Kuchh Baat Aapke Interest Ki Login

Home Loan Interest Rates - All Banks

Last Updated 21st Oct 2017

Home Loan Interest Rate in India

Interest Rate Starting @ 8.35%
Check Best Offers
Processing Fee Upto 1% of loan amount
Check discount offers
Loan Tenure Upto 30 years
Lowest EMI Per Lakh Rs. 758 for 30 years
Prepayment Charges Nil charges for floating rates loans
  • Compare and get cheapest home loan rates for both salaried and self employed.
  • Avail best home loan rates starting @ 8.35%.
  • Loans available for a tenure of up to 30 years with attractive offers such as nil prepayment charges.
Apply Home Loan @ 8.35%*

Home Loan Interest Rates Comparison , Best rates in India 2017

Bank Home Loan Interest Rates Processing Fee
SBI Home Loan 8.35% - 8.55% 0.35%
Min Rs. 1,000 - Max Rs. 10,000
HDFC Home Loan 8.35% - 8.95% 0.50%
Min Rs. 3,000 - Max Rs. 10,000
ICICI Bank Home Loan 8.35% - 8.85% 1.00%
Min Rs. 10,000 - Max Rs. 10,000
Axis Bank 8.35% - 8.40% Min Rs. 1,000 - Max Rs. 5,000
PNB Housing Finance 8.50% 1.00%
Max Rs. 10,000
Bank of Baroda 8.35% - 9.35% 0.50%
Min Rs. 7,500 - Max Rs. 20,000
LIC Housing Finance 8.50% - 8.90% 0.50%
Indiabulls 8.35% - 9.75% 0.50%
Min Rs. 7,500 - Max Rs. 25,000
Citibank 8.50% - 8.60% Max Rs. 10,000
DBS Bank 8.60% - 8.85% Max Rs. 10,000
DHFL 8.60% - 9.75% 0.50%
Min Rs. 2,500 - Max Rs. 20,000
Kotak Bank 8.60% Max Rs. 10,000
Bank of India 8.65% - 8.70% 0.25%
Min Rs. 1,000 - Max Rs. 20,000
State Bank of Patiala 9.30% 0.35%
Min Rs. 2,000 - Max Rs. 10,000
Allahabad Bank 8.50% - 9.00% 0.61%
Min Rs. 12,228 - Max Rs. 71,334
Reliance Capital 10.00% - 11.75% 1.00%
Min Rs. 3,000 - Max Rs. 6,500
OBC 8.45% - 8.55% 0.50%
Max Rs. 20,000
Jammu And Kashmir Bank 8.65% - 9.00% 0.25%
Min Rs. 500 - Max Rs. 10,000
IDBI Bank 8.35% - 8.65% 0.50%
Min Rs. 2,500
Federal Bank 9.00% - 9.25% 0.50%
Min Rs. 3,000 - Max Rs. 7,500
IDFC Bank 8.55% - 8.60% 0.50%
Min Rs. 5,000 - Max Rs. 5,000
Dhan Laxmi Bank 10.10% - 10.35% 1.00%
Min Rs. 10,000
State Bank of Hyderabad 8.85% 0.25%
Min Rs. 5,000 - Max Rs. 10,000
Dena Bank 8.55% - 8.80% 0.50%
City Union Bank 9.90% - 11.60% 1.00%
Min Rs. 600
Union Bank of India 8.30% - 8.35% 0.50%
Max Rs. 15,000
Canara Bank 8.65% - 8.75% 0.50%
Min Rs. 1,500 - Max Rs. 10,000
Syndicate Bank 8.75% 0.13%
Min Rs. 500 - Max Rs. 5,000
State Bank of Mysore 8.80% 0.50%
Max Rs. 7,500
RBL Bank 10.30% - 11.65% Min Rs. 5,000 - Max Rs. 15,000
Karur Vysya Bank 9.10% Min Rs. 5,000
Indian Overseas Bank 8.65% - 9.15% 0.53%
Min Rs. 8,900 - Max Rs. 13,350
HSBC Bank 8.65% 1.00%
Max Rs. 10,000
Yes Bank 9.35% - 10.50% 0.50%
Max Rs. 10,000
Edelweiss 10.50% - 10.90% 0.25%
Repco Home Finance 9.60% - 11.50% 1.00%
Development Credit Bank 10.48% - 11.35% 2.00%
Min Rs. 5,000
Vijaya Bank 8.65% 0.50%
Min Rs. 1,000 - Max Rs. 20,000
Central Bank of India 8.50% 0.50%
Max Rs. 500
UCO Bank 8.55% - 8.80% 0.50%
Min Rs. 1,500 - Max Rs. 15,000
Bank of Maharashtra 8.70% - 8.80% 0.50%
State Bank of Travancore 9.20% - 9.45% 0.50%
Min Rs. 500 - Max Rs. 10,000
Andhra Bank 9.65% - 9.90% 0.50%
Max Rs. 10,000
South Indian Bank 9.10% 1.00%
Max Rs. 10,000
Standard Chartered Bank 8.55% - 8.65% 1.00%
Min Rs. 5,000 - Max Rs. 10,000
Punjab and Sind Bank 8.75% - 9.00% 0.25%
Min Rs. 1,000 - Max Rs. 15,000
PNB 8.35% - 8.45% 0.50%
Min Rs. 20,000 - Max Rs. 50,000
Lakshmi Vilas Bank 9.55% 1.20%
Karnataka Bank 9.50% - 9.75% 0.25%
Min Rs. 250
Indian Bank 8.50% - 8.60% 0.23%
Max Rs. 20,381
GIC Housing Finance 10.25% Min Rs. 2,500
IIFL 8.50% 1.00%
Max Rs. 10,000
LT Housing Finance 9.90% - 10.75% 2.00%
Min Rs. 4,999
Deutsche Bank 9.45% 1.00%
Corporation Bank 8.85% - 9.10% 0.50%
Min Rs. 1,000 - Max Rs. 50,000
United Bank of India 8.55%
Catholic Syrian Bank 10.10% - 10.50% 0.50%
Tamilnad Mercantile Bank 10.30% - 10.80% 1.00%

