Home Loan Interest Rates

Home loan is a kind of financial assistance that you can avail to turn your dream of having your own home into reality. With the help of home loan you can borrow a lump sum amount against 80%—90% of your property value and repay the amount with interest according to the applied home loan interest rate in easy EMIs (Equated Monthly Instalments) in the given tenure of the loan.

Home Loan Interest Rate in 2019

The home loan interest rates vary from one lender to the other. It depends on your property’s location, amount being borrowed, existing EMIs and your monthly salary. Many banks also offer concession to women.

Home Loan Interest Rates Details
Interest Rate	Starting from 8.70% pa onwards
Processing Fees	Upto 1% of loan amt
Loan Tenure	1 Year to 30 Years
Partial pre-payment Charges	Varies from bank to bank
Pre-closure Chargest	NIL in Maximum Banks

Compare Home Loan Interest Rates of All Leading Banks in India

Home Loan Provider	Home Loan Interest Rates	Home Loan Processing Fees	Prepayment Charges
YES BANK	9.35% onwards	0.5% of loan amt. or Rs.10,000 whichever is higher (+GST)	NIL for floating rate loans
SBI	8.75% onwards	Rs. 0 – 10,000	NIL
HDFC Bank	8.85% onwards	Up to 0.5% of loan amt	NIL
ICICI Bank	8.95% onwards	0.5% – 1.00% of loan amt.	NIL
IDFC Bank	8.90% onwards	Rs 10000	NIL
IndiaBulls	8.80% onwards	Up to 1% of loan amt	NIL
LIC Housing Finance	8.70% onwards	For up to 1 Cr – Rs 5000 , Above 1 Cr Rs 10,000	NIL
PNB Housing Finance	9.05% onwards	Up to 1% of loan amt	NIL
DHFL	10.00% onwards	Up to 1% of loan amt	NIL
Axis Bank	8.85% onwards	Up to 1% of loan amt	NIL
IDBI Bank	8.70% onwards	0.5% of loan amount	NIL
Tata Capital	8.80% onwards	0.2% of loan amt.	NIL
Punjab National Bank	9.05% onwards	Nil	NIL
Bank of India	8.70% onwards	Min. 1000 and Max. Rs. 20,000	NIL
Syndicate Bank	9.85% onwards	Min. 500 to Max. 5,000	NIL
Canara Bank	8.75% onwards	Varies based on applicant profile	NIL
United Bank of India	8.65% onwards	Varies based on applicant profile	NIL
IIFL	9.50% onwards	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. Let’s discuss the housing loan rates for top banks in India:

SBI Home Loan Interest Rate

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

SBI Home Loan Interest Rate
1 year MCLR=8.55%		Salaried Borrowers (%) :	Non-Salaried Borrowers (%) :
Women	LTV ≤ 80	1 Year MCLR + 20 bps, ER: 8.75%	1 Year MCLR + 35 bps, ER: 8.90%
	LTV > 80 and ≤ 90	1 Year MCLR + 30 bps, ER: 8.85%	1 Year MCLR + 45 bps, ER: 9.00%
Other	LTV ≤ 80	1 Year MCLR + 25 bps, ER: 8.80%	1 Year MCLR + 40 bps, ER: 8.95%
	LTV > 80 and ≤ 90	1 Year MCLR + 35 bps, ER: 8.90%	1 Year MCLR + 50 bps, ER: 9.05%

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.

RPLR: 16.75%

Loan Slab	HDFC Home Loan Interest Rates (% p.a.)
For Women* (upto 30 Lakhs)	8.80 to 9.30
For Others* (upto 30 Lakhs)	8.85 to 9.35
For Women* (30.01 Lakhs to 75 Lakhs )	8.95 to 9.45
For Others* (30.01 Lakhs to 75 Lakhs)	9.00 to 9.50
For Women* ( 75.01 Lakhs & Above)	9.00 to 9.50
For Others*( 75.01 Lakhs & Above)	9.05 to 9.55

HDFC TruFixed Plus Loan – 2 Year Fixed Rate Variant

Loan Slab	Home Loan Interest Rates (% p.a.)
For Women* (upto 30 Lakhs)	9.30 to 9.80
For Others* (upto 30 Lakhs)	9.35 to 9.85
For Women* (30.01 Lakhs to 75 Lakhs )	9.45 to 9.95
For Others* (30.01 Lakhs to 75 Lakhs)	9.50 to 10.00
For Women* ( 75.01 Lakhs & Above)	9.50 to 10.00
For Others*( 75.01 Lakhs & Above)	9.55 to 10.05

Axis Bank Home Loan Interest Rate

Marginal Cost Based Lending Rate (MCLR) – 8.70%
MCLR Reset frequency for Home Loans – Half Yearly
Base Rate – 9.20%
MRR – 13.70%
BPLR – 16.95%

For Salaried:

Sr. No	Type	Loan amount (Rs.)	MCLR + Mark Up	Effective Rate Of Interest
1	Floating Rate	Loan amount upto Rs 30 lacs	MCLR + 0.10%	8.80% p.a.
		Loan amount upto Rs 75 lacs	MCLR + 0.30%	9.00% p.a.
		Loan amount above Rs 75 lacs	MCLR + 0.35%	9.05% p.a.
		Top Up for existing customers	Upto 30%- Same rate at which the home loan is running 30%-100%- LAP rate shall be applicable
2	Fixed rate (for 20 years)	All Loan Amounts	–	12.00%

For Self Employed

Sr. No	Type	Loan amount (Rs.)	MCLR + Mark Up	Effective Rate Of Interest
1	Floating Rate	Loan amount upto Rs 30 lacs	MCLR + 0.20%	8.90% p.a.
		Loan amount upto Rs 75 lacs	MCLR + 0.35%	9.05% p.a.
		Loan amount above Rs 75 lacs	MCLR + 0.40%	9.10% p.a.
		Top Up for existing customers	Upto 30%- Same rate at which the home loan is running 30%-100%- LAP rate shall be applicable
2	Fixed rate (for 20 years)	All Loan Amounts	–	12.00%

IDBI Home Loan Interest Rate

FLOATING RATE LOANS
HOME LOAN & ITS VARIANTS
Home Loan (HL)
Up to  ₹ 35 lakhs	6 months MCLR + 0.05%
Above ₹ 35 lakhs and up to ₹ 75 lakhs	6 Months MCLR + 0.20%
Above ₹ 75 lakhs	6 Months MCLR + 0.30%
Home Loan Interest Saver (HLIS)
All loan Amounts	1Yr MCLR + 0.35%
IDBI NEEV	Sanction Amount	RoI
	Upto ₹ 35 lakh	1Yr MCLR + 0.45%
	> ₹ 35 lakh to ₹ 75 lakh	1Yr. MCLR + 0.70%
	> ₹ 75 lakh	1Yr MCLR + 0.95%
00001. Turnover based Home Loan
All loan Amounts	1Yr MCLR + 3.20%
00001. Scheme for Financing Rural/Semi Urban Housing
All loan Amounts	6M MCLR+0.00%

Home Loan Interest Rates Frequently Asked Questions

1. How to get lowest interest rate on home loan?

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.

2. What are the factors that influence home loan interest rates?

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.