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

Home Loan Interest Rates in India

Last Updated 08th Dec 2016
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
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Home Loan Interest Rates Comparison, Lowest EMI Dec 2016, Best rates

Bank Home Loan Interest Rates* Lowest EMI per lakh for Max Tenure
SBI
3.7/5 18 votes
Upto 2,000,000 - 9.10%
Rs. 2,000,001 - 7,500,000 - 9.10%
Rs. 7,500,001 - 10,000,000 - 9.25%
Above Rs. 10,000,001 - 9.25%
Floating rate linked to 1 Year MCLR - 8.90% Last updated 01st Dec 16
Rs. 812 for 30 Years Explore More
HDFC
3.6/5 29 votes
Upto 2,500,000 - 9.15%
Rs. 2,500,001 - 7,500,000 - 9.15%
Rs. 7,500,001 - 20,000,000 - 9.25%
Above Rs. 20,000,001 - 9.25%
Floating rate linked to PLR - 16.30% Last updated 05th Oct 15
Rs. 815 for 30 Years Explore More
ICICI Bank
3.8/5 56 votes
Upto 2,500,000 - 9.15%
Rs. 2,500,001 - 7,500,000 - 9.15%
Rs. 7,500,001 - 50,000,000 - 9.30%
Above Rs. 50,000,001 - 9.45%
Floating rate linked to 1 Year MCLR - 8.90% Last updated 01st Dec 16
Rs. 815 for 30 Years Explore More
Axis Bank
3.7/5 22 votes
Upto 2,800,000 - 9.10%
Rs. 2,800,001 - 7,500,000 - 9.10%
Rs. 7,500,001 - 50,000,000 - 9.15%
Above Rs. 50,000,001 - 9.15%
Floating rate linked to 6 Month MCLR - 9.00% Last updated 18th Nov 16
Rs. 812 for 30 Years Explore More
PNB Housing Finance
3.8/5 11 votes
Upto 2,500,000 - 9.30%
Rs. 2,500,001 - 7,500,000 - 9.30%
Rs. 7,500,001 - 50,000,000 - 9.30%
Above Rs. 50,000,001 - 9.30%
Floating rate linked to PLR - 14.35% Last updated 27th Apr 15
Rs. 826 for 30 Years Explore More
LIC Housing Finance
2.1/5 4 votes
Upto 2,500,000 - 9.80%
Rs. 2,500,001 - 10,000,000 - 9.80%
Rs. 10,000,001 - 30,000,000 - 9.80%
Above Rs. 30,000,001 - 9.80%
Floating rate linked to PLR - 14.20% Last updated 10th Oct 15
Rs. 863 for 30 Years Explore More
Citibank
3.8/5 23 votes
Upto 2,800,000 - 9.30%
Rs. 2,800,001 - 7,500,000 - 9.50%
Rs. 7,500,001 - 15,000,000 - 9.50%
Above Rs. 15,000,001 - 9.50%
Floating rate linked to 3 Month MCLR - 8.20% Last updated 07th Dec 16
Rs. 860 for 25 Years Explore More
Standard Chartered Bank
4.8/5 1 votes
Upto 2,800,000 - 9.35%
Rs. 2,800,001 - 7,500,000 - 9.35%
Rs. 7,500,001 - 15,000,000 - 9.35%
Above Rs. 15,000,001 - 9.35%
Floating rate linked to 6 Month MCLR - 9.05% Last updated 08th Dec 16
Rs. 922 for 20 Years Explore More
DBS Bank
0/5 0 votes
Upto 2,500,000 - 9.20%
Rs. 2,500,001 - 7,500,000 - 9.20%
Rs. 7,500,001 - 20,000,000 - 9.20%
Above Rs. 20,000,001 - 9.20%
Floating rate linked to 1 Year MCLR - 8.50% Last updated 07th Dec 16
Rs. 913 for 20 Years Explore More
DHFL
3.3/5 4 votes
Upto 3,000,000 - 9.55%
Rs. 3,000,001 - 15,000,000 - 9.55%
Rs. 15,000,001 - 30,000,000 - 9.90%
Above Rs. 30,000,001 - 10.15%
Floating rate linked to PLR - 18.30% Last updated 08th Oct 15
Rs. 845 for 30 Years Explore More
LT Housing Finance
0/5 0 votes
Upto 3,000,000 - 9.90%