As per the current rates, SBI, HDFC, ICICI Bank, Axis Bank, Bank of Baroda, Indiabulls, IDBI Bank, PNB offer the lowest home loan interest rate of 8.35%. These rates can vary depending upon the value of the property and your repayment capacity. Higher the loan amount, higher will be the rate of interest.

Home Loan

Home loans are available for borrowers to help them fulfil the dream of having their own home.


Some of the basic purposes for which this loan is granted include to purchase a home, construction, renovation, improvement on existing homes and many more. The loan is granted against the mortgage of the residential property that is purchased or proposed to be constructed upon with the loan. Banks specify the purpose for which they are willing to grant this loan.

Purposes for which loan is granted Purposes for which loan is not granted
Home purchase Business expansion
Home construction Child Education
Home renovation Wedding or vacation
Plot purchase Medical emergency
Points to remember are:
  • Home loans are not allowed to be used for personal purposes. For instance, if you take a house loan to purchase a builder property, the bank will disburse the loan directly to the builder against your payment due.
  • Banks will take an end use undertaking on the home loan and will also check the actual usage of the loan on a regular basis.
  • Top up loan taken on existing home loan customers can be used for purposes such as wedding, vacation, business, education, medical expenses etc.

Home Loan Eligibility

You may be eligible for loan in India at lowest interest rates from one or more banks if you meet the following eligibility conditions:

Eligibility Criteria Description
Minimum and Maximum Age Individuals with minimum age of 21 Years and maximum upto 65 Years
Note: However, there are few banks which also give loans to individuals of 18 years and /or individuals up to 70 years of age.
Loan Tenure Banks give loan upto a period of 30 years depending upon your age.
Note: However, some banks also restrict the maximum tenure to 25 years.
Net Monthly Income
  • Banks prefer minimum income of Rs. 25,000 to consider your loan application.
  • In case of income between Rs. 25,000 and Rs. 40,000, banks consider minimum FOIR of 50%. FOIR is fixed obligations to income ratio. Fixed obligations include existing EMI on other loans, proposed EMI and rent.
  • If income is more than Rs. 40,000, FOIR should not exceed 65%.
Employment Type and History
  • Interest rates are typically in the range of 8.35% to 13.95% per annum.
  • For salaried applicants, minimum work experience required is 3 years
  • For self employed, business existence of minimum 5 years and ITR of 3 years is required
Note: Eligibility conditions for self employed may be different from that of salaried customers
LTV As per RBI guidelines, bank can only 75% to 90% of the cost of the home. The LTV ratio defined by RBI is specified as -
  • upto Rs. 30 Lakh – 90%
  • Above Rs. 30 Lakh and upto Rs. 75 Lakh – 80%
  • Above Rs. 75 Lakh – 75%
Banks gives loan based on market value or registered value of the property, whichever is lower.
CIBIL Score for Home Loan Bank consider 700 and above credit score eligible for house loan
Note: In case of low CIBIL score, you can be eligible from few banks or NBFCs with some additional conditions like higher interest rate and higher margin

How to get best home loan

It has never been easier to get the best home loan, as today you can do online home loan comparison based on interest rates, processing fees, other loan terms and conditions of all banks before choosing the right loan offer. It is advisable to follow these steps to get a hassle free, lowest cost and most transparent housing loan.

