that existing borrowers can transfer their home loans to another lender at lower interest rates by exercising the home loan balance transfer option.
Comparison Table of Interest Rates offered for Home loan of Rs 10 Lakh
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Check Eligibility |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Check Eligibility |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Check Eligibility |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Check Eligibility |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Check Eligibility |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Check Eligibility |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Check Eligibility |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Check Eligibility |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Check Eligibility |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Check Eligibility |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Check Eligibility |
Note: Interest rates as on 5th December 2024
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Rs 10 Lakh Home Loan EMI for 10 Year Tenure
| Lender’s Name | Interest Rate (% p.a.) | EMI |
| SBI | 8.50 – 9.85 | Rs 12,399 – Rs 13,132 |
| HDFC Bank | 8.75 onwards | Rs 12,533 onwards |
| ICICI Bank | 8.75 onwards | Rs 12,533 onwards |
| Bank of Baroda | 8.40 – 10.65 | Rs 12,345 – Rs 13,578 |
| Union Bank of India | 8.35 – 10.75 | Rs 12,319 – Rs 13,634 |
Rs 10 Lakh Home Loan EMI for 20 Year Tenure
| Lender’s Name | Interest Rate (% p.a.) | EMI |
| SBI | 8.50 – 9.85 | Rs 8,678 – Rs 9,551 |
| HDFC | 8.75 onwards | Rs 8,837 onwards |
| ICICI Bank | 8.75 onwards | Rs 8,837 onwards |
| Bank of Baroda | 8.40 – 10.65 | Rs 8,615 – Rs 10,085 |
| Union Bank of India | 8.35 – 10.75 | Rs 8,584 – Rs 10,152 |
Rs 10 Lakh Home Loan EMI for 30 Year Tenure
| Lender’s Name | Interest Rate (% p.a.) | EMI |
| SBI | 8.50 – 9.85 | Rs 7,689 – Rs 8,665 |
| HDFC | 8.75 onwards | Rs 7,867 onwards |
| ICICI Bank | 8.75 onwards | Rs 7,867 onwards |
| Bank of Baroda | 8.40 – 10.65 | Rs 7,618 – Rs 9,260 |
| Union Bank of India | 8.35 – 10.75 | Rs 7,583 – Rs 9,335 |
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Factors to consider for Availing Rs 10 Lakh Home Loans
Loan-to-Value Ratio
LTV Ratio is the proportion of a property’s value that lenders finance through their home loans. The rest of the property’s value has to be funded by the home loan applicants from their own fund sources in the form of down payment or margin contribution. Prospective home loan applicants must note that RBI has restricted the LTV ratio for Rs 10 lakh home loans at 90% of the property value. However, banks/HFCs can determine their home loan applicants’ LTV ratio based on factors like their credit score, repayment capacity, credit profile, the property’s market value, loan amount, etc. Note that some lenders offer lower interest rates on their home loans to prospective homeowners who opt for lower LTV ratios.
Home Loan Tenure
The loan repayment tenures offered by most lenders for their home loan schemes extend up to 30 years. Banks/HFCs consider the repayment capacity of their home loan applicants before deciding the loan tenure. Home loan lenders usually prefer that loan applicants limit their total EMI payment, which includes their existing EMIs as well as the EMI of their proposed home loan, to within 55%-60% of their net monthly income. Hence, prospective homeowners should opt for repayment tenures that keep their total EMIs (including the proposed home loan), within the 60% limit and consequently, improve their chances of availing home loans. Home loan applicants can use Paisabazaar’s home loan EMI calculator as it will help them decide the ideal loan repayment tenures and EMIs based on their repayment capability.
Credit Score
Home loan lenders usually prefer approving loan applications of individuals with credit scores of 750 and above. Banks/HFCs consider such applicants as financially sound and thus, are more likely to approve their request for availing home loans. Home loan applicants with good credit scores can also avail concessions on home loan interest rates from some banks/HFCs. Therefore, those planning to avail home loans should fetch their credit reports, at least once in quarter. This will allow applicants having lower credit scores to initiate remedial measures for boosting their credit scores. Loan applicants with improved credit scores increase their chances of availing home loans.
Processing Fees
Most banks/HFCs charge a one-time processing fee on home loans. The home loan processing fees charged by lenders is usually up to 2% of total loan amount, with some lenders levying higher tariffs. Lenders have the discretion to provide partial or total concessions on the processing fees charged from loan applicants during festive seasons or on other important occasions.
Prepayment Charges
According to RBI guidelines, home loan lenders cannot charge any prepayment fees for loans provided at floating interest rates. However, banks/ HFCs can charge prepayment fees for home loans provided at fixed interest rates. They also have the discretion to waive off prepayment fees as per their discretion.
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Rs 10 lakh Home Loan Eligibility Criteria
The home loan eligibility criteria for Rs 10 lakh home loans may differ across multiple lenders. However, home loan applicants are usually required to fulfil some of the below mentioned conditions for availing home loans:
- Lenders usually provide home loans to both salaried and self-employed resident Indians with some banks/HFCs offering NRI home loans to NRI/PIOs.
- Lenders usually consider home loan applications of individuals, whether availing fresh home loans or and applying for home loan balance transfer, who are at least 18 years old. However, banks/HFCs also usually mandate that their home loan borrowers should repay their entire loan amount before they are 70 years old.
- Lenders consider home loan applicants with credit scores of 750 and above as financially responsible, which also improves their chances of availing home loans. Many banks/HFCs also offer preferential home loan interest rates to applicants with higher credit scores.
- Existing home loan borrowers can select longer repayment tenures or include earning members in their family as co-borrower(s) to improve their home loan eligibility.
Apart from the criterion mentioned above, lenders might also consider their applicant’s monthly income, existing loans occupation and employer profile, property’s age, liabilities, assets, etc. while ascertaining their home loan eligibility.
Documents Required For Rs. 10 Lakh Home Loan
Loan applicants usually submit multiple documents while applying for home loans. Some of the home loan documents usually required by lenders are mentioned below:
- Duly filled application form
- Identity proof
- Address proof
- Income proof (both for salaried and self-employed)
- Age proof
- Proof of business (for self-employed applicants)
- Proof of employment (for salaried applicants)
- Property related documents
- Estimated property cost
Loan applicants must note that the above home loan documents list is not exhaustive as banks/HFCs may ask their applicants to furnish additional documents based on the loan applicants’ profile.
EMI Calculator for Rs 10 Lakh Home Loan
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395