Get the best home loan interest rates in 2024 based on your credit score, earnings, stability of job and repayment history. Banks and housing financiers are offering lowest home loan interest rates for various repayment tenures. Individuals showcasing a credit score above 750 can secure the best home loan interest rates. Lowest home loan interest rates are being offered to women home loan borrowers and government employees.
Updated: 14-05-2024 04:18:01 PM
Interest Rate | Starting @ 8.50% p.a. |
---|---|
Processing Fee | Up to 0.25% |
Loan Tenure | 5 to 30 years |
Lowest EMI Per Lakh | Rs. 769 for 30 years |
Prepayment Charges | Nil |
Bank Name | Interest rate (%) | Processing fee |
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HDFC Bank Home Loan | 8.75% – 9.65% | Up to 0.50% of the loan amount + applicable taxes |
HSBC Bank Home Loan | 8.45% | Up to 1.00% of the loan amount + applicable taxes |
Kotak Mahindra Bank Home Loan | 8.70% | Up to 0.50% of the loan amount + GST |
IDFC Bank Home Loan | 8.75% | Up to 3% |
PNB Housing Finance | 8.50% | Up to 0.50% of loan amount + GST |
Federal Bank Home Loan | 8.80% | 0.50% of loan amount |
Bajaj Finserv | 8.50% – 15.00% | Up to 7% of loan amount + GST |
L&T Housing Finance | 8.65% | Up to 0.25% of loan amount + GST |
ICICI Bank Home Loan | 8.75% | 0.50% – 2.00% of the loan + applicable taxes |
Bank Name | Interest rate (%) | Processing fee |
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SBI Bank Home Loan | 8.50% – 10.05% | 0.35% + GST |
Central Bank of India | 8.50% – 9.50% | Completely waived till 31.12.2023 |
Bank of Baroda Home Loan | 8.40% – 10.60% | Rs. 8000 + GST |
Bank of Maharashtra | 8.35% – 8.90% | 0.25% of the loan amount |
Bank of India Home Loan | 8.30% | Up to 0.50% of the loan amount |
Punjab National Bank | 8.40% – 10.25% | Full waiver of processing fees till 31.03.2024 |
Union Bank of India Home Loan | 8.35% | 0.50% of the loan amount (Max. Rs. 15,000) + GST |
Many home loan lenders even factor in the income sources of their home loan applicants when deciding their rates. Generally, lenders charge lower rates from salaried individuals as compared to self-employed individuals.
Among self-employed, chartered accountants and doctors generally hold higher chances of getting their home loans approved at lower rates. Among salaried, government and PSU employees are most preferred by lenders owing to their job security and income certainty. They are followed by the ones employed in reputed and large private sector organisations as these companies are generally looked upon as stable and have increased potential to face economic downturns as compared to other private companies. It lowers the credit risk perception of the lenders resulting in them enticing such employees by offering them lower home loan rates.
Here, we will share the best home loan interest rates offered to government employees:
Name of Lender | Interest Rate (%) |
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Punjab & Sind Bank (PSB Apna Ghar-Sahaj)
(Available to permanent employees of Central/State Governments/PSUs) |
8.50% to 10% |
Punjab National Bank (PNB Pride Housing Loan For Government Employees)
(For permanent employees of Central/State Governments/Defence Personnel & Paramilitary forces ) |
8.40% – 10.25% |
To promote financial independence among women, most lenders usually offer the best home loan interest rates to women borrowers. Such rates are usually lower than other individual rates. Usually, the concessional interest rate offered to women borrowers by lenders is 5 bps.
Name of Lender | For Women |
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HDFC Bank | 8.75% – 9.65% |
Kotak Mahindra Bank | 8.70% |
State Bank of India | 8.50% – 10.05% |
Punjab National Bank | 8.40% – 10.25% |