Rs. 3,000,001 - 7,500,000 - 9.90%
Rs. 7,500,001 - 30,000,000 - 10.75%
Above Rs. 30,000,001 - 10.75%
Floating rate linked to PLR - 17.35% Last updated 31st Dec 69
Rs. 870 for 30 Years Explore More
Repco Home Finance
0/5 0 votes
Upto 1,000,000 - 9.60%
Rs. 1,000,001 - 2,000,000 - 9.60%
Rs. 2,000,001 - 3,000,000 - 9.60%
Above Rs. 3,000,001 - 10.50%
Floating rate linked to PLR - 16.00% Last updated 31st Dec 69
Rs. 939 for 20 Years Explore More
Karur Vysya Bank
3/5 1 votes
Upto 2,500,000 - 9.90%
Rs. 2,500,001 - 10,000,000 - 9.90%
Rs. 10,000,001 - 30,000,000 - 9.90%
Above Rs. 30,000,001 - 9.90%
Floating rate linked to 1 Year MCLR - 9.90% Last updated 07th Oct 16
Rs. 902 for 25 Years Explore More
Kotak Bank
0/5 0 votes
Upto 2,500,000 - 9.30%
Rs. 2,500,001 - 10,000,000 - 9.30%
Rs. 10,000,001 - 30,000,000 - 9.30%
Above Rs. 30,000,001 - 9.30%
Floating rate linked to 1 Year MCLR - 9.20% Last updated 01st Dec 16
Rs. 919 for 20 Years Explore More
Ratnakar Bank
0/5 0 votes
Upto 2,500,000 - 10.25%
Rs. 2,500,001 - 7,500,000 - 11.50%
Rs. 7,500,001 - 20,000,000 - 11.50%
Above Rs. 20,000,001 - 11.50%
Floating rate linked to 1 Year MCLR - 10.25% Last updated 22nd Sep 16
Rs. 926 for 25 Years Explore More
Yes Bank
0/5 0 votes
Upto 3,000,000 - 9.50%
Rs. 3,000,001 - 7,500,000 - 9.50%
Rs. 7,500,001 - 20,000,000 - 9.50%
Above Rs. 20,000,001 - 9.50%
Floating rate linked to 1 Year MCLR - 9.25% Last updated 01st Nov 16
Rs. 874 for 25 Years Explore More
Deutsche Bank
0/5 0 votes
Upto 2,500,000 - 9.45%
Rs. 2,500,001 - 7,500,000 - 9.45%
Rs. 7,500,001 - 20,000,000 - 9.45%
Above Rs. 20,000,001 - 9.45%
Floating rate linked to 1 Year MCLR - 9.10% Last updated 07th Dec 16
Rs. 929 for 20 Years Explore More
HSBC Bank
0/5 0 votes
Upto 2,500,000 - 9.35%
Rs. 2,500,001 - 7,500,000 - 9.35%
Rs. 7,500,001 - 20,000,000 - 9.35%
Above Rs. 20,000,001 - 9.35%
Floating rate linked to 1 Year MCLR - 8.30% Last updated 01st Dec 16
Rs. 863 for 25 Years Explore More
Edelweiss
3.3/5 1 votes
Upto 3,000,000 - 10.50%
Rs. 3,000,001 - 7,500,000 - 10.75%
Rs. 7,500,001 - 15,000,000 - 10.90%
Above Rs. 15,000,001 - 10.90%
Floating rate linked to PLR - 17.50% Last updated 30th Nov 15
Rs. 944 for 25 Years Explore More
GIC Housing Finance
3.5/5 1 votes
Upto 2,500,000 - 10.25%
Rs. 2,500,001 - 7,500,000 - 10.25%
Rs. 7,500,001 - 15,000,000 - 10.25%
Above Rs. 15,000,001 - 10.25%
Floating rate linked to PLR - 15.00% Last updated 30th Nov -1
Rs. 982 for 20 Years Explore More
Reliance Capital
0/5 0 votes
Upto 2,500,000 - 10.00%
Rs. 2,500,001 - 7,500,000 - 10.25%
Rs. 7,500,001 - 35,000,000 - 10.50%
Above Rs. 35,000,001 - 10.74%
Floating rate linked to PLR - 18.00% Last updated 01st Nov 15
Rs. 878 for 30 Years Explore More
IIFL
0/5 0 votes
Upto 2,800,000 - 9.40%
Rs. 2,800,001 - 7,500,000 - 9.40%
Rs. 7,500,001 - 20,000,000 - 9.40%
Above Rs. 20,000,001 - 9.40%
Floating rate linked to PLR - 17.50% Last updated 01st Apr 14
