Home Loan Interest Rates - SBI, HDFC, Axis Bank, PNB, All Banks

Home Loan Interest Rates in India

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Last Updated 27th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
  • Best offers for salaried and self employed- Compare and get lowest interest rates @8.50%* from banks
  • Apply home loan online at fixed and floating rates
  • Maximum loan tenure upto 30 years
  • Nil prepayment charges options
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Home Loan Interest Rates Comparison, Lowest EMI Feb 2017, Best rates

Bank Home Loan Interest Rates* Lowest EMI per lakh for Max Tenure
SBI 8.60% - 8.70%
Floating rate linked to 1 Year MCLR - 8.00%
Last updated 01st Feb 17
Rs. 776 for 30 Years Explore More
HDFC 8.65% - 9.25%
Floating rate linked to PLR - 16.15%
Last updated 29th Jan 17
Rs. 780 for 30 Years Explore More
ICICI Bank 8.65% - 8.85%
Floating rate linked to 1 Year MCLR - 8.20%
Last updated 01st Feb 17
Rs. 780 for 30 Years Explore More
Axis Bank 8.65% - 8.70%
Floating rate linked to 6 Month MCLR - 8.15%
Last updated 20th Jan 17
Rs. 780 for 30 Years Explore More
PNB Housing Finance 8.90% - 8.90%
Floating rate linked to PLR - 14.35%
Last updated 06th Jan 17
Rs. 797 for 30 Years Explore More
LIC Housing Finance 9.80% - 11.70%
Floating rate linked to PLR - 14.20%
Last updated 10th Oct 15
Rs. 863 for 30 Years Explore More
Citibank 8.80% - 9.30%
Floating rate linked to 3 Month MCLR - 8.05%
Last updated 07th Feb 17
Rs. 826 for 25 Years Explore More
Standard Chartered Bank 8.90% - 8.90%
Floating rate linked to 3 Month MCLR - 8.85%
Last updated 07th Feb 17
Rs. 893 for 20 Years Explore More
DBS Bank 8.70% - 8.90%
Floating rate linked to 3 Month MCLR - 7.95%
Last updated 07th Feb 17
Rs. 881 for 20 Years Explore More
DHFL 8.60% - 9.75%
Floating rate linked to PLR - 18.30%
Last updated 04th Jan 17
Rs. 776 for 30 Years Explore More
LT Housing Finance 9.90% - 10.75%
Floating rate linked to PLR - 17.35%
Last updated 30th Nov -1
Rs. 870 for 30 Years Explore More
Repco Home Finance 9.60% - 11.50%
Floating rate linked to PLR - 16.00%
Last updated 30th Nov -1
Rs. 939 for 20 Years Explore More
Karur Vysya Bank 9.90% - 9.90%
Floating rate linked to 1 Year MCLR - 9.60%
Last updated 07th Jan 17
Rs. 902 for 25 Years Explore More
Kotak Bank 8.75% - 8.75%
Floating rate linked to 1 Year MCLR - 8.85%
Last updated 01st Feb 17
Rs. 884 for 20 Years Explore More
RBL Bank 10.30% - 11.55%
Floating rate linked to 1 Year MCLR - 9.75%
Last updated 24th Feb 17
Rs. 930 for 25 Years Explore More
Yes Bank 9.35% - 10.50%
Floating rate linked to 1 Year MCLR - 8.85%
Last updated 02nd Feb 17
Rs. 863 for 25 Years Explore More
Deutsche Bank 9.45% - 9.45%
Floating rate linked to 1 Year MCLR - 9.35%
Last updated 07th Feb 17
Rs. 929 for 20 Years Explore More
HSBC Bank 8.85% - 8.85%
Floating rate linked to 1 Year MCLR - 8.00%
Last updated 04th Feb 17
Rs. 829 for 25 Years Explore More
Edelweiss 10.50% - 10.90%
Floating rate linked to PLR - 17.50%
Last updated 30th Nov 15
Rs. 944 for 25 Years Explore More
GIC Housing Finance 10.25% - 10.25%
Floating rate linked to PLR - 15.00%
Last updated 30th Nov -1
Rs. 982 for 20 Years Explore More
Reliance Capital 10.00% - 11.75%
Floating rate linked to PLR - 18.00%
Last updated 01st Nov 15
Rs. 878 for 30 Years Explore More
IIFL 9.40% - 9.55%
Floating rate linked to PLR - 17.50%
Last updated 01st Apr 14
Rs. 834 for 30 Years Explore More
Bank of Baroda 8.35% - 9.35%
Floating rate linked to 1 Year MCLR - 8.35%
Last updated 07th Feb 17
Rs. 758 for 30 Years Explore More
Corporation Bank 8.85% - 9.10%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 01st Feb 17
Rs. 794 for 30 Years Explore More
IDBI Bank 9.15% - 9.15%
Floating rate linked to 1 Year MCLR - 8.80%
Last updated 04th Feb 17
Rs. 815 for 30 Years Explore More
Indian Bank 9.65% - 9.90%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 07th Jan 17
Rs. 942 for 20 Years Explore More
Indian Overseas Bank 9.50% - 9.75%
Floating rate linked to 1 Year MCLR - 8.65%
Last updated 07th Jan 17
Rs. 841 for 30 Years Explore More
OBC 8.60% - 8.70%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 03rd Jan 17
