Home Loan Interest Rates

Highlights

  • Lowest home loan rates starting at 8.50% in India for November 2018.
  • No prepayment charges on home loans linked to floating rate of interest.

Everyone wants to get a home loan at low rates since it generally continues up to 30 years. Home loan interest rates are offered by the lender. But, as a borrower, you can always check different housing loan rates and then select one.

Having good income, listed documents, good credit history and property in good location can help you get a desired rate. Here are home loan interest rates at top banks in India.

Interest Rate Comparison Tool

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List of Top Banks Home Loan Interest Rates November 2018

Below is the table showing interest rates for general as well as women applicants on home loan rates, processing fees and prepayment charges applicable on home loans linked to floating rates available at top banks.

Banks/NBFCsInterest Rates (floating) Interest Rates for WomenProcessing Fees
Allahabad Bank8.70% - 9.15%8.65%-9.00%Up to 0.40% of the loan
amount to a max
₹50000
Andhra Bank8.75% - 8.90%8.75%-8.85%0.50 % of loan amount subject to maximum of ₹10000/- + GST
Axis Bank8.80% - 9.05% NAUp to 1% of the Loan amount subject to minimum of ₹10,000

Upfront processing fee of ₹2500 plus GST
Bandhan Bank12.41% - 13.72%NA1% of Loan Amount , Min ₹5000/- + GST
Bank of Baroda8.65% - 9.65%NAUp to 0.50% of the loan amount or a maximum of ₹7,500 + GST
Bank of India8.75% - 8.80%8.75%0.25% of the loan amount + GST
Bajaj Finance/Finserv8.85% - 11.15%NAUp tp 1.20% of the loan amount + GST
Bank of Maharashtra8.75% - 8.85%NAAs applicable
Canara Bank8.65% - 8.85%8.65%-8.80%0.5% of the loan amount + GST
Central Bank of India8.50% - 9.50%NA0.50% of the loan amount subject to maximum ₹20,000/- + GST
Citibank8.90% - 9.65%NAUp to 0.40% of the loan amount + GST
Corporation bank8.50% - 9.20%NA0.50% of loan amount. Max ₹50,000/- + GST
DHFL9.05% - 9.95%NAUp to 1.5% of the loan amount + GST
Dena bank8.50% - 8.65%8.50%-8.60%As applicable
Federal Bank9.10% - 9.20%NA0.50% of the loan amount to a maximum of ₹7,500/- + GST
Fullerton India8.50% - 17%NA3% of the loan amount + GST
HDFC Ltd8.80% - 9.70%8.80%-9.65%Up to 1.50% of the loan amount to a maximum of ₹10,000 + GST
HSBC Bank

8.50% - 9.00%

NA1% of the loan amount + GST
ICICI Bank8.95% - 9.20%8.85%-9.05%Up to 1.00% of the loan amount + GST
IDBI Bank8.60% - 8.90%8.60%-8.85%0.50% of loan amount to a maximum of ₹2500 + GST
IDFC Bank8.75% - 9.20%NAUpto ₹10,000 + GST
IndusInd Bank8.70% - 9.40%8.70%-9.30%₹10,000 + GST
Indiabulls HFL8.80% - 11.05%8.80%-11.00%0.50% of the loan amount to a maximum of ₹15000 + GST
Jammu & Kashmir Bank8.75% - 9.05%NA0.25% of the loan amount to a maximum of ₹10000/- + GST
Karnataka Bank8.60% - 9.00%NA0.50% of the loan amount + GST
Karur Vysya Bank8.90% - 9.55%NAUp to ₹7500/- + GST
Kotak Mahindra Bank8.75%NAZero processing fee for online application. (Upto 1.25% of Loan amount for offline application)
LIC Housing Finance Ltd8.70% - 9.05%NAUpto 1crore: - 0.25Paise+GST or 10000+GST which ever is less.
More than 1crore 25000+GST.
Lakshmi Vilas Bank10.15%NAAs applicable
Nainital Bank8.35%NAAs applicable
Oriental Bank of Commerce8.75% - 8.85%NA0.50% of the loan amount to a maximum of ₹20000/- + GST
PNB Housing Finance Ltd9.00% - 13.00%NA₹10,000 + GST
Punjab & Sind Bank8.80% - 9.05%NAUp to 0.25% of the loan amount to a maximum of ₹15,000 + GST
Reliance Home Finance8.75% - 14.00%NAUp to 0.75% of the loan amount + GST
RBL Bank10.35% - 11.70%NA₹5,000- 15,000 of the loan amount + GST
SBI8.70% - 9.25%8.70%-9.20%Nil till December 31, 2018
Standard Chartered Bank8.51% - 8.60%NA₹10,000 + GST
Syndicate Bank8.75%NA0.125% of loan amount or a maximum of ₹5000 + GST
Tata Capital8.45% - 9.05% 8.65%-9.10%As applicable
UCO Bank8.55% - 8.80%NA0.5% of the loan amount, to a maximum ₹15000/- + GST
United Bank of India8.65%NAAs applicable
Vijaya Bank8.55%NA₹4000 + GST
Yes Bank9.35% - 10.50%NA0.5% of the loan amount or a maximum of ₹10000 + GST

Note: As per RBI guidelines, prepayment of home loans linked to floating rate of interest attracts no charge.

How can you get the lowest rate on home loans?

There are certain factors based on which a home loan interest rate is offered which are as follows:

  • Buy a property in a good location- Property in a approved society has more chance of getting loan amount up to 75-90% of the property value.
  • Mainitan a good CIBIL score – 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 on your home loan without any hassle.
  • High Income – A person earning high income has more chances of getting lower rate and higher amount.
  • Your age – If you age at the time of applying is in early 30s or late 20s, you are more eligible for a higher loan amount as you have less financial liabilities.
  • Balance transfer – You can transfer your existing home loan to a lender offering a lower rate on your home loan to save your money.

How can you calculate Home Loan EMI?

The home loan EMI calculator is used for the calculation of monthly installments on a housing loan. You have to mention basic details such as your home or housing loan linterest 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 November 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank12.00% - 17.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates November 2018
State Bank of India/SBI8.70% - 9.25%
HDFC8.80% - 9.60%
Bank of Baroda8.65% - 9.65%
LIC Housing8.70% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank8.95% - 9.20%
Axis Bank8.80% - 9.05%
Citibank8.90% - 9.65%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%