Step 1 : Check loan EMI and calculate eligibility

As you decide to take a home loan, always estimate your loan amount eligibility to know the loan amount you will be eligible for and can apply for. Also calculate the monthly EMI that you can comfortably service given your net take home salary and other existing fixed obligations including rent and EMIs on other existing loans, if any. Your house loan eligibility is calculated based on your age, net income, existing obligations, property type, LTV ratio and other factors. EMI is dependent on the loan amount, interest rate and tenure. Once you understand your minimum loan requirement, your eligibility and monthly EMI you can comfortably service, shortlist the banks which offer you best loan amount to meet your requirements.

Step 2 : Check property approval status and legal documents

If you are buying a property from builder, then check for the banks which have approved the projects you have shortlisted. For resale property, check the approved map plans and ensure that all property registration papers for the complete chain from the first owner to current owner are in place. Shortlist the banks which lend on your chosen property.

Step 3 : Decide on type of home loan interest rate offers

As you narrow down the list of banks in Step 2 and 3, you need to conduct an interest rate on home loan comparison of the loan offers of various banks. Some of the interest rate offers that needs to be checked are:

  • Choice between fixed and floating rates - Fixed rates come at a slightly higher rate of interest compared to floating rate loans and interest rate remains constant during the tenure of home loan. In floating rate loan, interest rates are reset at periodic intervals in response to changes in MCLR and PLR rates of banks or NBFCs. Majority of housing loans in India today are floating rate loans as it allows the borrowers to get home loan interest rate in line with the current interest rates.
  • Decide if your need a home saver loan - a loan with overdraft facility which allows you to deposit surplus amount in your home loan overdraft account as and when available, allowing you to reduce your overall interest amount. This loan is highly recommended for salaried individuals with high bonuses and self employed business which is seasonal and has fluctuating cash flows. The interest rates on overdraft loan is slightly higher than that of a regular housing loan interest rate.
  • You can also evaluate a mortgage guarantee house loan as it covers any default risk and allows the lender to give you loan at low rate of interest. You will however need to pay a mortgage guarantee fee to the bank or finance company and need to weight the net benefit with respect to availing low rate of interest.

Check and compare the interest rates of the banks on various types of loan products and take an informed decision.

Step 4 : Compare shortlisted banks

In addition to interest rates, banks also charge many other fees on home loans. Along with interest rates, you should check other associated costs with a home loan which include prepayment charges, processing fee, insurance premium and other charges offered by the shortlisted banks. You should calculate all inclusive costs on home loan to be able to further shortlist the banks and reduce your choice to 2-3 banks.

You can take the help of loan advisors of online marketplaces like myloancare.in to be able to get details on home loan rates of all banks and take an informed decision.

Step 5 : Select the bank based on other service related parameters

Finally as you decide to take the loan, also consider other service and transparency related parameters of the chosen banks. Some of these factors are turnaround time offered by the banks, quick loan delivery, doorstep services, transparency in the loan process. You also need to understand the trends and changes in MCLR rates over a period of time. Last but not the least, read reviews of existing customers on banks on their services, interest rates and transparency to take your decision to borrow from a bank.

Types of home loan in India

Regular Home Loan: This is the most common loan taken by a borrower to buy a new house/apartment or to construct a home. This includes:

  • For buying a new flat, apartment or house from a builder
  • For buying a house from another seller
  • For construction of house on an existing plot

Lowest interest charged on home loan is 8.35%. All banks, NBFCs and HFCs provide house loans for these purposes.

Home Improvement Loans: Improvement loan is taken to renovate your existing home. This can be used for many purposes like tiling, flooring, internal and external painting of the house, etc. The loan is extended against the mortgage of your home. If you are an existing home loan customer, you can apply for home improvement loan on the same home.
Rate of interest on home improvement loan is similar to a regular home loan.

Home Extension Loan: This loan is similar to a home improvement loan and is used to expand your home by adding new space including additional floor, room, balcony, bathroom etc. Like home improvement loan, it is also extended against the mortgage of your home and can also be availed on your existing home loan.
These loans can be availed at low interest against the mortgage of your home.

