Home Loan Interest Rates
Interest rate is the amount of interest charged over and above the principal amount by the lender from the borrower. Home Loan is the sum of money borrowed from the bank to purchase your own home. Home Loan Interest Rate is the amount of money charges by the lender to the borrower for using the principal amount to purchase or renovate your home.
Education Loan Interest Rates in Comparison to Banks
If you are thinking of to purchase your dream home but can’t afford because of financial problems then not to worry, you can avail home loan from any financial institute at lowest and attractive interest rates with higher loan repayment tenure. Today in this article we are going to discuss about Home Loans and its interest rates as per comparison to banks.
Also Read: Education Loan Interest Rates
1. SBI Home Loan Interest Rates
State Bank of India offers various special home loan for government employees, business employees, self-employed, defence personnel, non-salaried individuals etc. It also provides interest concessions of 0.05% to women borrowers[1].
| Particulars | Details |
| Interest Rate | 8.90% – 9.50% p.a. |
| Loan Amount | Up to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Fees | 0.35% – 1% of loan amount |
| Pre-payment/ Foreclosure Charges | NIL |
Interest Rates as per SBI Home Loan Scheme
| Loan Scheme | Interest Rates (Per annum) |
| Regular Home Loan | 8.90% – 9.40% p.a. |
| Top-Up Loan | 9.30% – 9.95% p.a. |
| Tribal Plus | 9.00% – 9.50% p.a. |
| CRE Home Loan | 9.10% – 9.60% p.a. |
| Realty Loan | 9.20% – 9.60% p.a. |
| P-LAP | 10.65% – 11.05% p.a. |
| Balance | Rate of Interest |
| Up to Rs 30 lakh | 8.60 to 9.50 |
| Above Rs 30 lakh and up to Rs 75 lakh | 8.60 to 9.40 |
| Above Rs 75 lakh | 8.60 to 9.40 |
2. Axis Bank Home Loan Interest Rates
Axis Bank offers home loans on floating rate loans and on fixed rate loans. It provides attractive rate of interest with low fees and charges[1]. Avail home loan from Axis bank with less paperwork and low processing fees, and no prepayment charges in floating rate of interest.
| Particulars | Details |
| Interest Rate | Ranges from 8.90% p.a. |
| Loan Amount | Up to 28 lakhs or 85% value of the property |
| Loan Repayment Tenure | Up to 30 years |
| Processing Fees | Up to 1% of the loan amount or minimum Rs 10,000 |
| Penal Interest Rate | No penalty is charges for floating interest rate. 24% p.a. or 2% per month for fixed interest rate |
Interest Rate as per Axis Bank Home Loan Scheme
| Home Loan Scheme | Salaried Individuals | Non-salaried Individuals |
| Axis Home Loan | 6.90% to 8.40% p.a. | 7.95 to 8.55% p.a. |
| Axis Quik Pay Home Loan | 7.95% to 8.45% p.a. | 9.15% to 9.35% p.a. |
| Axis Power Advantage Home Loan | 8% p.a. to 8.355 p.a. | 9% p.a. to 9.20% p.a. |
| Axis Shubh Aarambh Home Loan | 7.75% to 8.25% p.a. | 8.95% p.a. |
| Axis Fast Forward Loan | 7.75% to 8.25% p.a. | 8.95% p.a. to 9.15% p.a. |
| Axis Asha Home Loan | 10.05% to 11% p.a. | 10.30% p.a. to 11.50% p.a. |
| Axis Super Saver Home Loan | 8.15% p.a. to 8.30% p.a. | 9.20% p.a. to 9.35% p.a. |
| Axis Top Up Home Loan | – | Ranges from 8.90% p.a. |
3. Bank of Baroda
Bank of Baroda provides home loans with flexible repayment tenure. Avail home loan form Bank of Baroda with less paperwork and transparent application process[1]. Both Salaried and self-employed individuals can avail home loan from Bank of Baroda.
