Home Loan Interest Rates in Top 10 Banks in India
The home loan rates have drastically decreased and customer benefiting schemes by the government like PMAY and RERA Act makes it an easier time to buy a house. The lowest home loan interest rate today is 6.75% offered by the banks. Also, here are top 10 banks offering lowest home loan interest rates in 2021.
1. Kotak Bank
Kotak Mahindra Bank offers you a great interest rate and also guides you through the process right from the beginning. They try to make the procedure as simple as they can. All the details about eligibility criteria, EMI payments, and more are already available online. With zero processing fees for applications, they fast track the loan approval process and also give you lucrative insurance options to cover your home loan at an attractive premium.
Current Interest rates: 6.75% – 8.45%
2. State Bank of India/ SBI
SBI being the largest mortgage lender in the country has helped over 30 lakh families to achieve their dream of buying a house. They have exclusive packages with exclusive benefits. The home loan interest rates are lower and they calculate interest on a daily reducing balance. SBI offers home loan as an overdraft and optimally utilize your surplus fund.
Current Interest rates: 6.80% – 7.35%
3. HDFC
HDFC offers EMIs starting from Rs. 652 per lakh and an interest rate starting from 6.80% p.a. to their customers applying for home loans. Their housing loans are tailor-made for people who work as the bank offers an attractive rate of interest for a longer time. They offer you all home loan solutions online thus making the process easier.
Current Interest rates: 6.80% – 8.00%
4. Bank of Baroda
If you want to fulfil your dream of becoming a homeowner, then you can opt for a home loan from the Bank of Baroda. Their home loans include several exclusive features and comprises of benefits for aspiring homeowners. Home loans can be used for various purposes. For example, you can buy a plot, a flat, or build your own home. Both NRIs and residents of India are eligible for the home loans.
Current Interest rates: 6.85% – 8.25%
5. ICICI Bank
ICICI believes that buying a house is a dream for many and thus it requires financial planning. They try to make the process simple to make you realize your dream is attainable. With their express home loans platform, they can now get digital sanction for your home loans at an attractive rate of interest in just a few simple steps.
Current Interest rates: 6.90% – 8.05%
6. LIC Housing
As buying a house is the most expensive purchase that you will ever make it is equally important to choose a home loan partner who looks beyond loan transactions. As home loans have 20 to 30 years of tenure, LIC makes the terms easier to understand and has simplified the process with utmost transparency.
Current Interest rates: 6.90% – 7.90%
7. Axis Bank
Fulfil your dream of buying a house with Axis bank home loan as they offer loans starting from Rs. 300,000. Their home loans come with amazing benefits like smaller EMIs where you can space out your payment for a longer period. They offer attractive interest rates with an easy application process and doorstep service.
Current Interest rates: 6.90% – 8.55%
8. CitiBank
Citi bank offers attractive interest rates and an easy home loan up to Rs 10 crores. They offer flexible repayment tenure up to 25 years and home loans up to 80% of the property value. You can now choose from one of their home loan options and fulfil your dream.
Current Interest rates: 7.13% – 8.03%
9. PNB Housing Finance
PNB Housing excels in providing a bouquet of services to customers to meet their Home Loan needs. Making it easier to apply for a loan with the branches spread across India, their robust service delivery model, mark to market credit and financial policies help customers build a long term relationship of trust and commitment.
Current Interest rates: 7.35% – 9.10%
10. Indiabulls Housing Finance Limited
With easy digital processes, quick disbursement, thousands of pre-approved projects and competitive home loan interest rates, the housing loans provided by Indiabulls can make your home buying process a simple and hassle-free affair. Indiabulls home loans are designed for the unique needs of the customers and are offered at highly competitive interest rates with flexible repayment options.
Current Interest rates: 8.99%
With the housing loan interest, we mean the EMI you need to pay on your housing loan. You can calculate it with a home loan calculator or you can ask your lender to help you with it. The calculator takes into account the basic details of the loan that is the loan amount, the interest rate, and the maximum tenure.
It is also important to know and understand about additional costs so that you can decide which home loan suits you the best. It might also help you save more. Some lenders may have the same home loan interest rates but might differ in terms of associated fees.
Therefore, be sure to look at every factor mentioned above and select a home loan interest rate that suits you the best. To know more about real estate developments you can visit https://legendindia.co.in/.
Also, Read : 10 Important Things to Consider Before Taking a Home Loan