Rs. 812 for 25 Years Explore More
PNB 8.50% - 8.50%
Floating rate linked to 1 Year MCLR - 8.45%
Last updated 01st Feb 17
Rs. 769 for 30 Years Explore More
Syndicate Bank 8.75% - 8.75%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 10th Jan 17
Rs. 787 for 30 Years Explore More
Indiabulls 8.65% - 8.85%
Floating rate linked to PLR - 17.05%
Last updated 29th Jan 17
Rs. 780 for 30 Years Explore More
Catholic Syrian Bank 10.25% - 10.50%
Floating rate linked to 1 Year MCLR - 10.10%
Last updated 01st Feb 17
Rs. 982 for 20 Years Explore More
City Union Bank 9.90% - 11.60%
Floating rate linked to 6 Month MCLR - 9.40%
Last updated 31st Jan 17
Rs. 1,069 for 15 Years Explore More
Development Credit Bank 10.48% - 11.35%
Floating rate linked to 1 Year MCLR - 9.98%
Last updated 04th Feb 17
Rs. 997 for 20 Years Explore More
Dhan Laxmi Bank 10.10% - 10.35%
Floating rate linked to 1 Year MCLR - 10.10%
Last updated 07th Feb 17
Rs. 972 for 20 Years Explore More
Karnataka Bank 9.50% - 9.75%
Floating rate linked to 1 Year MCLR - 9.15%
Last updated 01st Oct 16
Rs. 841 for 30 Years Explore More
South Indian Bank 9.80% - 9.80%
Floating rate linked to 1 Year MCLR - 9.10%
Last updated 20th Feb 17
Rs. 863 for 30 Years Explore More
Tamilnad Mercantile Bank 10.30% - 10.80%
Floating rate linked to 1 Year MCLR - 9.40%
Last updated 01st Feb 17
Rs. 900 for 30 Years Explore More
Federal Bank 9.00% - 9.25%
Floating rate linked to 1 Year MCLR - 8.95%
Last updated 16th Feb 17
Rs. 805 for 30 Years Explore More
Jammu And Kashmir Bank 8.70% - 9.05%
Floating rate linked to 1 Year MCLR - 8.70%
Last updated 14th Feb 17
Rs. 997 for 15 Years Explore More
Lakshmi Vilas Bank 9.85% - 9.85%
Floating rate linked to 1 Year MCLR - 9.75%
Last updated 09th Feb 17
Rs. 955 for 20 Years Explore More
Allahabad Bank 8.75% - 9.25%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 10th Jan 17
Rs. 884 for 20 Years Explore More
Andhra Bank 9.65% - 9.90%
Floating rate linked to 1 Year MCLR - 8.65%
Last updated 03rd Jan 17
Rs. 852 for 30 Years Explore More
Bank of India 8.65% - 8.70%
Floating rate linked to 1 Year MCLR - 8.50%
Last updated 07th Feb 17
Rs. 780 for 30 Years Explore More
Bank of Maharashtra 8.75% - 8.85%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 06th Feb 17
Rs. 787 for 30 Years Explore More
Canara Bank 8.65% - 8.75%
Floating rate linked to 1 Year MCLR - 8.45%
Last updated 07th Feb 17
Rs. 780 for 30 Years Explore More
Central Bank of India 8.50% - 8.50%
Floating rate linked to 1 Year MCLR - 8.50%
Last updated 01st Feb 17
Rs. 769 for 30 Years Explore More
Dena Bank 8.55% - 8.80%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 31st Jan 17
Rs. 809 for 25 Years Explore More
Punjab and Sind Bank 8.75% - 9.00%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 04th Jan 17
Rs. 787 for 30 Years Explore More
State Bank of Hyderabad 8.85% - 8.85%
Floating rate linked to 1 Year MCLR - 8.75%
Last updated 27th Jan 17
Rs. 794 for 30 Years Explore More
State Bank of Mysore 8.80% - 8.80%
Floating rate linked to 1 Year MCLR - 8.65%
Last updated 02nd Feb 17
Rs. 790 for 30 Years Explore More
State Bank of Patiala 9.30% - 9.30%
Floating rate linked to 1 Year MCLR - 8.30%
Last updated 15th Feb 17
Rs. 826 for 30 Years Explore More
State Bank of Travancore 9.20% - 9.45%
Floating rate linked to 1 Year MCLR - 8.55%
Last updated 01st Feb 17
Rs. 819 for 30 Years Explore More
UCO Bank 8.75% - 8.90%
Floating rate linked to 1 Year MCLR - 8.60%
Last updated 10th Feb 17
Rs. 787 for 30 Years Explore More
Union Bank of India 8.60% - 8.65%
Floating rate linked to 1 Year MCLR - 8.50%
Last updated 02nd Feb 17
Rs. 776 for 30 Years Explore More
Vijaya Bank 8.90% - 8.90%
Floating rate linked to 1 Year MCLR - 8.65%
Last updated 24th Feb 17
Rs. 797 for 30 Years Explore More
United Bank of India 9.55% - 9.55%
Floating rate linked to 1 Year MCLR - 8.80%
Last updated 06th Jan 17
Rs. 845 for 30 Years Explore More
IDFC Bank 8.70% - 8.75%
Floating rate linked to 6 Month MCLR - 8.50%
Last updated 03rd Feb 17
Rs. 783 for 30 Years Explore More
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MyLoanCare