| Rate of Interest | Starts from 8.60% p.a. – 10.60% p.a. |
| Rate of Interest for Salaried Individuals | 8.60% to 10.20% p.a. |
| For Non-Salaried Individuals | 8.60% to 10.30% p.a. |
| Loan Amount | Up to Rs 20 crore |
| Loan Tenure | Up to 30 years |
| Processing fees | 0.50% of the loan amount |
| Penal Interest | NIL |
| Prepayment/Foreclosure charges | NIL |
Bank of Baroda Home Loan Interest Rates as per Home Loan Schemes
| Bank of Baroda Home Loan Scheme | Interest Rate (p.a.) |
| Baroda Home Loan | 8.45% to 9.80% p.a. |
| Baroda Home Improvement Loan | 8.45% to 9.80% p.a. |
| Baroda Home Loan Advantage (up to Rs 75 lakh) | 8.45% to 9.80% p.a. |
| Baroda Home Loan Advantage (above Rs 75 lakh) | 8.70% to 10.05% p.a. |
| Baroda CRE Home Loan | 8.70% to 10.05% p.a. |
| Baroda CRE Home Loan (Advantage up to Rs 75 lakh) | 8.70% to 10.05% p.a. |
| Baroda CRE Home Loan Advantage (above Rs 75 lakh) | 8.95% to 10.30% p.a. |
| Baroda Top Up Loan (Resident/NRIs/PIOs) | 9.30% to 11.15% p.a. |
4. HDFC Bank Home Loan Interest Rates
HDFC Bank offers a wide range of home loans. It is one of the most preferred banks of all kinds of people for financial services. HDFC Bank offers attractive rate of interest with low processing fees and less paperwork’s.
| Particulars | Details |
| Interest Rates | 8.30% – 8.55% p.a. |
| Loan Amount | Up to 10 crores depending on your repayment capacity |
| Loan Tenure | Up to 30 years |
| Processing Fees | 0.50% of the loan amount or INR 11,800 |
| Penal Interest Rates | Up to 24% p.a. |
| Prepayment/Foreclosure charges | 0% – 2% |
Interest Rates as per the Loan Amount
| For Women up to Rs 30 lakh | 8.60% p.a. – 9.10% p.a. |
| For others up to Rs 30 lakhs | 8.65% p.a. – 9.15% p.a. |
| For Women with loan amount between Rs 30.01 lakh and Rs 75 lakh | 8.85% p.a. – 9.35% p.a. |
| For others with loan amount between Rs 30.01 lakh and Rs 75 lakh | 8.90% p.a. – 9.40% p.a. |
| For Women with loan amount of Rs 75.01 lakh and above | 8.95% p.a. – 9.45% p.a. |
| For others with loan amount Rs 75.01 lakh and above | 9.00% p.a. – 9.50% p.a. |
5. Punjab National Bank
Punjab National Bank offers a wide variety of home loan schemes to its customers at competitive interest rates starting from 6.75% p.a. It also offers interest rate concession for women of 0.05%. The loan repayment tenure is flexible and you can extend the repayment tenure up to 30 years.
PNB Home Loan Interest Rates Highlights
| Particulars | Details |
| Interest Rates | Ranges from 8.75% to 9.35% p.a. |
| Loan Amount | As per the borrower’s eligibility |
| Loan Tenure | Up to 30 years |
| Processing Fees | Up to 0.35% of the loan amount + GST |
| Prepayment Charges | No prepayment charges for floating rates Fixed Rate: 2% – 3% |
| Penal Interest Rates | 2% each month on borrower’s dues |
6. Union Bank
Union Bank offers the lowest home loan interest rate in India. It offers home loans at competitive rates starting from 8.60% p.a. You can avail for longer loan repayment tenure up to 30 years with low EMIs. In Union Bank you will also get up to Rs 30 lakh as loan for home repair.
| Particulars | Details |
| Interest Rates | 860% – 10.45% |
| Loan Amount | Up to 90% |
| Loan Tenure | Up to 30 years |
| Processing Fees | 0.50% of loan amount subject to a maximum of Rs 15000 + GST |
| Prepayment Charges | NIL |
Union Bank of India Home Loan Interest Rates as per Loan Schemes
| Loan Schemes | Rates of Interest |
| Union Home | Ranges from 8.60% p.a. |
| Union Awas | Ranges from 8.60% p.a. |
| Union Smart Save | Ranges from 9.10% p.a. onwards |
- Union Bank Home Loan Interest Rates up to Rs 30 lakh is 8.60% to 11.40%
- Above Rs 30 lakh to Rs 50 lakh is 12.40%
- Rs 50 lakh to Rs 200 lakh is 12.65%
7. Canara Bank
Canara Bank offers a wide variety of home loans which can be used towards a home purchase, home construction and home renovation. Canara Bank home loan can be availed by both salaried and self-employed individuals. Canara Bank home loan interest rate starts from 8.55% p.a. onwards going up to 10.05%. It also avails concession on women. Women borrowers can avail a loan at 8.55% p.a. while general borrowers can do it at 8.60% p.a. One can also increase the loan repayment tenure up to 30 years.
