Home Loan Interest Rate Guide

By BankBazaar | January 19, 2017

Home Loan Interest Rate Guide

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%
DBS Bank 8.25%
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

BB Tip

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.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Home Loans
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