Home Loan Interest Rates 2020109079 views
- Lowest home loan rates starting at 8.10% in India for January 2020.
- No prepayment charges on home loans linked to floating rate of interest.
To buy a house through a home loan, we prefer the lowest home loan interest rates. Since, a housing loan may continue for 30 years, it is quite normal that people demand a lower rate of interest. As a borrower, you can check different home loan interest rates and then select one.
Having good income and its proof is one of the most important things to get a home loan. Your credit history and credit score is also helpful in getting desired home loan interest rates. Here are the interest rates offered by top banks in India.
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Table of Contents
All Banks Home Loan Interest Rates in India January 2020
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/NBFCs||Interest Rates (floating)||Interest Rates for Women||Processing Fees|
|Allahabad Bank||8.25% - 8.85%||NA||Up to 0.40% of the loan|
amount to a max
|Andhra Bank||8.15% - 8.30%||8.75%-8.85%||0.50 % of loan amount subject to maximum of ₹10000/- + GST|
|Axis Bank||8.85% - 9.50%||NA||Up to 1% of the Loan amount subject to minimum of ₹10,000|
Upfront processing fee of ₹2500 plus GST
|Bandhan Bank||8.75% - 12.00%||NA||1% of Loan Amount , Min ₹5000/- + GST|
|Bank of Baroda||8.40% - 9.40%||NA||Up to 0.50% of the loan amount or a maximum of ₹7,500 + GST|
|Bank of India||8.10% - 9.00%||8.80%||0.25% of the loan amount + GST|
|Bajaj Finance/Finserv||9.05% - 11.15%||NA||Up tp 1.20% of the loan amount + GST|
|Bank of Maharashtra||8.50% - 9.00%||NA||As applicable|
|Canara Bank||8.05% - 10.05%||8.75%-8.90%||0.5% of the loan amount + GST|
|Central Bank of India||8.30% - 8.40%||NA||0.50% of the loan amount subject to maximum ₹20,000/- + GST|
|Citibank||9.00% - 9.85%||NA||Up to 0.40% of the loan amount + GST|
|Corporation bank||8.10% - 8.90%||NA||0.50% of loan amount. Max ₹50,000/- + GST|
|DHFL||9.05% - 9.95%||NA||Up to 1.50% of the loan amount + GST|
|Dena bank||8.55% - 8.65%||8.60%-8.90%||As applicable|
|Federal Bank||8.55% - 8.70%||NA||0.50% of the loan amount to a maximum of ₹7,500/- + GST|
|Fullerton India||9.99% - 21.00%||NA||3% of the loan amount + GST|
|HDFC Ltd||8.00%-8.95%||8.70%-9.60%||Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes.|
|HSBC Bank||8.55% - 8.65%||NA||1% of the loan amount + GST|
|ICICI Bank||8.25%-9.35%||NA||Up to 1.00% of the loan amount + GST|
|IDBI Bank||8.25% - 8.80%||8.75%-9.10%||0.50% of loan amount to a maximum of ₹2500 + GST|
|IDFC Bank||9.05% - 12.15%||NA||Upto ₹10,000 + GST|
|IndusInd Bank||8.80% - 9.55%||8.80%-9.55%||₹10,000 + GST|
|Indiabulls HFL||8.80% - 11.05%||8.80%-11.05%||0.50% of the loan amount to a maximum of ₹15000 + GST|
|Jammu & Kashmir Bank||8.20% - 8.60%||NA||0.25% of the loan amount to a maximum of ₹10000/- + GST|
|Karnataka Bank||8.69% - 9.14%||NA||0.50% of the loan amount + GST|
|Karur Vysya Bank||8.65% - 12.50%||NA||Up to ₹7500/- + GST|
|Kotak Mahindra Bank||8.90%||NA||Zero processing fee for online application. (Upto 1.25% of Loan amount for offline application)|
|LIC Housing Finance Ltd||8.10% - 8.95%||NA||Upto 1crore: - 0.25Paise+GST or 10000+GST which ever is less.|
More than 1crore 25000+GST.
|Lakshmi Vilas Bank||9.70%||NA||As applicable|
|Nainital Bank||8.15% - 9.20%||NA||As applicable|
|Oriental Bank of Commerce||8.25% - 8.80%||NA||0.50% of the loan amount to a maximum of ₹20000/- + GST|
|Punjab National Bank||7.90% - 8.70%||8.65%-8.75%||Nil processing fee till 31.03.2019|
|PNB Housing Finance Ltd||9.25% - 12.00%||NA||₹10,000 + GST|
|Punjab & Sind Bank||8.45%||NA||Up to 0.25% of the loan amount to a maximum of ₹15,000 + GST|
|Reliance Home Finance||8.75% - 14.00%||NA||Up to 0.75% of the loan amount + GST|
|RBL Bank||10.30% - 11.65%||NA||₹5,000- 15,000 of the loan amount + GST|
|SBI||7.90% - 8.55%||8.60%-9.35%||0.35 % of loan amount and maximum 10,000 +GST|
|Standard Chartered Bank||9.21%||NA||₹10,000 + GST|
|Syndicate Bank||8.15% - 8.50%||NA||0.125% of loan amount or a maximum of ₹5000 + GST|
|Tata Capital||9.20% - 9.35%||9.00%-9.40%||As applicable|
|UCO Bank||8.05% - 8.15%||NA||0.5% of the loan amount, to a maximum ₹15000/- + GST|
|United Bank of India||8.00% - 8.15%||NA||As applicable|
|Vijaya Bank||8.40% - 9.40%||NA||₹4000 + GST|
|Yes Bank||10.10%||NA||0.5% 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 prepayment charges.
How can you get the lowest interest rate on a home loan?
There are certain factors based on which a home loan interest rate is offered which are as follows:
- 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.
- Make use of your good credit score – You must have CIBIL score of 650 or above to get approval for it.
- Apply at 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.
- Keep all property related documents – It is very important to maintain and keep all the property documents with you as it helps the lender identify your property and its worth properly and thus trust your profile.
- Make sure you have income proof – Many people do not know that your loan application may be rejected if you do not have a income proof or salary slip. Only a few NBFCs accept such cases but then they give high rates.
- Apply at young 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.
- Transfer your home loan to a lower EMI – You can transfer your existing home loan to a lender offering a lower rate on your home loan to save your money.
How to calculate your Home Loan EMI?
A home loan EMI calculator is used for checking monthly installments on a housing loan. You have to mention housing loan 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]
P= Principal Amount
R= Interest Rate
N= Number of Monthly Installments