2016 was a good year for loan borrowers, particularly for those looking to get a Home Loan. While on one hand the Real Estate Bill had property prices slipping, on the other hand, the introduction of the marginal cost-based lending rate pushed Home Loan interest rates down.
Then came the demonetisation drive. Though we cringed and cursed the cash scarcity caused by the drive, it did lead to excess liquidity with the banks. Now, looking ahead, we cannot rule out the possibility of more rate cuts. Though much of the rate cuts nudged by the Government are yet to be passed on to the end consumer, a friendly dip in Home Loan interest rates has definitely given loan borrowers some breathing space.
Additional Reading: All About The Down Payment For Your Home
But before you blindly apply for a Home Loan, know that the interest rate will vary for every bank. Here’s a Home Loan interest rate chart for some of the leading banking institutions:
|Aditya Birla Housing Finance Home loan||8.55% to 8.99%|
|Aspire Home Finance Corporation Limited||14.00%|
|Axis Bank Home loan||8.35% to 11.75%|
|Dena Bank||8.40% to 11.75%|
|DHFL Home Loan||9.00% to 9.75%|
|Federal Bank||9.00% to 9.25%|
|Gruh Finance Limited||10.67%|
|HDFC LTD Bank Home loan||8.35% to 8.70%|
|ICICI Bank Home loan||8.35% to 8.85%|
|Indiabulls Home loan||8.35% to 10.40%|
|India Shelter Finance Home loan||11.75% to 22%|
|Jammu and Kashmir Bank||8.9% to 9.25%|
|Oriental Bank of Commerce||8.40% to 8.50%|
|PNB Housing Finance Limited Home loan||8.50% – 10.25%|
|SBI Home loan||8.35% to 8.70%|
|Sundaram BNP Paribas Home loan||8.35% – 9.25%|
|Tata Capital Home loan||8.75% to 8.85%|
|Yes Bank Home loan||9.35% to 10.50%|
Note: Home Loan interest rates are as of the time of the writing of this article
Additional Reading: Home Loans If Your Income Is Less Than Rs. 20,000
Generally, government banks offer better Home Loan rates when compared to private banks. Some banks even have special rates for women, senior citizens, businessmen, and other categories. Check with your bank before applying for a Home Loan as they may have some special rates for you!
Once you are aware of the Home Loan rates offered by the different banks, use an online Home Loan EMI calculator to get a fair idea about your EMIs. Simply enter the details of the Home Loan tenure, your desired loan amount, salary details, interest rate details of the desired bank and you will have a fair knowledge about the EMIs. You can calculate your expenses accordingly even before you visit the branch to apply for the Home Loan. This information should help you make an informed decision when applying for a Home Loan.
Additional Reading: Why Your Home Loan EMI Is Still High
Now that you have a better idea of the different Home Loan rates available. Go on, check your eligibility for a Home Loan. Just hit the button below.
Hi Saheblal, How can we help you? Cheers, Team BankBazaar