Rs. 834 for 30 Years Explore More
Bank of Baroda
3/5 1 votes
Upto 2,500,000 - 9.50%
Rs. 2,500,001 - 7,500,000 - 9.50%
Rs. 7,500,001 - 30,000,000 - 9.50%
Above Rs. 30,000,001 - 9.50%
Floating rate linked to 1 Year MCLR - 9.05% Last updated 07th Dec 16
Rs. 841 for 30 Years Explore More
Corporation Bank
2.5/5 2 votes
Upto 2,500,000 - 9.60%
Rs. 2,500,001 - 7,500,000 - 9.60%
Rs. 7,500,001 - 20,000,000 - 9.60%
Above Rs. 20,000,001 - 9.85%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 01st Dec 16
Rs. 848 for 30 Years Explore More
IDBI Bank
3.6/5 2 votes
Upto 2,500,000 - 9.30%
Rs. 2,500,001 - 7,500,000 - 9.30%
Rs. 7,500,001 - 20,000,000 - 9.30%
Above Rs. 20,000,001 - 9.30%
Floating rate linked to 1 Year MCLR - 9.30% Last updated 01st Oct 16
Rs. 826 for 30 Years Explore More
Indian Bank
3/5 1 votes
Upto 2,500,000 - 9.65%
Rs. 2,500,001 - 7,500,000 - 9.65%
Rs. 7,500,001 - 20,000,000 - 9.90%
Above Rs. 20,000,001 - 9.90%
Floating rate linked to 1 Year MCLR - 9.35% Last updated 07th Oct 16
Rs. 942 for 20 Years Explore More
Indian Overseas Bank
2.8/5 1 votes
Upto 2,500,000 - 9.50%
Rs. 2,500,001 - 7,500,000 - 9.50%
Rs. 7,500,001 - 20,000,000 - 9.75%
Above Rs. 20,000,001 - 9.75%
Floating rate linked to 1 Year MCLR - 9.50% Last updated 01st Oct 16
Rs. 841 for 30 Years Explore More
OBC
2.5/5 1 votes
Upto 3,000,000 - 9.40%
Rs. 3,000,001 - 7,500,000 - 9.40%
Rs. 7,500,001 - 15,000,000 - 9.40%
Above Rs. 15,000,001 - 9.40%
Floating rate linked to 1 Year MCLR - 9.40% Last updated 10th Oct 16
Rs. 867 for 25 Years Explore More
PNB
3.3/5 1 votes
Upto 2,500,000 - 9.20%
Rs. 2,500,001 - 5,000,000 - 9.20%
Rs. 5,000,001 - 7,500,000 - 9.20%
Above Rs. 7,500,001 - 9.20%
Floating rate linked to 1 Year MCLR - 9.15% Last updated 01st Dec 16
Rs. 819 for 30 Years Explore More
Syndicate Bank
0/5 0 votes
Upto 2,500,000 - 9.45%
Rs. 2,500,001 - 7,500,000 - 9.45%
Rs. 7,500,001 - 10,000,000 - 9.45%
Above Rs. 10,000,001 - 9.45%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 07th Oct 16
Rs. 837 for 30 Years Explore More
Indiabulls
2.5/5 1 votes
Upto 2,500,000 - 9.15%
Rs. 2,500,001 - 7,500,000 - 9.15%
Rs. 7,500,001 - 50,000,000 - 9.30%
Above Rs. 50,000,001 - 10.00%
Floating rate linked to PLR - 17.05% Last updated 08th Oct 15
Rs. 815 for 30 Years Explore More
Catholic Syrian Bank
0/5 0 votes
Upto 3,000,000 - 10.25%
Rs. 3,000,001 - 7,500,000 - 10.50%
Rs. 7,500,001 - 10,000,000 - 10.50%
Above Rs. 10,000,001 - 10.50%
Floating rate linked to 1 Year MCLR - 10.10% Last updated 01st Dec 16
Rs. 982 for 20 Years Explore More
City Union Bank
2.5/5 1 votes
Upto 2,500,000 - 10.65%
Rs. 2,500,001 - 7,500,000 - 10.65%
Rs. 7,500,001 - 10,000,000 - 10.65%
Above Rs. 10,000,001 - 10.65%
Floating rate linked to 6 Month MCLR - 9.65% Last updated 05th Sep 16
Rs. 1,115 for 15 Years Explore More
Development Credit Bank
0/5 0 votes
Upto 2,500,000 - 10.70%
Rs. 2,500,001 - 7,500,000 - 10.70%