Home Loan

Compare Home Loan Rates

  • Home Loan processing fees – Most banks charges minimum processing fees of Rs. 10,000 to upto 2% on home loans. To get lowest fee, comparison of home loan rates, offers and cashback applying online through MyLoanCare.
  • Home Loan prepayment and foreclosure – Nobody wants to keep paying interest on a loan when you have surplus money available to repay it. When you want to repay your loan partially before time, it is called part prepayment. In case you decide to pay the entire loan amount before time, it is called foreclosure. Banks typically levy prepayment or foreclosure charges in such situations and these can range from nil to eve upto 5%. So, check carefully if the low rate of interest you are getting comes with high prepayment or foreclosure charges. Note that some home loans cannot be repaid before time.

Lowest Home Loan Rates Online

How to get and apply online?
  • Best discount and offers for salaried customers - In most cases the lowest rate of interest on home loan is offered by banks to employees of large reputed companies. To check current offers on interest rate and processing fee for yourself, simply apply online at MyLoanCare
  • Offer based on loan amount – You may be surprised to know that in some cases rate of interest on say, a Rs. 30 lakh loan, may be lower than that on a Rs. 29 lakh home loan. This is due to different pricing grids of banks and discounts for higher loan amounts that are offered from time to time.
  • Discount for tenures – Banks may offer lower rates on home loan for certain tenure and it may be useful to check these carefully.