| Particulars | Details |
| Interest Rates | 8.90% to 13.70% p.a. |
| Loan Amount | As per applicants’ eligibility |
| Loan Tenure | Up to 30 years |
| Processing Fees | 0.5% of loan amount (Minimum of Rs 1,500 and Maximum of Rs 10,000 + GST) |
Canara Bank Home Loan Interest Rates as per Loan Schemes
| Canara Housing Loan | 6.90% to 8.90% p.a. |
| Canara Home Loan Plus | 7.45% to 9.50% p.a. |
| Canara Home Improvement Loan | 9.40% to 11.45% p.a. |
| Canara Mortgage Loan | 9.95% to 12.00% p.a. |
| Canara Site Loan | 7.95% to 9.00% p.a. |
| Canara Secure Home Loan | 7.00% p.a. |
8. UCO Bank
UCO Bank offers home loans with two different interest rate structures Marginal Cost of Funds-based Lending Rate (MCLR) and Repo-Linked Leading Rate (RLLR). The interest rate ranges from 8.755 p.a. for tenure up to 30 years.
- For MCLR the interest rate ranges from 7.70% p.a. onwards
- For RLLR the interest rate ranges from 8.30% p.a.
| Particulars | Details |
| Interest Rates | 8.75% – 9.75% p.a. |
| Loan Amount | As per applicants’ eligibility (No upper limit) |
| Tenure | Up to 30 years |
| Processing Fees | 0.5% to 0.25% of the loan amount |
| Prepayment Charges | NIL |
Interest rates offered by UCO Bank as per home loan schemes are as mentioned below:
| UCO Bank Home Loan Schemes | Interest Rates |
| UCO Pre-approved Home Loan | 8.40% p.a. to 8.60% p.a. |
| UCO Home Loan | 7.90% p.a. to 8.10% p.a. |
| UCO Top-Up Home Loan | 6.50% p.a. to 7.30% p.a. |
9. Federal Bank
Avail housing loan from Federal Bank at lowest interest rate. No hidden costs and administrative charges are applied. Federal Bank housing loan application process id transparent and you will get great tax benefits.
| Particulars | Details |
| Interest Rates | 7.65% p.a. – 10.10% p.a. |
| Loan Amount | Up to Rs 15 crore |
| Loan Tenure | Up to 30 years |
| Processing Fees | 0.50% of the loan amount with minimum of Rs 3000 + GST and maximum of 7500 + GST |
| Penal Interest Rate | 2% of overdue amount each month |
| Prepayment/ Foreclosure Charges | NIL |
Interest Rates of Federal Bank as per Home Loan Schemes
| Home Loan Scheme | Interest Rate for Salaried Individual | Interest Rate for Self-Employed |
| Housing Loan | 7.65% to 7.75% p.a. | 7.70% to 7.80% p.a. |
| Property Power Loan | Ranges from 10.10% p.a. | 10.10% p.a. onwards |
10. Yes Bank Home Loan Interest Rates
Avail Home Loan from Yes Bank with great tax benefits of up to Rs 3.5 lakhs each year. Yes Bank offers attractive interest rates with flexible loan repayment tenure. No security and prepayment penalties required for availing home loan from Yes Bank.
| Particulars | Details |
| Interest Rates | 9.35% to 12.50% p.a. |
| Loan Amount | Rs 10 lakh to Rs 10 crore |
| Loan Repayment Tenure | Up to 35 years |
| Processing Fees | 2% of the loan amount + GST or Rs 10,000, whichever is higher |
| Prepayment Charges | NIL |
FAQs
1. What do you mean by Home Loan?
Ans: Home loan is a loan avail by the customers to buy their dream house. It is a loan disbursed by a bank or financial institute to an individual specifically for buying a residential property.
2. What do you mean by Home Loan Interest Rate?
Ans: Home Loan Interest Rate is the amount of money charges by the lender to the borrower for using the principal amount to purchase or renovate your home.
3. What is floating interest rate home loan?
Ans: If the rate of interest on the loan varies periodically over the loan tenure, then it is called a floating rate home loan.
4. What is a fixed rate home loan?
Ans: Fixed rate home loans are offered at a predetermined interest rate during the loan period and these remain unchanged during the loan period and these remain unchanged during the loan period irrespective of market conditions.
5. How to reduce a Home Loan Interest Rate?
Ans: To reduce your home loan rate of interest you must choose a shorter tenure for the repayment of your loan, make regular payments, avail for a balance transfer only if you feel that your current lender is charging higher interest rate than other lenders.
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