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

Last Updated 28th Apr 2017

Home Loan Interest Rates Interest Rates in India

  • Best offers for salaried and self employed
  • Compare and get lowest interest rates @8.35%* from banks
  • Apply home loan online at fixed and floating rates
  • Maximum loan tenure upto 30 years
  • Nil prepayment charges options
Apply Home Loan @ 8.35%*
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Home Loan Interest Rates Interest Rates Comparison, Lowest EMI Apr 2017, Best rates

Bank Home Loan Interest Rates* Lowest EMI per lakh for Max Tenure
SBI (3.9/5.0) 21 Users 8.60% - 8.70%
Floating rate linked to 1 Year MCLR - 8.00%
Rs. 776 for 30 Years Explore More Apply Now
HDFC (3.7/5.0) 45 Users 8.50% - 9.20%
Floating rate linked to PLR - 16.15%
Rs. 769 for 30 Years Explore More Apply Now
ICICI Bank (3.8/5.0) 57 Users 8.65% - 8.85%
Floating rate linked to 1 Year MCLR - 8.20%
Rs. 780 for 30 Years Explore More Apply Now
Axis Bank (4/5.0) 33 Users 8.65% - 8.70%
Floating rate linked to 6 Month MCLR - 8.15%
Rs. 780 for 30 Years Explore More Apply Now
PNB Housing Finance (4/5.0) 18 Users 8.50%
Floating rate linked to PLR - 14.35%
Rs. 769 for 30 Years Explore More Apply Now
Bank of Baroda (3.8/5.0) 2 Users 8.35% - 9.35%
Floating rate linked to 1 Year MCLR - 8.35%
Rs. 758 for 30 Years Explore More Apply Now
LIC Housing Finance (2.1/5.0) 4 Users 8.50% - 8.90%
Floating rate linked to PLR - 14.20%
Rs. 769 for 30 Years Explore More Apply Now
Citibank (3.8/5.0) 23 Users 8.60%
Floating rate linked to 3 Month MCLR - 8.05%
Rs. 812 for 25 Years Explore More Apply Now
Standard Chartered Bank (4.8/5.0) 2 Users 8.90%
Floating rate linked to 3 Month MCLR - 8.85%
Rs. 893 for 20 Years Explore More Apply Now
DBS Bank (4.3/5.0) 1 Users 8.70% - 8.90%
Floating rate linked to 3 Month MCLR - 7.90%
Rs. 881 for 20 Years Explore More Apply Now
DHFL (3.3/5.0) 4 Users 8.60% - 9.75%
Floating rate linked to PLR - 18.30%
Rs. 776 for 30 Years Explore More Apply Now
Syndicate Bank 8.75%
Floating rate linked to 1 Year MCLR - 8.75%
Rs. 787 for 30 Years Explore More Apply Now
Bank of Maharashtra (1.6/5.0) 2 Users 8.75% - 8.85%
Floating rate linked to 1 Year MCLR - 8.75%
Rs. 787 for 30 Years Explore More Apply Now
PNB (3.3/5.0) 1 Users 8.65% - 8.75%
Floating rate linked to 1 Year MCLR - 8.45%
Rs. 780 for 30 Years Explore More Apply Now
Deutsche Bank 9.45%
Floating rate linked to 1 Year MCLR - 9.30%
Rs. 929 for 20 Years Explore More Apply Now
Andhra Bank (3/5.0) 1 Users 9.65% - 9.90%
Floating rate linked to 1 Year MCLR - 8.65%
Rs. 852 for 30 Years Explore More Apply Now
Indian Overseas Bank (2.8/5.0) 1 Users 8.65% - 9.15%
Floating rate linked to 1 Year MCLR - 8.65%
Rs. 780 for 30 Years Explore More Apply Now
Yes Bank 9.35% - 10.50%
Floating rate linked to 1 Year MCLR - 8.80%
Rs. 863 for 25 Years Explore More Apply Now
Lakshmi Vilas Bank 9.85%
Floating rate linked to 1 Year MCLR - 9.75%
Rs. 955 for 20 Years Explore More Apply Now
IDBI Bank (3.6/5.0) 2 Users 8.55%
Floating rate linked to 3 Month MCLR - 8.55%
Rs. 772 for 30 Years Explore More Apply Now
Vijaya Bank (2.8/5.0) 1 Users 8.90%
Floating rate linked to 1 Year MCLR - 8.65%
Rs. 797 for 30 Years Explore More Apply Now
Kotak Bank 8.60%
Floating rate linked to 1 Year MCLR - 8.80%
Rs. 874 for 20 Years Explore More Apply Now
Federal Bank (3.3/5.0) 1 Users 9.00% - 9.25%
Floating rate linked to 1 Year MCLR - 8.95%
Rs. 805 for 30 Years Explore More Apply Now
UCO Bank 8.75% - 8.90%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 787 for 30 Years Explore More Apply Now
South Indian Bank (3/5.0) 1 Users 9.10%
Floating rate linked to 1 Year MCLR - 9.10%
Rs. 812 for 30 Years Explore More Apply Now
State Bank of Patiala 9.30%
Floating rate linked to 1 Year MCLR - 8.30%
Rs. 826 for 30 Years Explore More Apply Now
Repco Home Finance 9.60% - 11.50%
Floating rate linked to PLR - 16.00%
Rs. 939 for 20 Years Explore More Apply Now
Dhan Laxmi Bank 10.10% - 10.35%
Floating rate linked to 1 Year MCLR - 9.90%
Rs. 972 for 20 Years Explore More Apply Now
State Bank of Hyderabad 8.85%
Floating rate linked to 1 Year MCLR - 8.75%
Rs. 794 for 30 Years Explore More Apply Now
