Home Loan Interest Rates

Interest Rates 2018 6172 views

Highlights

  • Lowest home loan rates in India for June 2018.
  • Minimum CIBIL Score and income is important to get lowest interest rates on housing loans.

Getting a home loan at lowest rate is everyone’s desire. But how often do your dreams come true? If you want, you can accomplish any possible thing in this world and a low-interest rate home loan is no big deal.

A home loan can continue for the highest tenure of 30-40 years and it is quite obvious that you (the borrower) wants to pay the lowest rate. The interest rates vary from one lender to another and thus comparing the best deals can help you make the right choice.

Here are some of the top banks offering lowest interest rates in India. You can compare the lowest housing loan interest rates and then choose the best home loan.

Interest Rate Comparison Tool

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Compare Top Banks Home Loan Interest Rates June 2018

Below is the table showing housing loan interest rates available at top banks. You may note that the range is given because the rate of interest depends on many factors which are mentioned later in this article.

BanksInterest Rate (in p.a.)
State Bank of India (SBI)8.45% - 9.00%
ICICI Bank8.55% - 9.05%
Bank of Baroda (BoB)8.45% - 9.45%
Axis Bank8.50% - 8.85%
Citibank8.45% - 9.20%
Kotak Mahindra Bank8.60% - 8.70%
IDBI Bank8.45% - 8.75%
Bajaj Finance8.50% - 10.00%
LIC Housing Finance8.45% - 8.90%
Tata Capital8.45% - 9.05%
HDFC Limited8.50% - 9.15%
Indiabulls Housing Finance8.50% - 10.80%
PNB 8.60% - 8.70%
PNB HFL8.85% - 11.75%
Bank of India (BOI)8.50% - 8.60%

How can you get the lowest home loan interest rate?

The interest rates of home loan are both floating and a fixed rate of interest. There are certain factors based on which the interest rate is offered which are as follows:

  • Buy a property in a good location- If the property is in a approved society, colony or area, the lender approve a higher loan amount and a lower rate as well. The maximum loan amount offered is 70-90% of the property value.
  • Mainitan a good CIBIL score – A good credit history or record is also important to be eligible for a lower rate on housing loan. You must have CIBIL score of 650 or above to get approval for it.
  • Choose your existing bank – A good understanding with the bank help you avail a high loan amount and that too at competitive rate of interest without any hassle.
  • Earn more – Higher income helps in getting higher amount whether you are salaried or self-employed.
  • Your age – If you are apply for a home loan at an early age, a higher loan amount is more compatible to you as compared to those who are in their 40s.
  • Balance transfer – You can transfer your existing home loan to a lender who is offering a lower rate to save your money.
  • Choose wisely- Lowest rate and EMI if not paid regularly is of no use. So, make sure you choose the tenure and loan amount and even the lender which altogether is within in budget.

How can you transfer Home Loan?

Post 1 April 2016, base rates have been replaced with Marginal Cost of Lending Rate (MCLR) as per the guidelines issued by RBI. Almost all banks and NBFCs offer the balance transfer facility and presently SBI has no processing fees on balance transfer for loans disbursed till June 30, 2018. The home loan balance transfer is available at the same interest rate as a new home loan.

How can you calculate Home Loan EMI?

The home loan interest rate calculator or the home loan EMI calculator is used in calculating the home loan EMI online. You just need to mention the basic details of the loan like the interest rate,  total loan amount and tenure. The formula used for the calculation is as follows:

EMI=[P x R x (1+R)^N]/[(1+R)^N-1]
Where,

P= Principal Amount
R= Interest Rate
N= Number of Monthly Installments

People Also Look For

Personal Loan Interest Rates June 2018
Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 11.25% - 21.25%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 10.99% - 16.00%
Kotak Bank 10.99% - 20.99%
RBL 13.00% - 18.00%
Standard Chartered Bank 10.99% - 14.49%
Tata Capital 10.99% - 18.00%
Home Loan Interest Rates June 2018
State Bank of India/SBI 8.45% - 9.00%
HDFC 8.50% - 9.15%
Bank of Baroda 8.45% - 9.45%
LIC Housing 8.45% - 8.90%
PNB Housing Finance 8.85% - 11.75%
ICICI Bank 8.50% - 9.05%
Axis Bank 8.50% - 8.85%
Citibank 8.40% - 9.20%
Indiabulls Housing Finance Limited 8.50% - 10.80%
Kotak Bank 8.60% - 8.70%
DHFL 9.05% - 9.95%
Reliance Home Finance 8.75% - 10.00%
EMI Calculator