Table of Contents
Interest Rates for Home Loan up to Rs 15 Lakh
Most lenders offer home loans at floating interest rates to their loan applicants. Although some lenders provide home loans at fixed interest rates, those rates are usually higher than the floating rates provided by other banks. Some banks/HFCs also provide home loans at mixed/hybrid interest rates. Under this regime the interest rates usually remain fixed for the first 2/3 years, after which the lender charges floating interest rates from the home loan borrower. Note that existing home loan borrowers can transfer their existing home loans to other lenders at lower interest rates through the home loan balance transfer facility.
Comparison Table of Interest Rates offered for Rs 15 lakh Home Loan
| 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. | Apply Now |
| HDFC Bank Limited | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Note: Interest rates as on 12th April 2024
Apply for Rs 15 lakh Home Loan at Low Interest Rates Click Here
Rs 15 Lakh Home Loan EMIs for 10 Year Tenure
| Lender’s Name | Interest Rate (% p.a.) | EMI |
| SBI | 8.50 – 9.85 | Rs 18,598 – Rs 19,698 |
| HDFC Bank | 8.50 onwards | Rs 18,598 onwards |
| ICICI Bank | 9.40 onwards | Rs 19,328 onwards |
| Bank of Baroda | 8.40 – 10.65 | Rs 18,518 – Rs 20,366 |
| Union Bank of India | 8.35 – 10.75 | Rs 18,478 – Rs 20,451 |
Rs 15 Lakh Home Loan EMIs for 20 Year Tenure
| Lender’s Name | Interest Rate (% p.a.) | EMI |
| SBI | 8.50 – 9.85 | Rs 13,017 – Rs 14,327 |
| HDFC Bank | 8.50 onwards | Rs 13,017 onwards |
| ICICI Bank | 9.40 onwards | Rs 13,884 onwards |
| Bank of Baroda | 8.40 – 10.65 | Rs 12,922 – Rs 15,127 |
| Union Bank of India | 8.35 – 10.75 | Rs 12,875 – Rs 15,228 |
Rs 15 Lakh Home Loan EMIs for 30 Year Tenure
| Lender’s Name | Interest Rate (% p.a.) | EMI |
| SBI | 8.50 – 9.85 | Rs 11,534 – Rs 12,998 |
| HDFC Bank | 8.50 onwards | Rs 11,534 onwards |
| ICICI Bank | 9.40 onwards | Rs 12,504 onwards |
| Bank of Baroda | 8.40 – 10.65 | Rs 11,428 – Rs 13,890 |
| Union Bank of India | 8.35 – 10.75 | Rs 11,375 – Rs 14,002 |
Apply for Rs 15 lakh Home Loan at Low Interest Rates Click Here
Factors to consider for Availing Home Loan up to Rs 15 Lakh
Loan-to-Value Ratio
Lenders finance a certain percentage of the property value through their home loans and that percentage is known as the LTV Ratio. Home loan applicants are responsible for arranging the remaining amount from their own fund sources either through down payment or margin contribution. Note that RBI has capped the home loan LTV ratio for home loans of Rs 15 lakh at 90%. However, the lender has the discretion to decide their home loan applicants’ LTV ratio based on their credit score, credit profile, repayment capacity, the property’s market value, etc. Note that some banks/HFCs provide lower home loan interest rates for loan applicants opting for lower LTV ratios.
Loan Tenure
Most banks/HFCs offer home loans with repayment tenures of up to 30 years. Banks and HFCs usually ascertain the repayment capacity of a home loan applicant while finalising their loan tenure. Home loan lenders usually require loan applicants to confine their total EMI payment, which includes EMIs of their existing loans and the proposed home loan, to be within 50%-60% of their total net monthly income. Thus, home loan applicants should select repayment tenures that limit their total EMIs, including that of the proposed home loan, to within 50%-60% of their monthly income and improve their chances of home loan approval. Home loan applicants can make use of the Paisabazaar home loan EMI calculator to determine their optimum home loan tenures and EMIs based on their repayment capacity.
Credit Score
Banks/HFCs usually consider loan applicants with credit scores of 750 and above as creditworthy. Such applicants stand a better chance of getting approval for their home loan applications. Many lenders have also begun to offer preferential home loan interest rates for applicants having good credit scores. Thus, it is important for home loan applicants to review their credit reports before applying for a home loan. Doing so will allow applicants having lower credit scores to initiate corrective measures to enhance their scores. Once their credit scores show an improvement their chances of getting a home loan approval increases proportionately.
Home loan applicants with low or no credit scores can also avail Step Up Credit Card co-branded with SBM Bank India Ltd. to steadily improve their credit scores and increase their chances of getting home loan approval.
Processing Fees
Most lenders levy home loan processing fees for processing loan applications of prospective homeowners. Home loan processing fees is usually up to 2% of total loan amount, with some lenders levying higher tariffs. Lenders also provide partial/total waiver on home loan processing fees during festive seasons or on important occasions
Prepayment Charges
RBI has directed all banks, HFCs and non-banking financial companies (NBFCs) to not levy any prepayment fees for floating rate home loans. However, lenders have the discretion to either charge or waive off prepayment fees on home loans with fixed interest rates.
Apply for Rs 15 lakh Home Loan at Low Interest Rates Click Here
Eligibility Criteria for availing Rs 15 Lakh Home Loan
Although the home loan eligibility criteria may differ from lender to lender, some of the main conditions required for loan applicants applying for a home loan are as follows:
- Lenders consider resident Indians eligible for availing home loans with some of them also offering home loans to NRIs.
- Lenders usually offer home loans for loan applicants, whether applying for fresh home loans and opting for balance transfer, who are 18 years and older. However, they also usually require home loan borrowers to repay their loans before they reach 70 years.
- Lenders offer Rs 15 lakh home loans both to salaried and self-employed individuals.
- Home loan applicants having credit scores of 750 and above are more likely to avail home loans. Many banks and HFCs also provide home loans at preferential interest rates to loan applicants with higher credit scores
- Existing home loan borrowers can also enhance their home loan eligibility with help of methods like adding earning family members as co-borrower(s) or by opting for longer loan tenures.
Lenders might also give weightage to additional factors a loan applicant’s monthly income, existing EMIs (if any) from other debt obligations, work experience (for salaried) and business continuity (for business owners), liabilities, assets, age of the property, etc. while ascertaining their eligibility for availing home loan.
Documents Required for Home Loan up to Rs 15 Lakh
Most lenders require loan applicants availing home loans to submit multiple documents. Some of the loan documents required while applying for home loans are as follows:
- Duly filled application form
- Identity proof
- Age proof
- Income proof (both for salaried and self-employed)
- Proof of employment/business
- Address proof
- Property documents
- Estimated cost of property
Note that this list of documents required for availing home loans is non-exhaustive as lenders may ask for additional documents based on their requirements and the loan applicant’s profile.
Rs 15 lakh Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395