Home Loan Interest Rates

Home Home Loan Home Loan Interest Rates

Home loan makes the dream of having your own home come true. Here you can borrow a lump sum amount against 70%—80% of your property value and repay the amount in easy EMIs in the given tenure of the loan.

Home Loan Interest Rates in 2018 

The home loan interest rate varies from one lender to the other. It depends on your property’s location, amount being borrowed, existing EMIs and your monthly salary. The normal range of Home loan interest rates are from 8.35% to 12.75%. Many banks offer concession to women.

Home Loan Interest Rate Details
Interest Rate Starting from 8.35% to 12%
Processing Fees Upto 1% of loan amt
Loan Tenure 1 Year to 30 Years
Partial pre-payment Charges Varies with bank
Pre-closure Chargest NIL in Maximum Banks

Check and Compare Home Loan Interest Rates of All Leading Banks in India

Home Loan Provider Home Loan Interest Rates Per Lac EMI  Home Loan Processing Fees Prepayment Charges
YES BANK 9.35% onwards 864 0.5% of loan amt. or Rs.10,000 whichever is higher (+GST) NIL for floating rate loans
SBI 8.35% onwards 858 Rs. 0 – 10,000 NIL
HDFC Bank 8.35% onwards 858 Up to 0.5% of loan amt NIL
ICICI Bank 8.35% onwards 858 0.5% – 1.00% of loan amt. NIL
IDFC Bank 8.55% onwards 870 Rs 10000 NIL
IndiaBulls 8.35% onwards 858 Up to 1% of loan amt NIL
LIC Housing Finance 8.35% onwards 858 For up to 1 Cr – Rs 5000 , Above 1 Cr Rs 10,000 NIL
PNB Housing Finance 8.60% onwards 874 Up to 1% of loan amt NIL
DHFL 8.70% onwards 880 Up to 1% of loan amt NIL
Axis Bank 8.35% onwards 858 Up to 1% of loan amt NIL
IDBI Bank 9.30% onwards 858 0.5% of loan amount NIL
Tata Capital 8.70% onwards 880 0.2% of loan amt. NIL
Punjab National Bank 8.90% onwards 893 Nil NIL
Bank of India 8.65% onwards 877 Min. 1000 and Max. Rs. 20,000 NIL
Syndicate Bank 8.75% onwards 883 Min. 500 to Max. 5,000 NIL
Canara Bank 9.10% onwards 906 Varies based on applicant profile NIL
United Bank of India 9.10% onwards 906 Varies based on applicant profile NIL
IIFL 8.85% onwards 890 0.75% of the loan amount (minimum Rs. 5,000) NIL

Home Loan Interest Rate Calculator

For getting the appropriate approximation of the interest rate that would be offered on your loan, you should use the home loan interest rate calculator. In addition to your existing loan EMIs, salary and loan amount, interest rate is also calculated on the basis of your CIBIL score.

SBI Home Loan Interest Rate

The State Bank of India gives quick approval for home loan with concession in rates for women customer.

Borrowers’ category Home Loan interest rate, irrespective of loan limit EMI per Lac for 30 year Tenor Maxgain above Rs. 1 crore CRE Maxgain, irrespective of loan limit
Women 20 bps above the BR i.e. 9.50% p.a. Rs. 841 45 bps above the BR i.e. 9.75% p.a. 65 bps above the BR i.e. 9.95% p.a.
Others 25 bps above the BR i.e. 9.55% p.a. Rs. 845 50 bps above the BR i.e. 9.80% p.a. 70 bps above the BR i.e. 10% p.a.
  • The woman should be the sole applicant or first co-applicant of Home Loan and also
  • The property proposed to be financed should be either in the sole name of the woman borrower or she should be the first owner in case of joint ownership

HDFC Bank Home Loan Interest Rate

HDFC home loan can be availed when purchasing a flat, row house, bungalow from private developers in approved projects or properties from development authorities such as DDA, MHADA etc.