City Union Bank (2.5/5.0) 1 Users 9.90% - 11.60%
Floating rate linked to 6 Month MCLR - 9.40%
Rs. 1,069 for 15 Years Explore More Apply Now
GIC Housing Finance (3.5/5.0) 1 Users 10.25%
Floating rate linked to PLR - 15.00%
Rs. 982 for 20 Years Explore More Apply Now
Dena Bank 8.55% - 8.80%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 809 for 25 Years Explore More Apply Now
Indiabulls (2.5/5.0) 1 Users 8.50% - 8.85%
Floating rate linked to PLR - 17.05%
Rs. 769 for 30 Years Explore More Apply Now
Canara Bank 8.65% - 8.75%
Floating rate linked to 1 Year MCLR - 8.45%
Rs. 780 for 30 Years Explore More Apply Now
HSBC Bank 8.85%
Floating rate linked to 1 Year MCLR - 7.85%
Rs. 829 for 25 Years Explore More Apply Now
Bank of India (2.8/5.0) 1 Users 8.65% - 8.70%
Floating rate linked to 1 Year MCLR - 8.50%
Rs. 780 for 30 Years Explore More Apply Now
OBC (2.5/5.0) 1 Users 8.60% - 8.70%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 812 for 25 Years Explore More Apply Now
IDFC Bank 8.70% - 8.75%
Floating rate linked to 6 Month MCLR - 8.35%
Rs. 783 for 30 Years Explore More Apply Now
Allahabad Bank (2.8/5.0) 1 Users 8.75% - 9.25%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 884 for 20 Years Explore More Apply Now
Indian Bank (3/5.0) 1 Users 9.65% - 9.90%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 942 for 20 Years Explore More Apply Now
United Bank of India (3.3/5.0) 1 Users 9.55%
Floating rate linked to 1 Year MCLR - 8.80%
Rs. 845 for 30 Years Explore More Apply Now
RBL Bank 10.30% - 11.55%
Floating rate linked to 1 Year MCLR - 9.75%
Rs. 930 for 25 Years Explore More Apply Now
Jammu And Kashmir Bank 8.70% - 9.05%
Floating rate linked to 1 Year MCLR - 8.60%
Rs. 997 for 15 Years Explore More Apply Now
Corporation Bank (3.3/5.0) 3 Users 8.85% - 9.10%
Floating rate linked to 1 Year MCLR - 8.75%
Rs. 794 for 30 Years Explore More Apply Now
Union Bank of India 8.60% - 8.65%
Floating rate linked to 1 Year MCLR - 8.50%
Rs. 776 for 30 Years Explore More Apply Now
Karur Vysya Bank (3/5.0) 1 Users 9.90%
Floating rate linked to 1 Year MCLR - 9.50%
Rs. 902 for 25 Years Explore More Apply Now
Tamilnad Mercantile Bank 10.30% - 10.80%
Floating rate linked to 1 Year MCLR - 10.30%
Rs. 900 for 30 Years Explore More Apply Now
State Bank of Travancore (3.3/5.0) 1 Users 9.20% - 9.45%
Floating rate linked to 1 Year MCLR - 8.55%
Rs. 819 for 30 Years Explore More Apply Now
Karnataka Bank 9.50% - 9.75%
Floating rate linked to 1 Year MCLR - 8.90%
Rs. 841 for 30 Years Explore More Apply Now
IIFL 9.40% - 9.55%
Floating rate linked to PLR - 17.50%
Rs. 834 for 30 Years Explore More Apply Now
State Bank of Mysore 8.80%
Floating rate linked to 1 Year MCLR - 8.65%
Rs. 790 for 30 Years Explore More Apply Now
LT Housing Finance 9.90% - 10.75%
Floating rate linked to PLR - 17.35%
Rs. 870 for 30 Years Explore More Apply Now
Development Credit Bank 10.48% - 11.35%
Floating rate linked to 1 Year MCLR - 9.98%
Rs. 997 for 20 Years Explore More Apply Now
Reliance Capital 10.00% - 11.75%
Floating rate linked to PLR - 18.00%
Rs. 878 for 30 Years Explore More Apply Now
Punjab and Sind Bank (2.8/5.0) 1 Users 8.75% - 9.00%
Floating rate linked to 1 Year MCLR - 8.75%
Rs. 787 for 30 Years Explore More Apply Now
Catholic Syrian Bank 10.25% - 10.50%
Floating rate linked to 1 Year MCLR - 10.10%
Rs. 982 for 20 Years Explore More Apply Now
Edelweiss (3.3/5.0) 1 Users 10.50% - 10.90%
Floating rate linked to PLR - 17.50%
Rs. 944 for 25 Years Explore More Apply Now
Central Bank of India (3.7/5.0) 3 Users 8.50%
Floating rate linked to 1 Year MCLR - 8.50%
Rs. 769 for 30 Years Explore More Apply Now

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 (not more than 3 months old) 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 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 to give the best rates to individuals. To get 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 . 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 with ultimate cashback and refer and earn benefits. So, apply for today and enjoy the benefits.

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Home Loan News - Apr 2017
*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.