Land Purchase Loan: This loan is taken to purchase a plot for building a house on it. Very few banks offer plot loans. Most of the banks that offer plot loans have a requirement to construct a house on the plot purchased within a period of 2 to 3 years of plot purchase.
Plot loans are considered to be riskier compared to other home loans and are available at 1.5-2% higher rate of interest compared to a home loan.

Home Conversion Loan: This loan is offered when you want to transfer your existing housing loan interest from fixed rate to floating rate or vice – versa. This type of loan is only applicable to existing home borrowers. You can also opt for home conversion loan if you have taken a loan before 1st April, 2016 and want to switch your benchmark rate from base rate to MCLR rate in order to avail low interest on loan that gets benchmarked to market rates. Banks and finance companies charge a conversion fee on the outstanding principal to switch your loan.
These rates can be availed at regular housing loan interest rates starting from 8.35%.

NRI Home Loans: The loan is offered to non-resident Indians for giving them finance to purchase, construct or renovate a home in India.

Home Loan Overdraft: Overdraft facility is availed by the borrowers who expect to have surplus income. This facility allows you to deposit the available surplus amount for any period in your home loan account and reduce your interest liability. This option is highly suitable for self employed, businessmen, professionals who have funds throughout the year.
Interest rate on housing loan overdraft is around 0.15%-0.2% higher than rate of a regular home loan, but it comes with additional flexibility of managing your cash flows.

Home Loan Top Up: Top up loan is an additional loan amount that you can avail on your existing home loan. Top up can be taken either from the existing bank or can be availed at the time of transferring your outstanding home loan amount from one bank to other bank to avail low interest rates. The LTV cap on home loan is applied to calculate your eligibility on a loan amount. This means that the amount of top up loan plus your existing home loan outstanding should be less than or equal to 70% of the market value of the property. Top up amount eligibility may vary from bank to bank based on your income and value of the property and needs a thorough comparison.
Interest rate for home loan top up is 0.25% to 1% higher than the regular home loan rate and can be availed for personal use.

Home Refinance: Home loan refinancing means taking a loan from a new bank or NBFC to pay off an existing loan. Generally, home loan is refinanced either to get lower interest rate or to get top up loan along with home loan amount. There could be other possibilities too where one needs to opt for balance transfer such as to switch from fixed to floating rate or vice-versa, reduce loan tenure in case of increased income flow or increase loan tenure in cases where your net monthly income drops. When you decide to refinance your loan with a new bank, you will have to take approval of the existing bank and go through the process of taking a home loan sanction from the new bank all again.
Balance transfer is done to get low interest rate which also reduces your EMI and the interest rate for home refinance are similar to regular home loan but lower than the one you are paying earlier.

Housing Loan EMI Calculator

Home Loan EMI is the monthly amount or instalment that you pay every month to the bank or financial institution in order to repay your loan. EMI is composed of principal amount and interest. Interest component in your EMI is higher in early months and gets reduced with each EMI. Similarly, principal repaid is a significantly small component in total EMI in early months and gets higher with each EMI. EMI Calculator helps you to calculate your monthly EMI at desired interest rate for a particular tenure.

EMI depends upon loan amount, interest rate and loan tenure

  • Loan amount – Higher the loan amount taken, higher will be the EMI
  • Interest rate - Higher interest rate on your loan leads to higher amount of EMI
  • Loan tenure – Longer the loan tenure, lower the EMI and vice versa

Home loan interest rates are important to estimate your loan eligibility. High interest rate leads to lower loan amount eligibility.

Documents needed for Home Loan Application

Documents required Salaried Self Employed
Application Form Signed with photographs Signed with photographs
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 (not more than 3 months old) Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter
Income Proof Form 16, Latest 6 months salary slip, Last 6 months bank statement Last 2 years ITR, Last 6 months bank statement
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

Compare Home Loan Charges

  • Home Loan processing fees – Most banks charge processing fees of up to Rs. 10,000 or up to 1% on house loans, whichever is higher. To get lowest fee, comparison of home loan rates, offers and cashback, apply 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 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.
  • Special interest rates for specified category of borrowers- Banks launch attractive schemes with low interest rates on housing loans on a regular basis, especially for women borrowers. Hence, always check for home loan offers from multiple banks to get the best rates.

How to get best home loan 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 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 home 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.

Frequently Asked Questions

How can I apply for home loan?

