Top 10 Banks Offering Lowest Interest Rate for Home Loan in India

A home loan is a secured loan and is the best option to buy a home as there many lenders offering low-interest rate on home loans. The right lender can surely help you in buying your dream home without making much impact on your pocket. Home loans give you the opportunity to buy a house at an affordable EMI payment. Banks and NBFCs have certain eligibility criteria on the basis of which they offer the interest rate on a home loan. The factors like your repayment capacity and the CIBIL score play an important role. So, the better your overall profile is, the higher is the possibility to get a lower rate. You can get the loan for up to 85% of the cost of the property and some banks even offer home loans up to 100%. You just need to do a proper research on the options and then finalize your home loan at any bank.

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Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

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    Home Loan Interest Rates 2017

    In 2017, the home loan rates have drastically declined and with customer benefiting schemes by the government like PMAY and RERA Act, this is definitely the best time to buy a home. The lowest home loan interest rates on home loans today are 8.35% per annum to 8.50% per annum. However, here we bring to you the top banks offering lowest interest rates on home loans in India so have a look.

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    Home Loan Interest Rates Comparison Table

    With so many options available in the market today, it might get a little confusing to choose the best one. So, have a look at the table with home loan interest rates comparison to check the best home loan for yourself.

    Home Loan Interest Rates Dec 2017
    State Bank of India/SBI 8.30% - 8.60%
    Bank of Baroda 8.30% - 9.30%
    Indiabulls Housing Finance Limited 8.35% - 8.55%
    Kotak Bank 8.35%
    PNB Housing Finance 8.35% - 8.70%
    HDFC 8.35% - 8.95%
    ICICI Bank 8.35% - 8.85%
    LIC Housing 8.35% - 8.70%
    Axis Bank 8.35% - 8.75%
    Citibank 8.60% - 9.35%

    Housing Loan Interest Rate Calculator

    A housing loan or home loan calculator is the tool that is used to check the monthly installments (EMI) on the home loan. The calculator takes into account the basic details of the loan that is the loan amount, the interest rate, and the maximum tenure. Below is the example stating the monthly installments that you will have to pay for availing the loan of the particular amount at the interest rate ranging from 8.35%-9.05% per annum for the maximum tenure of 20 years.

    Loan Amount (₹)Interest Rate (p.a.)Monthly EMI (₹)
    10,00,0008.35% - 9.05%8,584 - 9,029
    15,00,0008.35% - 9.05%12,875 - 13,544
    20,00,0008.35% - 9.05%17,167 - 18,059
    25,00,0008.35% - 9.05%21,459 - 22,574
    30,00,0008.35% - 9.05%25,751 - 27,088
    35,00,0008.35% - 9.05%30,042 - 31,603
    40,00,0008.35% - 9.05%36,118 - 34,334
    45,00,0008.35% - 9.05%38,626 - 40,632
    50,00,0008.35% - 9.05%42,918 - 45,147

    Things to consider while applying for a home loan

    • Know about your eligibility first
    • Check maximum availed amount
    • Compare rate of interest of different banks
    • Select a tenure as per your financial liabilities
    • Find out other cost and hidden charges
    • Get information about late payment, default payment, and pre-payment charges
    • Is the property valid for availing a loan as per the government norms?
    • What kind of benefits will you have with a home loan?
    • Find out information about the total interest outgo on your loan amount
    • What will be your monthly EMI?
    • Maximum tenure to repay the loan
    • Possibility of loan conversion
    • Pre-closure charges if any
    • Are you taking the loan on fixed or floating rate of interest?
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    Personal Loan Interest Rates December 2017
    Bajaj Finserv 10.99% - 16.00%
    Fullerton India 14.00% - 33.00%
    HDFC Bank 10.99% - 20.70%
    ICICI Bank 10.99% - 18.40%
    IndusInd Bank 12.99% - 20.00%
    Kotak Bank 10.99% - 17.99%
    RBL 14.00% - 18.00%
    Standard Chartered Bank 10.99% - 14.49%
    Tata Capital 11.49% - 18.00%
    Home Loan Interest Rates December 2017
    State Bank of India/SBI 8.30% - 8.60%
    HDFC 8.35% - 8.95%
    Bank of Baroda 8.30% - 9.30%
    LIC Housing 8.35% - 8.70%
    PNB Housing Finance 8.35% - 8.70%
    ICICI Bank 8.35% - 8.85%
    Axis Bank 8.35% - 8.75%
    Citibank 8.60% - 9.35%
    Indiabulls Housing Finance Limited 8.35% - 8.55%
    Kotak Bank 8.35%
    EMI Calculator