Home Loan Interest Rates

Highlights

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

Everyone wants to get loans at low rates but now many get to experience it. There are many reasons based on which lenders approve rate. But, as a borrower, you can always compare home loan interest rates at all banks and choose the lowest rate.

Having good income, listed documents, 650 or above CIBIL score and property in good location can help you get a desired rate. Here are the top banks offering lowest home loan interest rates in India. You can compare them on the basis of rates, loan amount, processing fees, prepayment charges and tenure flexibitiy and apply for the one that suits your purpose.

Interest Rate Comparison Tool

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Compare Top Banks Home Loan Interest Rates July 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% - 8.80%
Bank of Baroda (BoB)8.50% - 9.50%
Axis Bank8.50% - 8.85%
Citibank8.45% - 9.20%
Kotak Mahindra Bank8.60% - 8.70%
IDBI Bank8.50% - 8.80%
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 8.65% - 8.90%
PNB HFL8.99% - 10.75%
Bank of India (BOI)8.50% - 8.60%

How can you get the lowest rate on home loans?

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 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

How can you transfer Home Loan to other Bank?

Almost all banks and NBFCs offer the balance transfer facility and presently SBI has no processing fees on balance transfer for loans disbursed till August 31, 2018. The home loan balance transfer is available at the same interest rate as a new home loan.

People Also Look For

Personal Loan Interest Rates July 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.25%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank10.99% - 14.49%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates July 2018
State Bank of India/SBI8.45% - 9.00%
HDFC8.50% - 9.15%
Bank of Baroda8.50% - 9.50%
LIC Housing8.45% - 8.90%
PNB Housing Finance8.99% - 10.75%
ICICI Bank8.55% - 8.80%
Axis Bank8.50% - 8.85%
Citibank8.40% - 9.20%
Indiabulls Housing Finance Limited8.50% - 10.80%
Kotak Bank8.60% - 8.70%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
EMI Calculator