The Home Loan Interest Rates List is a comprehensive compilation of interest rates offered by various financial institutions for home loans. This list provides potential borrowers with valuable information on the prevailing interest rates in the market, enabling them to make informed decisions when choosing a lender. It helps individuals compare and analyze the interest rates offered by different banks and lenders, considering factors such as fixed or floating rates, tenure, and loan amount.
As of now, Bank of India, UCO Bank, and LIC Housing Finance stand out with the lowest home loan interest rates, starting from 8.45% p.a. Union Bank of India, HDFC, SBI, Bajaj Housing Finance, and Tata Capital Housing Finance offer housing loans at 8.50% p.a. onwards. Canara Bank follows closely, providing home loans with interest rates starting from 8.55% p.a. However, the final interest rates for home loan applicants are subject to factors like credit score, loan amount, occupation profile, and employer’s profile. Considering even a slight difference in interest rates can significantly impact the total interest cost, it is advisable for prospective borrowers to compare rates from multiple lenders before applying for a loan.
Home Loan Interest Rates List of All Banks
| Bank Name | Floating Interest Rate | Per Lac EMI | Benchmark Rates on | Processing Fee |
|---|---|---|---|---|
| SBI – State Bank Of India | 8.50% – 9.65% | Rs.868 – Rs.942 | 7.70% | Nil till 31.04.2023 |
| ICICI Bank | 8.75% – 9.80% | Rs.884 – Rs.952 | 5.4% | 2999+GST for CIBIL Score above 700, .50% + GST for Score below 700 |
| HDFC Ltd | 8.65% – 9.35% | Rs.877 – Rs.922 | 17.45% | 3000 + Tax (Salaried), 5000 + Tax (S. Employed) |
| LIC Housing | 8.65% – 10.25% | Rs.877 – Rs.982 | 15.80% | Below 1 Cr: Upto Rs.10000 + AT Above 1 Cr: Rs.20000 + AT |
| Bank of Baroda | 9.15% – 10.50% | Rs.909 – Rs.998 | 7.70% | Upto 0.5% of loan amount + GST |
| AXIS Bank | 8.60% – 9.05% | Rs.874 – Rs.903 | 8.05% | Up to 1% of the Loan amount subject to a minimum of Rs.10,000/- |
| PNB Housing Finance | 8.75% – 10.95% | Rs.884 – Rs.1029 | 0.50% Or 10,000 + GST, whichever is higher. | |
| India Shelter Housing Finance | 11.99% – 18.00% | Rs.1100 – Rs.0 | 2% – 3% (Including GST) | |
| DMI Housing Finance | 12.00% – 18.00% | 18% | 1.5% + GST | |
| IDBI | 8.75% – 12.25% | Rs.836 – Rs.1042 | 7.85% | NIL |
| Union Bank of India | 9.00% – 10.50% | Rs.830 – Rs.939 | 7.70% | 0.50% of loan amount subject to a maximum of 15000 + GST |
| Bank of India | 8.65% – 10.75% | Rs.824 – Rs.942 | 7.60% | 0.25% of loan amount Min.Rs.1,000/- and Max. Rs.20,000/- |
| Piramal Housing Finance | 9.50% | Rs.932 | N.A | 0.10% – 0.25% (GST) |
| L&T Housing Finance | 8.60% | Rs.858 | 0.25% plus taxes (for salaried & for self-employed) | |
| Tata Capital Housing Finance Ltd. | 9.15% | Rs.821 – Rs.0 | Upto 0.5% of loan amount + GST | |
| HSBC Bank | 8.75% – 8.85% | Rs.802 – Rs.809 | 7.80% | N.A |
| Federal Bank | 10.15% – 10.30% | Rs.903 – Rs.913 | 8.50% | Upto Rs.7500 + GST |
| Central Bank of India | 8.80% – 9.35% | Rs.766 – Rs.793 | 7.50% | 0.50% of the Loan Amount subject to a maximum of Rs.20,000/- |
| UCO Bank | 8.70% – 8.95% | Rs.784 – Rs.790 | 7.55% | 0.5% of the loan amount, minimum Rs.1500/- & maximum Rs. 15000/- |
| Canara Bank | 8.90%- 11.25% | Rs.874 – Rs.1019 | 7.65% | 0.50% of loan amount + GST |
| Kotak Bank | 8.85% – 9.40% | Rs.890 – Rs.926 | 8.10% | Upto 1.25% of Loan amount |
| Indian Overseas Bank | 8.85% – 9.55% | Rs.865 – Rs.881 | 7.65% | 0.50% (max. Rs.25,000/-) |
| Indian Bank | NA | Rs.862 – Rs.868 | 7.65% | 0.230% on loan amount + GST or Max Rs.20470/- |
Home Loan Interest Rates Calculator
When it comes to home loans, it is crucial to determine the total interest you will pay over the loan’s duration. There are two methods you can use to calculate this:
EMI-based Calculation: This method involves calculating the Equated Monthly Installments (EMIs) you will pay throughout the loan tenure. By multiplying the EMI amount by the loan tenure, you can determine the total amount you will repay, which includes both principal and interest.
Amortization Schedule: This method provides a detailed breakdown of each EMI payment, illustrating the principal and interest components. By summing up the interest payments over the loan’s tenure, you can calculate the total interest you will pay.
Both methods are effective in determining your interest liability for a home loan. You can choose the one that suits your preferences and requirements.
EMI Calculator: You can calculate the interest amount applicable to your home loan by simply using a home loan EMI calculator. You will be required to fill up the fields provided on the calculator with the following details:
- Home Loan Amount
- Loan Repayment Tenure
- Rate of Interest
EMI Calculation Formula: Alternatively, you can also use the following formula to calculate your EMI liability for your home loan-
EMI = [P x r x (1+r)^n]/[(1+r)^n-1]
Wherein, P is Principal, r is rate of interest, and n is number of instalments or loan tenure in months.
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