Home Loan Interest Rates 2020292 views
- Having a credit score of 750 and above? You’re in for a home loan at much lower rates
- Check out home loan rates of different lenders based on your credit score
A good credit score of 750 and above heightens the possibility of getting a home loan at a lower rate of interest. And, with lower rates, you can save a lot on the interest outgo on a loan that can potentially run for as long as 20-30 years. Lenders have started pricing home loans based on the credit score of an individual. It depends on whose score – CIBIL, Experian, Equifax or CRIF HIGHMARK – does the lender choose to set your home loan interest rate. In this post, we have showcased credit score based interest rates of different lenders.
Table of Contents
- 1 LIC Housing Finance Home Loan Interest Rates Based on Credit Score (CIBIL)
- 2 How Does Bank of Baroda Set Home Loan Rates Basis Your Credit Score?
- 3 How Much Does the Punjab National Bank Charge on a Home Loan?
- 4 How Does the Bank of India Home Loan Interest Rate Fare Based on Credit Score?
- 5 Union Bank of India Can Give You a Home Loan Below its Benchmark Rate!
- 6 Are SBI Home Loan Rates Based on Credit Scores?
LIC Housing Finance Home Loan Interest Rates Based on Credit Score (CIBIL)
Individuals with a credit score of greater than equal to 800 can get the loan at the lowest rate of 7.40%. You can check the table below to track the rates across different credit scores and loan amounts.
|Loan Quantum (In INR)||CIBIL Score Score||Salaried & Professionals||Non-Salaried & Non Professionals|
|All Loan Amounts||>=800||7.50%||7.50%|
|Upto 30 Lakh||>=700||7.90%||8.10%|
|Above 30 Lakh to 50 Lakh||>=700||7.90%||8.20%|
|Above 50 lakh to 5 Crore||>=700||7.90%||8.35%|
|Above 5 Crore to 15 Crore||>=700||8.25%||8.25%|
How Does Bank of Baroda Set Home Loan Rates Basis Your Credit Score?
Individuals having a credit score (CIBIL) of 726 and above are eligible to get the loan at the benchmark rate i.e. BRLLR of Bank of Baroda (BoB). Even the bank staff can access the loan at BRLLR, which presently stands at 7.25%. BoB home loan rates across different credit scores can be seen in the table below.
|CIBIL Score||Interest rate|
|726 and above||7.25%|
|701 and above but less than 726||7.50%|
|650 and above but less than 701||8.25%|
|Less Than 650||8.25%|
How Much Does the Punjab National Bank Charge on a Home Loan?
With a credit score of 750 and above, you can access Punjab National Bank Home Loan at as low as 7.20% per annum. The table below shows the rates for individuals with different credit scores.
|Loan Amount (In INR)||Credit Score of 750 and Above||Credit Score of 700 and Upto 749||Credit Score of Less Than 700|
|Upto 30 Lakh||7.20%||7.35%||7.45%|
|Above 30 Lakh-75 Lakh||7.35%||7.60%||7.70%|
|Above 75 Lakh||7.35%||7.70%||7.80%|
How Does the Bank of India Home Loan Interest Rate Fare Based on Credit Score?
If you’ve a credit score (CIBIL) of 760 and above, the Bank of India Home Loan interest rate can be as low as 7.25% per annum, which happens to be the benchmark rate of the bank. But for credit scores other than that, you need to look at the table below.
|Credit Score||Interest Rate (In Per Annum)|
|760 and above||7.25%|
|725 to 759||7.40%-7.55%|
|-1 and 0||7.40%-7.55%|
Union Bank of India Can Give You a Home Loan Below its Benchmark Rate!
The external benchmark rate of Union Bank of India is 7.20% with effect from April 1, 2020. But you can access the home loan upto INR 30 lakh at 7.10% if you have a credit score of 700 and above and the loan to value ratio is less than 75%. This is unique as most banks would either give the loan at the benchmark rate or after adding a spread over the same. For extensive details on the interest rates, you can glance at the table below.
|Loan Quantum (In INR)||Credit Score (CIBIL)||Interest Rate (In Per Annum)|
|Upto 30 Lakh||700 and above|
|Above 30 Lakh-75 Lakh||700 and above|
|Above 75 Lakh||700 and above|
Are SBI Home Loan Rates Based on Credit Scores?
Although the country’s largest lender State Bank of India (SBI) does not mention clearly the exact rate of interest you will get based on your credit score, its rates do factor in risk grading. The bank considers the credit score, income, repayment capability, credit exposure and several other elements as part of risk grading. So, with a good credit score and positive indicators on other elements, you give yourself the chance to access loans at a lower rate of interest. If you want to check out the rates, the below table is for you to look at!
|Profession||Loan Amount||Interest Rates for Women (p.a.)||Interest Rates for Others (p.a.)|
|Salaried Borrowers||Upto 30 lakhs||6.95% - 7.05%||7.00% - 7.10%|
|Above 30 to 75 lakhs||7.20% - 7.30%||7.25% - 7.35%|
|Above 75 lakhs||7.30% - 7.40%||7.35% - 7.45%|
|Non Salaried Borrowers||Upto 30 lakhs||7.10% - 7.20%||7.15% - 7.25%|
|Above 30 to 75 lakhs||7.35% - 7.45%||7.40% - 7.50%|
|Above 75 lakhs||7.45% - 7.55%||7.50% - 7.60%|