Avail affordable Home Loans at the lowest interest rates starting at 8.50%. Eligible salaried and self-employed professionals/non-professionals can buy their dream homes with ease by using a home loan interest rate calculator. Lenders like HDFC, PNB, HSBC, Kotak Bank are offering competitive housing loan interest rates and processing fees. Compare home loan interest rates of all banks and apply for a quick, hassle-free disbursal.
Updated: 14-05-2024 04:09:24 PM
| Interest Rate | Starting @{HOME_LOAN_INTEREST_RATE}} |
|---|---|
| Processing Fee | Up to 0.25% |
| Loan Tenure | Up to 30 Years |
| Lowest EMI Per Lakh | Rs. 769 |
| Prepayment Charges | Nil |
| Bank Name | Interest Rate | Processing Fees |
|---|---|---|
| HDFC Bank Home Loan | 8.75% – 9.65% | Up to 0.50% of loan amount or Rs. 4,500, whichever is higher + applicable taxes. |
| HSBC Bank Home Loan | 8.45% | Up to 1.00% of the loan amount + applicable taxes |
| Kotak Bank Home Loan | 8.70% | Up to 0.50% of loan amount + GST & other statutory levies |
| PNB Housing Finance | 8.50% | Up to 1% of loan amount + GST |
| Federal Bank Home Loan | 8.80% | 0.50% of loan amount (Min. Rs. 3,000 – Rs. 7,500) |
| IDFC First Bank Home Loan | 8.75% | Up to Rs. 10,000 |
| Central Bank of India | 8.50% – 9.50% | Up to 0.50% of loan amount (Maximum Rs. 20,000) |
| Bank of Baroda Home Loan | 8.40% – 10.60% | Up to 0.50% of loan amount (Minimum Rs. 8,500 & Maximum Rs. 25,000) |
| Bajaj Finserv Home Loan | 8.50% – 15.00% | Up to 1% of loan amount (Minimum Rs. 700) |
| SBI Bank Home Loan | 8.50% – 10.05% | Up to 0.50% of loan amount + GST |
| ICICI Bank Home Loan | 8.75% | Up to 0.50% of loan amount or Rs. 2,000, whichever is higher + GST |
| LIC Housing Finance | 8.35% – 10.50% | 0.50% of loan amount + GST |
| Bandhan Bank Home Loan | 9.16% – 15% | 0.50% of loan amount |
| Bank of Maharashtra Home Loan | 8.35% – 8.90% | 0.25% of loan amount (Maximum Rs. 25,000) |
| Bank of India Home Loan | 8.30% | Maximum Rs. 50,000 |
| Indian Bank Home Loan | 8.40% | Up to 0.30% of loan amount (Maximum Rs. 20,470) |
| Union Bank of India Home Loan | 8.35% | Up to 0.50% of loan amount (Maximum Rs. 15,000) + GST |
| Canara Bank Home Loan | 8.40% to 11.75% | 0.50% of loan amount (Minimum Rs. 1,500 & Maximum Rs. 10,000) |
| South Indian Bank Ltd. | 8.35% | 0.50% of loan amount (Minimum Rs. 5,000 & Maximum Rs. 10,000) |
| YES Bank Home Loan | 9.40% – 10.25% | 1% of loan amount or Rs. 10,000, whichever is higher + GST |
The interest rate is one of the most important factors to consider when choosing a home loan. The lower the interest rate, the lower your monthly EMI will be, which can result in significant savings over the loan term. To get the lowest interest rate, it’s important to compare rates offered by different banks and non-banking financial institutions. You can also consider the following tips to get the best deal on your home loan:
A good credit score is an important factor that lenders consider when deciding on the interest rate for your home loan. Make sure to keep your credit score high by paying bills on time and keeping your credit utilization low.
A shorter loan tenure means lower interest payments over the loan term. Consider choosing a shorter loan tenure to get a lower interest rate.
A higher down payment can result in a lower interest rate, as it reduces the amount you need to borrow from the lender.
