Interest Rates 201816264 views
- Lowest home loan rates starting at 8.50% in India for September 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 the home loan interest rats at top banks in India.
Interest Rate Comparison Tool All that glitters is not gold; the same goes for loans! Have you done your research? Compare Banks. Estimate EMIs. Enable Wishes on wishfin.com
Interest Rate Comparison Tool
All that glitters is not gold; the same goes for loans! Have you done your research?
Compare Banks. Estimate EMIs. Enable Wishes on wishfin.com
Table of Contents
List of Top Banks Home Loan Interest Rates September 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/NBFCs||Interest Rates (floating)||Interest Rates for Women||Processing Fees|
|Allahabad Bank||8.65% - 9.10%||8.45%-8.95%||Up to 0.40% of the loan|
amount to a max
|Andhra Bank||8.75% - 8.90%||8.75%-8.85%||0.50 % of loan amount subject to maximum of ₹10000/- + GST|
|Axis Bank||8.50% - 8.75%||NA||Up to 0.50% Or ₹10,000 + GST|
|Bandhan Bank||10.38%||NA||1% of Loan Amount , Min ₹5000/- + GST|
|Bank of Baroda||8.55% - 9.55%||NA||Up to 0.50% of the loan amount or a maximum of ₹7,500 + GST|
|Bank of India||8.70% - 8.75%||8.70%||0.25% of the loan amount + GST|
|Bajaj Finance/Finserv||8.60% - 10.00%||NA||Up tp 1.20% of the loan amount + GST|
|Bank of Maharashtra||8.75% - 8.85%||NA||As applicable|
|Canara Bank||8.65% - 8.85%||8.45%-8.60%||0.5% of the loan amount + GST|
|Central Bank of India||8.50% - 9.50%||NA||0.50% of the loan amount subject to maximum ₹20,000/- + GST|
|Citibank||8.85% - 9.60%||NA||Up to 0.40% of the loan amount + GST|
|Corporation bank||8.50% - 9.20%||NA||0.50% of loan amount. Max ₹50,000/- + GST|
|DHFL||9.05% - 9.95%||NA||Up to 1.5% of the loan amount + GST|
|Dena bank||8.50% - 8.65%||8.50%-8.60%||As applicable|
|Federal Bank||9.10% - 9.20%||NA||0.50% of the loan amount to a maximum of ₹7,500/- + GST|
|Fullerton India||8.50% - 17%||NA||3% of the loan amount + GST|
|HDFC Ltd||8.70% - 9.40%||8.70%-9.35%||Up to 1.50% of the loan amount to a maximum of ₹10,000 + GST|
8.50% - 9.00%
|NA||1% of the loan amount + GST|
|ICICI Bank||8.85% - 9.10%||8.55%-8.75%||Up to 1.00% of the loan amount + GST|
|IDBI Bank||8.60% - 8.90%||8.60%-8.85%||0.50% of loan amount to a maximum of ₹2500 + GST|
|IDFC Bank||8.75% - 9.20%||NA||Upto ₹10,000 + GST|
|IndusInd Bank||8.70% - 9.40%||8.75%-9.35%||₹10,000 + GST|
|Indiabulls HFL||8.70% - 9.45%||8.70%-9.40%||0.50% of the loan amount to a maximum of ₹15000 + GST|
|Jammu & Kashmir Bank||8.75% - 9.05%||NA||0.25% of the loan amount to a maximum of ₹10000/- + GST|
|Karnataka Bank||8.60% - 9.00%||NA||0.50% of the loan amount + GST|
|Karur Vysya Bank||8.90% - 9.55%||NA||Up to ₹7500/- + GST|
|Kotak Mahindra Bank||8.65% - 8.75%||NA||₹10,000/- + GST|
|LIC Housing Finance Ltd||8.60% - 8.95%||NA||Up to ₹10,000 + GST|
|Lakshmi Vilas Bank||10.15%||NA||As applicable|
|Nainital Bank||8.35%||NA||As applicable|
|Oriental Bank of Commerce||8.65% - 8.75%||NA||0.50% of the loan amount to a maximum of ₹20000/- + GST|
|PNB Housing Finance Ltd||8.99% - 10.75%||BA||₹10,000 + GST|
|Punjab & Sind Bank||8.80% - 9.05%||NA||Up to 0.25% of the loan amount to a maximum of ₹15,000 + GST|
|Reliance Home Finance||8.75% - 10.00%||NA||Up to 0.75% of the loan amount + GST|
|RBL Bank||10.35% - 11.70%||NA||₹5,000- 15,000 of the loan amount + GST|
|SBI||8.65% - 9.20%||8.45%-8.95%||Nil till December 31, 2018|
|Standard Chartered Bank||8.51% - 8.60%||NA||₹10,000 + GST|
|Syndicate Bank||8.75%||NA||0.125% of loan amount or a maximum of ₹5000 + GST|
|Tata Capital||8.45% - 9.05%||8.65%-9.10%||As applicable|
|UCO Bank||8.55% - 8.80%||NA||0.5% of the loan amount, to a maximum ₹15000/- + GST|
|United Bank of India||8.65%||NA||As applicable|
|Vijaya Bank||8.55%||NA||₹4000 + GST|
|Yes Bank||9.35% - 10.50%||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 charge.
How can you get the lowest rate on home loans?
There are certain factors based on which the 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 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 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 of the loan such as 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]
P= Principal Amount
R= Interest Rate
N= Number of Monthly Installments