Rs. 7,500,001 - 10,000,000 - 10.70%
Above Rs. 10,000,001 - 10.70%
Floating rate linked to 1 Year MCLR - 10.48% Last updated 25th Aug 16
Rs. 1,012 for 20 Years Explore More
Dhan Laxmi Bank
0/5 0 votes
Upto 2,500,000 - 10.35%
Rs. 2,500,001 - 7,500,000 - 10.35%
Rs. 7,500,001 - 10,000,000 - 10.35%
Above Rs. 10,000,001 - 10.35%
Floating rate linked to 1 Year MCLR - 10.35% Last updated 07th Dec 16
Rs. 988 for 20 Years Explore More
Karnataka Bank
0/5 0 votes
Upto 2,500,000 - 9.50%
Rs. 2,500,001 - 10,000,000 - 9.50%
Rs. 10,000,001 - 30,000,000 - 9.50%
Above Rs. 30,000,001 - 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
3/5 1 votes
Upto 2,500,000 - 9.80%
Rs. 2,500,001 - 7,500,000 - 9.80%
Rs. 7,500,001 - 35,000,000 - 9.80%
Above Rs. 35,000,001 - 9.80%
Floating rate linked to 1 Year MCLR - 9.80% Last updated 01st Dec 16
Rs. 863 for 30 Years Explore More
Tamilnad Mercantile Bank
0/5 0 votes
Upto 3,000,000 - 10.40%
Rs. 3,000,001 - 7,500,000 - 10.90%
Rs. 7,500,001 - 10,000,000 - 10.90%
Above Rs. 10,000,001 - 10.90%
Floating rate linked to 1 Year MCLR - 10.00% Last updated 01st Dec 16
Rs. 907 for 30 Years Explore More
Federal Bank
3.3/5 1 votes
Upto 2,500,000 - 9.45%
Rs. 2,500,001 - 7,500,000 - 9.45%
Rs. 7,500,001 - 50,000,000 - 9.45%
Above Rs. 50,000,001 - 9.45%
Floating rate linked to 1 Year MCLR - 9.40% Last updated 01st Dec 16
Rs. 837 for 30 Years Explore More
Jammu And Kashmir Bank
0/5 0 votes
Upto 2,500,000 - 9.35%
Rs. 2,500,001 - 10,000,000 - 9.35%
Rs. 10,000,001 - 30,000,000 - 9.55%
Above Rs. 30,000,001 - 9.70%
Floating rate linked to 1 Year MCLR - 9.35% Last updated 10th Oct 16
Rs. 1,035 for 15 Years Explore More
Lakshmi Vilas Bank
0/5 0 votes
Upto 2,500,000 - 10.35%
Rs. 2,500,001 - 10,000,000 - 10.35%
Rs. 10,000,001 - 30,000,000 - 10.35%
Above Rs. 30,000,001 - 10.35%
Floating rate linked to 1 Year MCLR - 10.25% Last updated 01st Oct 16
Rs. 988 for 20 Years Explore More
Allahabad Bank
2.8/5 1 votes
Upto 2,500,000 - 9.45%
Rs. 2,500,001 - 7,500,000 - 9.45%
Rs. 7,500,001 - 30,000,000 - 9.45%
Above Rs. 30,000,001 - 9.70%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 10th Oct 16
Rs. 929 for 20 Years Explore More
Andhra Bank
3/5 1 votes
Upto 2,500,000 - 9.65%
Rs. 2,500,001 - 7,500,000 - 9.65%
Rs. 7,500,001 - 30,000,000 - 9.90%
Above Rs. 30,000,001 - 9.90%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 15th Oct 16
Rs. 852 for 30 Years Explore More
Bank of India
2.8/5 1 votes
Upto 2,500,000 - 9.30%
Rs. 2,500,001 - 7,500,000 - 9.30%
Rs. 7,500,001 - 20,000,000 - 9.30%
Above Rs. 20,000,001 - 9.30%
Floating rate linked to 1 Year MCLR - 9.25% Last updated 07th Dec 16
Rs. 826 for 30 Years Explore More
Bank of Maharashtra
1.8/5 1 votes
Upto 2,500,000 - 9.60%
Rs. 2,500,001 - 7,500,000 - 9.60%
Rs. 7,500,001 - 30,000,000 - 9.60%
Above Rs. 30,000,001 - 10.10%
Floating rate linked to 1 Year MCLR - 9.60% Last updated 01st Oct 16