If you have a good credit score and a steady income, you can negotiate with the lender for a lower interest rate.
The loan tenure is another important factor to consider when choosing a home loan. Choosing a lower tenure for your home loan can result in lower interest rates and help you save big over the long-term. The longer the loan tenure, the lower the interest rate as the lender is able to spread the risk of loan default over a longer period of time. A longer loan tenure can result in lower monthly EMIs, but it also means paying more in interest over the long-term. On the other hand, a shorter loan tenure can result in higher monthly EMIs but lower interest payments over the loan term.
To help you understand the impact of loan tenure on your home loan, let’s take an example:
Suppose you are taking a home loan of Rs. 50 Lakhs at an interest rate of 8.50%. If you choose a longer loan tenure of 25 years, your monthly EMI would be Rs. 39,925, and the total interest paid over the loan term would be Rs. 69,77,490. However, if you choose a shorter loan tenure of 20 years, your monthly EMI would be Rs. 43,075, but the total interest paid over the loan term would be Rs. 53,38,054. As you can see, while the monthly EMI is higher with a shorter loan tenure, you end up paying much less in interest over the long-term.
here are several other factors that can impact your home loan interest rate, apart from the interest rate itself. Some of these include:
To calculate your Equated Monthly Installment (EMI) and interest for your home loan, you can use an online home loan calculator. This tool will take into account the loan amount, interest rate, and loan tenure to calculate the monthly repayment amount and overall interest paid over the loan term.
Alternatively, you can manually calculate your EMI using the following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where:
P = Loan amount
R = Monthly interest rate (interest rate/12)
N = Loan tenure in months
To calculate the total interest payable, you can subtract the principal amount from the total repayment amount.
There are two main types of home loan interest rates in India – fixed and floating.
In this type of interest rate, the interest rate remains the same for the entire loan tenure, regardless of any changes in the market interest rate.
A floating interest rate is linked to a benchmark rate, such as the repo rate set by the Reserve Bank of India (RBI). This means that the interest rate can change in line with changes in the benchmark rate.
Many lenders offer the option of converting your floating interest rate home loan to a fixed interest rate home loan during the loan term. This can provide stability and predictability in the monthly repayment amount and can be a useful option for borrowers who are concerned about rising interest rates.
| Banks/ NBFCs | Transfer charges |
|---|---|
| Yes Bank | 0.50% of the principal outstanding |
| Kotak Mahindra Bank | As applicable |
| PNB Housing Finance | 0.50% of the principal outstanding |
| State Bank of India | Rs. 5000 |
| HDFC Bank | As applicable |
| Bank of Baroda | As applicable |
There are several ways to reduce the interest burden on your home loan, including:
Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 762 per Lakh. Loan can be repaid in flexible tenure of up to 30 years.
Currently lowest home loan interest rate offer is available through Kotak Mahindra Bank and Citibank at 8.75% p.a. Other top banks offering minimum home loan interest rate are HDFC, ICICI, Bajaj Finserv & SBI. Home loan interest rates are at lowest levels in the past 15 years. Women borrowers can tap further concessions on the available rates.
Use professional advice and compare the best deals online to grab the lowest today home loan rate offer. Use EMI Calculator and negotiate for the best rate.
Factors that affect the home loan approval process include age, income & job/business stability, debt to income ratio, Credit Score, dependants, co borrower’s financial health, LAP etc.
Home Loans are available at maximum flexible repayment terms. The tenure can range from 5 years to 30 years. Choose the lowest possible tenure to keep the interest burden low.
Yes, home loan can be applied by co-applicants jointly. Normally the loan is availed in joint names to increase the loan eligibility. You can avail the loan jointly with spouse, children or parents.
Yes, a balance transfer option is available for a Home Loan. You can avail of current best offers on new home loan interest rate by transferring your ongoing home loan to other bank. It is recommended to transfer a loan in the early years. A loan that has already been served, i.e. max interest liability is already being paid, should not be considered for balance transfer.