Best Home Loan

How to get best house loan interest rates?
  • Do not fall for marketing gimmicks – It is common for home loan agents and DSA’s to lure customers by quoting a lower rate of interest knowing very well that the final rate will be higher. Always check with authorized representatives and get the rates in writing before giving your documents for processing.
  • Do not apply with multiple banks for your home finance needs – Remember that every home loan application is recorded in your CIBIL report. Too many home loan applications at the same time can hurt your chances of getting a loan and even lead to an increase in rate of interest. Multiple applications signal desperation to get loan on the part of the customer.
  • Your salary bank may not offer the cheapest loan – In case you are salaried and you may have got “pre-approved home loan” offer from your bank by email. Typically these may not be the lowest interest rate offers in the market. Always check and compare offers of all leading banks online before applying.
  • Do not apply for loan amount more than what you are eligible for – Use online home loan eligibility calculator to estimate how much loan amount you are likely to be eligible for. Apply for a loan amount that is either less than or upto that to get the best rate of interest. Applying for an amount higher than your eligibility may lead to rejection of your loan application.

Home Loan apply online

Documents for Home Loan Application
Signed Application Form
Identity Proof (PAN)
Residential Address Proof
Form 16
Latest 6 months salary slip for salaried
Last 6 months bank statement
Last 2 years ITR
Typically Accepted Proofs
Individuals Firms, Partnerships
Identity Proof PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card
Certificate and Proof of Business Existence PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI
Address Proof Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter
Age Proof PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate

Housing Loan interest rates in India

Frequently Asked Questions

What are the factors, other than interest rate, that you should consider while comparing and choosing housing loan from various banks?

  • Service quality, especially post sales service quality
  • Current best offer on processing charges as these tend to vary from time to time
  • Add-on features – like SBI maxgain facility and Citibank Home Credit facility – these help borrowers save interest by parking surplus funds temporarily in the Home Loan account and paying interest on net difference between Home Loan amount and surplus parked temporarily
  • Transparency and track record of benchmark rate movement – does the benchmark move in line with the market or not? Is the benefit of reduction in rates passed on to the old customer or not?
  • Project approval status – is the property being bought approved for Home Loan by the respective bank?

What determines interest rates on your Home Loan?

  • Banks decide their lending rates depending upon their cost of funds and the net interest margin (NIM) that they need to earn in order to cover their operating cost and earn some profit.
  • Home loans to salaried and self employed individuals with stable monthly income are offered at rates lower than those for people working in the unorganized sector

How do I calculate the interest rate on my Home Loan taken some time back? Has it gone up or down

In case your loan was taken as a fixed rate loan
  • Most fixed rate loans would offer fixed interest rate for a period ranging from few months to 15 years. From your sanction letter and loan agreement, check the period for which the interest on your house loan is to remain fixed. If your loan is still in the fixed rate period, your current rate of interest is same as what it was originally taken at
  • In case your loan has converted to floating rate, the loan agreement would specify the formula for the same. The formula may be either MCLR base rate plus a given spread (in case of banks) or PLR minus spread (in case of housing finance companies). For MCLR rate plus spread housing loan, just read the spread mentioned in the loan agreement and add it to the current MCLR rate of the respective bank. For PLR minus spread loan, check the negative spread mentioned in the loan agreement and subtract it from the PLR of the respective home finance company. You can find the current MCLR rate or PLR of your bank or housing finance company at Current MCLR Base Rate and PLR
In case your loan was taken as a floating rate loan
  • When you took the loan initially at, say, 10.25%, its rate consisted of two components as described above. The loan agreement would specify the formula for arriving at 10.25%. The formula may be MCLR base rate plus a spread (in case of banks) or PLR minus spread (in case of housing finance companies). For MCLR rate plus spread loan, just read the duration of MCLR to which your Home Loan rate is linked and the spread mentioned in the loan agreement and add it to the current MCLR rate of the respective bank for the same duration. For PLR minus spread loan, check the negative spread mentioned in the loan agreement and subtract it from the current PLR of the respective HFC. You can easily check the applicable MCLR base rate or PLR on your loan at House Loan MCLR Base Rate and PLR

How does interest rate impact House Loan eligibility?