Adjustable Rate Loan – Festive Offer

RPLR: 16.30%

Loan Slab Interest Rates (% p.a.) RPLR Minus Spread
For Women* (Any Loan Amount) 9.50 to 10.00 RPLR – (6.80 to 6.30)
Any Loan Amount 9.55 to 10.05 RPLR – (6.75 to 6.25)

TruFixed Plus Loan – 2 & 3 Year Fixed Rate Variant – Festive Offer

RPLR: 16.30%

Loan Slab Interest Rates During The 2 & 3 Year Fixed Rate Term (% p.a.) Post The Fixed Rate Term The Applicable Interest Rates Shall Be The Prevailing Rate Of Interest Under Adjustable Rate
For Women* (Any Loan Amount) 9.50 to 10.00 RPLR – (6.80 to 6.30)
Any Loan Amount 9.55 to 10.05 RPLR – (6.75 to 6.25)

TruFixed Plus Loan – 10 Year Fixed Rate Variant – Festive Offer

RPLR: 16.30%

Loan Slab Interest Rates During The 10 Year Fixed Rate Term(% p.a.) Post The Fixed Rate Term The Applicable Interest Rates Shall Be The Prevailing Rate Of Interest Under Adjustable Rate
For Women* (Any Loan Amount) 9.70 to 10.20 RPLR – (6.60 to 6.10)
Any Loan Amount 9.75 to 10.25 RPLR – (6.55 to 6.05)

Axis Bank Home Loan Interest Rate

Type of Loan Base Rate + Markup Effective ROI (floating)
Loan Against Self-Occupied Residential Property (Standard Product) Base Rate + 2.25% 11.75%
Loan Against Property -Residential (other than Self-occupied) & Commercial(Standard Product) Base Rate + 3.25% 12.75%
Purchase Of Commercial Property (Standard Product) Base Rate + 3.25% 12.75%
Reverse Mortgage Loan Base Rate + 3.25% 12.75%
Lease Rental Discounting Base Rate + 3.25% 12.75%
Overdraft Facility Against Property Base Rate + 4.00% 13.50%

** Base Rate – 9.50%

IDBI Home Loan Interest Rate

Base Rate (BR) 9.75%p.a.
Home loans
Facility /Interest Type For all loan amounts
Home Loan (Floating) 9.75% (BR+0.00%)
Home Loan Interest Saver (Floating) 9.90% (BR+0.15%)
Home Loan (Fixed ) for 3 to 10 years Below Rs. 30 lac Rs.30 lac & above
10.25% (BR+0.50%) 10.50% (BR+0.75%)

YES BANK Home Loan Interest Rate

Loan Category Rate of Interest Prepayment/Part Payment Charges Home Loan Processing Fees Switch charges (Fixed to prevailing floating rate) Switch charges (Floating to prevailing fixed rate)
Home Loans for All 9.35% – 10.50% NIL for floating rate loans 0.5% of the loan amount or Rs.10,000 whichever is higher (+GST) 1% of the loan amount outstanding 0.5% of the loan amount outstanding
2.5% on the principal outstanding for fixed rate loans.
YES BANK KHUSHI for Affordable Housing 10.25% -13.50% NIL for floating rate loans. 1% of the loan amount or Rs.10,000 whichever is higher (+GST) 1% of the loan amount outstanding 0.5% of the loan amount outstanding
2.5% on the principal outstanding for fixed rate loans

Home Loan Interest Rates FAQs

  1. How to get lowest interest rate on home loan?
  2. You can get the lowest interest rate on your home loan if you follow below mentioned steps:
  • You can get the lowest interest rate if you opt to avail a home loan jointly with your wife and make her the primary applicant of your home loan. Most of the banks provide home loan to women on an interest rate which is less than 0.5% of the general home loan interest rate.
  • You can even opt for a balance transfer if your current bank or financial institution is charging a higher rate of interest. You can switch to another bank who offers you a lower rate of interest. With such a tough competition, banks prefer to retain their customers who make timely repayments and have a good credit history.
  1. What are the factors that influence home loan interest rates?
  2. Following is the list of factors that influence home loan interest rates:

Credit Score – Your credit score is one of the most important factors that influence home loan interest rates. Lenders check the credit scores of every individual in desire of a home loan to access the credit worthiness. Credit score is calculated based on your credit report which includes your credit history, including your loans, credit cards repayment history.

Down payment – A larger down payment leads to a lower interest rate, as lenders see a lower level of risk when you make a larger down payment and make the rest in monthly payments.

Loan Tenure – Loan tenure is the duration of your loan in which you have to repay your loan. Shorter loan tenure means lower interest rates and lower overall costs, but higher monthly payments. A longer tenure will result in high interest payments but low monthly payments.

Interest Rate Type – Interest rates come in two basic types: fixed and floating. Fixed interest rates don’t change over time. Floating interest rate varies periodically over the loan tenure. Lenders have their own MCLR rate to determine the interest rate to be charged on a home loan.

To read more Home Loan Interest Rates FAQs – Click here.

 

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