Rs. 848 for 30 Years Explore More
Canara Bank
0/5 0 votes
Upto 2,500,000 - 9.50%
Rs. 2,500,001 - 7,500,000 - 9.50%
Rs. 7,500,001 - 10,000,000 - 9.50%
Above Rs. 10,000,001 - 9.60%
Floating rate linked to 1 Year MCLR - 9.30% Last updated 01st Nov 16
Rs. 841 for 30 Years Explore More
Central Bank of India
3.7/5 3 votes
Upto 2,500,000 - 9.70%
Rs. 2,500,001 - 7,500,000 - 9.70%
Rs. 7,500,001 - 10,000,000 - 9.70%
Above Rs. 10,000,001 - 9.70%
Floating rate linked to 1 Year MCLR - 9.35% Last updated 01st Dec 16
Rs. 855 for 30 Years Explore More
Dena Bank
0/5 0 votes
Upto 2,500,000 - 9.30%
Rs. 2,500,001 - 7,500,000 - 9.30%
Rs. 7,500,001 - 10,000,000 - 9.55%
Above Rs. 10,000,001 - 9.55%
Floating rate linked to 1 Year MCLR - 9.30% Last updated 01st Dec 16
Rs. 860 for 25 Years Explore More
Punjab and Sind Bank
2.8/5 1 votes
Upto 3,000,000 - 9.55%
Rs. 3,000,001 - 7,500,000 - 9.55%
Rs. 7,500,001 - 15,000,000 - 9.80%
Above Rs. 15,000,001 - 9.80%
Floating rate linked to 1 Year MCLR - 9.55% Last updated 05th Oct 16
Rs. 845 for 30 Years Explore More
State Bank of Hyderabad
0/5 0 votes
Upto 2,500,000 - 9.70%
Rs. 2,500,001 - 7,500,000 - 9.70%
Rs. 7,500,001 - 10,000,000 - 9.70%
Above Rs. 10,000,001 - 9.70%
Floating rate linked to 1 Year MCLR - 9.35% Last updated 01st Dec 16
Rs. 855 for 30 Years Explore More
State Bank of Mysore
0/5 0 votes
Upto 2,500,000 - 9.55%
Rs. 2,500,001 - 7,500,000 - 9.55%
Rs. 7,500,001 - 10,000,000 - 9.55%
Above Rs. 10,000,001 - 9.60%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 01st Dec 16
Rs. 845 for 30 Years Explore More
State Bank of Patiala
0/5 0 votes
Upto 2,500,000 - 9.30%
Rs. 2,500,001 - 7,500,000 - 9.30%
Rs. 7,500,001 - 10,000,000 - 9.30%
Above Rs. 10,000,001 - 9.30%
Floating rate linked to 1 Year MCLR - 9.20% Last updated 15th Nov 16
Rs. 826 for 30 Years Explore More
State Bank of Travancore
3.3/5 1 votes
Upto 2,500,000 - 9.45%
Rs. 2,500,001 - 7,500,000 - 9.45%
Rs. 7,500,001 - 10,000,000 - 9.70%
Above Rs. 10,000,001 - 9.70%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 01st Dec 16
Rs. 837 for 30 Years Explore More
UCO Bank
0/5 0 votes
Upto 3,000,000 - 9.50%
Rs. 3,000,001 - 7,500,000 - 9.50%
Rs. 7,500,001 - 10,000,000 - 9.50%
Above Rs. 10,000,001 - 9.50%
Floating rate linked to 1 Year MCLR - 9.35% Last updated 10th Nov 16
Rs. 841 for 30 Years Explore More
Union Bank of India
0/5 0 votes
Upto 3,000,000 - 9.40%
Rs. 3,000,001 - 7,500,000 - 9.40%
Rs. 7,500,001 - 10,000,000 - 9.45%
Above Rs. 10,000,001 - 9.45%
Floating rate linked to 1 Year MCLR - 9.30% Last updated 01st Dec 16
Rs. 834 for 30 Years Explore More
Vijaya Bank
2.8/5 1 votes
Upto 3,000,000 - 9.65%
Rs. 3,000,001 - 7,500,000 - 9.65%
Rs. 7,500,001 - 10,000,000 - 9.65%
Above Rs. 10,000,001 - 9.65%
Floating rate linked to 1 Year MCLR - 9.45% Last updated 18th Aug 16
Rs. 852 for 30 Years Explore More
United Bank of India
3.3/5 1 votes
Upto 3,000,000 - 9.55%