Maximum Home Loan eligibility depends upon the EMI that you can pay based on your monthly income. The EMI comprises of two components – interest on loan amount and principal repayment. Higher the rate of interest, higher the component of EMI that goes towards meeting interest and lower the principal repayment component of EMI. So, rate of interest is a critical input for calculating Home Loan eligibility. You can calculate your home loan eligibility by using Home Loan Eligibility Calculator

What are the property documents required by Banks/HFC?

You will need to submit copies of the following property documents
  • Past title chain – Conveyance deed, sales deed, allotment letter, possession letter
  • Copy of approved plan for construction/ extension
  • Latest property tax receipt
  • Receipt of advance payment towards purchase of property in case of resale or booking with builder

Why MyLoanCare???

Nowadays, banks give various offers on Home Loan to give the best rates to individuals. To get Home Loan with lowest interest rate and lowest EMI, compare new rates and offers of all banks at MyLoanCare. You can do rates comparison, check your eligibility, apply online and get the cheapest rate on Home Loan. MyLoanCare helps you throughout the loan process from the day you apply to the time you get complete disbursement. You can even track your loan status after getting registered with us. MyLoanCare make it easy for you to get hassle free Home Loan with ultimate cashback and refer and earn benefits. So, apply for Home Loan today and enjoy the benefits.
Home Loan Interest Rate News - Feb 2017
27th Feb 17 Private Equity Firm True North plans to buy major stake in Home First Finance Company for Rs. 600 crore
Private equity firm, True North is likely to buy a major stake in a mortgage firm Home First Finance Company (HFFC) for Rs. 600 crore. True North is expected to invest half of the amount in the company and remaining funds will be paid to the existing shareholders of the company. HFFC primarily deals in providing affordable home loans to low and middle income customers who are first time home buyers.
25th Feb 17 SEBI eases norms for Debt Mutual Funds to invest in Indian Housing Finance Companies
Securities Exchange Board of India has eased the norms for Debt Mutual Funds for investing in Indian HFCs. Debt Mutual Funds can now invest up to 15 percent of their total net assets in housing finance companies as compared to 10 percent earlier. The norms have been relaxed with a view to attract more funds for affordable housing activities. As a result, shares of housing finance companies rose by 4 percent on 23rd February, 2017.
21st Feb 17 Kissandhan loan facilities extended to Asia’s largest grain mandi in Narela
Kissandhan Agri Financial Services Pvt. Ltd, NBFC regulated by RBI has announced the launch of its loan products to the farmers of largest grain mandi of India in Narela, Delhi. The NBFC is currently offering loans in Haryana, Maharashtra, Madhya Pradesh, Rajasthan, Delhi, Uttar Pradesh and Uttrakhand and plans to expand to the states of West Bengal and Bihar. The company has disbursed cumulative loans of Rs. 772 crore to farmers across India, since its inception in April, 2014.
18th Feb 17 ESAF Microfinance to launch small finance bank operations
ESAF Microfinance and Investment Pvt. Ltd plans to launch its small finance bank on 11th March, 2017 in Kerala by running a pilot at five branches. The bank intends to initiate its banking operations from 18th March, 2017 and expects to open 70 branches over the next three months. The bank has a target to garner 20 percent of its loan portfolio from MSME borrowers with the rest 10 and 70 percent from home loan and microfinance respectively.
17th Feb 17 Affordable housing segment to get better returns in FY18
Government has recently introduced a series of reform to encourage affordable housing segment in India. Several measures such as granting infrastructure status to real estate and launch of new regulatory act for realty sector are likely to benefit the real estate developers and investors operating in the affordable housing segment.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.