You can apply for loan in several ways. You can directly visit the bank branch and meet the sales person, contact a loan agent or apply online at any bank or NBFC’s website. You can also check and compare best interest rates of all banks online at MyLoanCare and apply for loan.

What is the minimum and maximum tenure of house loan?

These are generally taken for a longer period of time. The loan tenure for hosuing loan ranges from 5 years to 30 years.

What are the charges for home loan?

In addition to rate of interest, banks charge the following three fees on home loans.

  • Processing fee: This fees is charged when you apply for a loan. The processing fee can range between 0.25 - 1% of the loan amount or upto Rs. 10,000, whichever is higher and can be negotiated down, if you bargain. If you approach the bank through an online market place like www.myloancare.in, as we will help in negotiating with the bank on your behalf and also, offer attractive cash backs on sanctioned loan amounts. Sometimes, we also get to offer exclusive loan schemes on behalf of the banks such as nil processing fees for our valued customers.
  • Foreclosure fee: This fees is charged when you decide to close your loan before the completion of loan tenure. Banks charges nil prepayment penalty on individuals having floating rate loans. You also need to read the terms and conditions of your loan agreement carefully to check on the prepayment clause and ensure that it is not too strict compared to market benchmarks.
  • Other Charges: Bank charges legal and technical fee from the borrower which are explained at the time of loan processing.
What is the CIBIL score for home loan?

CIBIL score ranges from 300 to 900. A score of 650 and above is considered as good score to get home loan. Higher the credit score, higher the chances to get loan application approved.

What determines interest rates on your Housing 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
How does interest rate impact House Loan eligibility?

Maximum 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 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
  • Receipt of advance payment towards purchase of property in case of resale or booking with builder
  • Latest property tax receipt
  • Copy of approved plan for construction/ extension
Can I apply for housing loan jointly with my spouse?

Yes, you can apply jointly with an earning co-applicant (either be your spouse or your parents). Adding co-applicant can increase your eligibility and you can also avail for a higher amount of loan as your co-applicant’s income also gets added to your income and that total is taken into consideration for calculating the loan amount you will be eligible for.

Does it affect my co-applicant if I default in home loan?

Yes, if you fail to pay the loan on time then it will also affect your co-applicant as default in loan will affect his/her CIBIL rating as well.

Can I do balance transfer on house loan?

Yes, if you are getting higher interest rate and paying higher EMI than other banks, then you can opt for home loan balance transfer and reduce your monthly burden.

Can I take top up on my existing home loan?

Yes, you can avail top up on their running house loan only if you have made timely repayment of EMIs accrued on existing home loan. The interest rate charges on a top up loans are comparatively 0.25 – 1% higher than a home loan and it requires very minimal documentation for loan processing.

Why is home loan top up a better alternative compared to other loans?

Taking a top up loan on existing home loan is advantageous due to the following reasons

  • Lower interest :- Interest charged on top up loan is comparatively lesser than the intrest charged on a personal loan.
  • Lower EMI :- As tenure is higher and interest rate is lower, the EMI for top up home loan will be less. The lower EMI will enable you to increase your maximum loan amount eligibility required for taking housing loan.
  • Higher loan tenure :- In case of a top up loan you will get the loan tenure equal to tenure outstanding on your existing home loan
  • Pre payment penalty :- No pre payment penalty is applicable on top up loans.
  • Tax exemption :- You are eligible to avail income tax exemption under section 80C, if purpose of top up loan is home renovation or extension.
Can I get a home loan with a bad credit score?

Yes, you may be eligible for qualifying a home loan even with a low CIBIL score. But, the lenders may charge a higher rate of interest on your loan and may ask you to apply for loan along with a co-applicant to improve your credit worthiness.

What are the tax benefits available on home loans?

Yes, a home loan borrower may avail tax benefit on their home loans both on the principal as well as on the interest rate on home loans:

  • Tax exemption on repayment of home loan principal (under section 80C)– The individual is eligible for a maximum annual tax deduction of Rs. 1,50,000 (Rs. 2 lakh for senior citizens).
  • Tax benefit on the interest rate for home loan (under section 24):– he individual can avail the tax benefit on the amount of interest paid on their home loan to the maximum limit of Rs. 2 lakh (Rs. 3 lakh for senior citizens) for a self-occupied property.
Can I take a home loan with existing other loan?

Usually, lenders ask about the status of your existing loans when you apply for a home loan. This is done to assess the eligibility of paying out EMIs on your loan in the future. If your payment history is good, then the lenders may give you the option of taking top up loan on your existing home loan in the case of any financial urgency.

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 Rates

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.