Rs. 3,000,001 - 7,500,000 - 9.55%
Rs. 7,500,001 - 10,000,000 - 9.55%
Above Rs. 10,000,001 - 9.55%
Floating rate linked to 1 Year MCLR - 9.40% Last updated 17th Oct 16
Rs. 845 for 30 Years Explore More
IDFC Bank
0/5 0 votes
Upto 3,000,000 - 9.15%
Rs. 3,000,001 - 7,500,000 - 9.15%
Rs. 7,500,001 - 30,000,000 - 9.15%
Above Rs. 30,000,001 - 9.15%
Floating rate linked to 6 Month MCLR - 9.00% Last updated 01st Dec 16
Rs. 815 for 30 Years Explore More
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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
Home Loan Interest Rate News - Dec 2016
06th Dec 16 Home loan securitization market to remain robust despite demonetization
CRISIL, a leading credit rating agency, has kept a positive outlook on home loan securitization in the post demonetisation market scenario. Mortgage backed securities with their long tenures and low delinquency rates are expected to continue attracting long term investors. Volumes in mortgage backed securities have already touched Rs. 19,000 crore in first half of 2016-17, significantly higher than the annual volumes of Rs. 15,000 crore registered in 2014-15.
06th Dec 16 JM Financial Products completes stake buy in India Home Loan
JM Financial Products, a subsidiary of JM Financial Limited, has completed an acquisition of 24.5 percent stake in India Home Loan Limited. The company has acquired 1,500,000 shares through preferential allotment route. India Home Loan provides home loan to individuals and families in the affordable housing segment.
05th Dec 16 IDFC Bank reduces its home loan rates by 10 basis points
IDFC Bank has reduced its simple home loan rate by 10 bps to 9.15 percent from 9.25 percent earlier. Revised short and sweet home loan rate has been reduced to 9.30 percent from 9.40 percent earlier. Home loan rate of IDFC Bank depends on six month MCLR rate which currently stands at 9 percent. The rates are effective from 1st December, 2016.
01st Dec 16 Government plans to launch a home loan scheme for first time borrowers in the upcoming Union Budget 2017
Government and RBI are working jointly to launch a new home loan scheme for first time borrowers. Under the proposed scheme, first time borrowers availing home loan of up to Rs 50 lacs might be able to avail home loan at low interest rates in the range of 6 to 7 percent. The scheme is proposed to be announced in the upcoming Union Budget 2017 scheduled on 1st February, 2017.
27th Nov 16 Demonetisation raises hope of cheaper home loans
Even as the secondary market for houses and developer-built small properties has come to a standstill, banks expect stability to be restored in the property market once home loan interest rates get reduced. Demonetisation is expected to bring in more deposits to banks and give them flexibility in reducing interest rates on various loan products.
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