Home loan is a great financial product for those who dream of buying a new house but do not have enough funds. However, most borrowers are skeptical when it comes to availing a home loan as it is a huge long-term financial responsibility. With proper planning, you can avail a home loan to buy a property and repay it without being burdened.
If you are planning on applying for a home loan, you should compare various features and benefits offered by different lenders before choosing one. One of the most important factors you must be checking the home loan interest rates. A low interest rate home loan will help you save in the longer run. As interest rate is the first thing you will be checking when availing a mortgage, we are going to list out the home loan interest rates offered by some of the popular banks to help you make the right decision.
Home Loan Interest Rates of All Banks in India 2019
|Bank||Home Loan Interest Rates||Home Loan Processing Fees|
|HDFC Bank||8.85%||0.5% Min 3,000 Max 10,000|
|SBI||8.75%||Min 0 Max 10,000|
|Axis Bank||8.85%||Min 10,000 Max 25,000|
|ICICI Bank||8.95%||0.5% – 5,000|
|LIC Housing Finance||8.70%||Min 1,000 Max 5,000|
|IndiaBulls||8.80%||Min 1,000 Max 5,000|
|IDFC Bank||8.90%||0.5% – 5,000|
|DHFL||10.00%||Min 2,500 Max 20,000|
|PNB Housing Finance||9.05%||Min 20,000 Max 50,000|
|YES BANK||9.35%||0.5% 10,000|
|IDBI Bank||8.70%||0.5% 25,000|
|Punjab National Bank||9.05%||Nil|
|Bank of India||8.70%||Min 1000 Max. Rs. 20,000|
|Syndicate Bank||9.85%||Min 500 Max 5,000|
|Canara Bank||8.75%||Based profile|
|United Bank of India||8.65%||Based profile|
|IIFL||9.50%||0.75% of the loan amount (minimum Rs. 5,000)|
HDFC Bank Home Loans
HDFC Bank is undoubtedly one of the most popular and the largest private banks in India. The bank offers a wide range of financial products to meet the financial needs of its diverse customers. The core financial product offered by the bank is housing loans. The bank offers home loans for both salaried and self-employed individuals. Some of the features and benefits of HDFC Bank home loans are:
- The bank offers home loans for new property purchases, home renovations, home extensions, and plot loans.
- The bank also offers non-housing loans for commercial property purchases or commercial plot purchases.
- The maximum tenure of the loan can go up to 30 years (Telescopic Repayment Option under the Adjustable Rate Home Loan) and for all other home loan products, the maximum tenure of the loan is up to 20 years.
- HDFC Bank is association with Army Group Insurance Fund (AGIF) offer special home loan deals to those employed in the Indian Army.
- HDFC Bank also offers home loan balance transfer service.
Also Read: Best Tips to Make Your Home Loan Cheaper!
HDFC Bank Regular Home Loan Rates (Applicable after 31 March 2019)
After 31 March 2019, the home loan interest rates charged by HDFC Bank will be as follows:
|Loan slab||Interest rate (Per annum)|
|Home loan up to Rs.30 lakh for women borrowers||8.90% to 9.40%|
|Home loan up to Rs.30 lakh for others|
|8.95% to 9.45%|
|Loan amount from Rs.30 lakh to Rs.75 lakh for women borrowers||9.05% to 9.55%|
|Loan amount from Rs.30 lakh to Rs.75 lakh for others|
|9.10% to 9.60%|
|Loan amount from Rs.75 lakh and above for women borrowers||9.10% to 9.60%|
|Loan amount from Rs.75 lakh and above for others|
|9.15% to 9.65%|
*Please note that the interest rate will differ from one customer to another based on the risk profile and other factors. This is the interest table for HDFC regular home loans. The interest rate for other types of home loan offered by HDFC will vary. Please check the bank’s website for accurate information.
SBI Bank Home Loans
State Bank of India (SBI) is the largest public sector bank in the country. The bank is known for its excellent reputation and the wide range of financial products they offer. SBI offers many types of home loans such as regular home loans, balance transfer home loans, NRI home loans, Flexipay home loans, and SBI Privilege home loans. Some of the features of SBI home loans are:
- SBI home loans are known for the overdraft loan facility. This will be able to optimally utilize your surplus funds.
- The interest rate on your home loan will be calculated on a daily reducing basis.
- No prepayment penalties.
- Maximum home loan tenure can go up to 30 years.
- Low processing fees.
SBI Bank Regular Home Loan Interest Rates 2019
|Category||Up to Rs.30 lakh||Loan amount above Rs.30 lakh and up to Rs.75 lakh||Above Rs.75 lakh|
|Salaried women||8.75%-8.8 % pa||8.90%-9.00% pa||9.00%-9.10% pa|
|Salaried others||8.80%-8.90% pa||8.95%-9.05% pa||9.05%-9.15% pa|
|Non-salaried women||8.90%-9.00% pa||9.05%-9.15% pa||9.15%-9.25% pa|
|Non-salaried others||8.95%-9.05% pa||9.10%-9.20% pa||9.20%-9.30% pa|
*Please note that the interest rate will differ from one customer to another based on the risk profile and other factors. This is the interest table for SBI regular home loans. The interest rate for other types of home loan offered by SBI will vary. Please check the bank’s website for accurate information.
Axis Bank Home Loans
Home loans offered by Axis Bank comes with attractive features and benefits. Some of the exclusive privileges the bank offers to its home loan borrowers are:
- The bank allows the borrowers to pay smaller EMIs which will help you space out your payment over a longer tenure.
- The minimum home loan amount is Rs.3 lakh.
- The bank does not charge a prepayment fee if you choose to prepay your home loan.
- You can choose a floating or fixed interest rate.
Axis Bank Home Loan Interest Rates for Salaried Individuals 2019
|Type of interest rate||Loan amount||Rate of interest|
|Floating rate||Loan amount up to Rs.30 Lakh||8.90% p.a.|
|Loan amount up to Rs.75 Lakh||9.05% p.a.|
|Loan amount above R.75 Lakh||9.10% p.a.|
|Fixed rate (for 20 years)||Any loan amounts||12% p.a.|
*The current Marginal Cost Based Lending Rate (MCLR) charged by Axis Bank is 8.80% p.a. The MCLR reset frequency for home loans is half-yearly.
We have listed out home loan interest rates for three popular banks in India. If you are planning on availing a home loan, you can compare home loan interest rates of all banks available based on your eligibility on neutral third-party websites. Make sure you use the home loan eligibility calculator to determine your future home loan EMI.