If you are searching for ‘low interest home loans’ or ‘all bank home loan interest rate list’, buying a dream home is definitely on your list.
A small difference in the interest rate can cost you a huge sum of money in the long run. So let’s take a look at the interest rates on home loans taken from top banks.
The following table lists the interest rates charged by the top banks and their processing fees-
|
Name of the Bank |
Interest Rate |
Processing Fee |
|
Starting from 8.50% |
Contact the bank branch for more information |
|
|
8.85% - 11.25% |
0.50% (minimum Rs.1,500 and maximum Rs.10,000) |
|
|
8.45% - 10.40% |
0.20% - 1.00% (depending on loan amount) |
|
|
8.60% - 9.95% |
0.35% (minimum Rs.2,500 and maximum Rs.15,000) |
|
|
9.15% - 11.30% |
0.35% (minimum Rs.2,000 and maximum Rs.10,000) |
|
|
8.60% - 12.65% |
0.50% (maximum Rs.15,000) |
|
|
9.55%-12.2% |
Contact the bank branch for more information |
|
|
8.45% - 10.30% |
0.25% (minimum Rs.250 and maximum Rs.5,000) |
|
|
8.60% - 10.80% |
Nil |
|
|
8.85% - 9.95% |
0.15% - 0.25% (minimum Rs.1,000 to maximum Rs.15,000) |
|
|
8.85% - 10.85% |
0.25% (minimum Rs.1,500 and maximum Rs.20,000) |
|
|
8.45% onwards |
0.50% (minimum Rs.2,500 and maximum Rs.20,000) |
|
|
8.75% - 14% |
Up to 1.00% |
|
|
8.45% - 9.85% |
Up to 0.50% or Rs.3,000 whichever is higher |
|
|
9.00% - 10.05% |
0.50% |
|
|
8.85% onwards |
Up to 3.00% |
|
|
8.40% - 9.75% |
1.00% or Rs.10,000 whichever is higher |
|
|
8.75% - 12.25% |
Contact the bank branch for more information |
|
|
8.85% - 9.40% |
0.50% onwards |
|
|
9.35% - 10.50% |
1.00% (minimum Rs.10,000) |
|
|
9.25% - 10.25% |
1.5% or Rs.10,000 whichever is higher |
|
|
9.15% - 13.32% |
0.25% - 1.00% |
|
|
9.23% - 12.13% |
Rs.2,500 - Rs.7,500 |
As home loans are taken for longer tenures and can be a significant investment, it is good practice to compare the interest rates of all banks before choosing a vendor.
Bank home loan interest rates depend on multiple factors. They are not static and vary from person to person. Let us take a look at the various factors that affect interest rates for home loans -
The higher your credit score, the easier it will be for you to negotiate a lower rate of interest.
How much you earn and if you are self employed or salaried has a great impact on both your loan amount and your interest rate.
In most cases, salaried people are able to get lower interest rates as they have a steady source of income.
The location and size of the property obviously have a big impact on your loan. If your property is located at a prime location, you can get a lower interest rate.
If your loan amount is higher, your interest rate will be lower. Also, if you are willing to take a longer tenure, your interest rates might be lower.
But with a longer tenure, even though your interest rate will be lower, you will end up paying more money as interest.
There are two types of interest rates - floating and fixed.
Floating rates depend on the market and keep fluctuating, whereas the fixed rate is decided at the time of the loan disbursal.
Floating interest rates are lower at the first, but it might be a gamble as the market is volatile and your interest might go up in the near future.
When you are about to take out a home loan, the biggest question on your mind is ‘how to look for low interest loans?’ But is searching for ‘all bank home loan interest rate list’ or ‘home loan interest rate comparison’ enough?
Interest rates depend on multiple factors as discussed above. Thus, just wondering ‘what is the interest rate on home loans’, will not give you the answer you are looking for.
After doing some preliminary research, you will eventually need to approach a few banks to understand what the curated interest rate will be for your case.
And in case you want instant funds for the downpayment of your dream house, moneyview is there for you!
Ans: The interest rate on a home loan depends on multiple factors. It majorly depends on your bank, but your credit score, loan amount, employment type, etc. also have an impact on it.
Ans: You need to research and approach banks for information on the effective interest rates. You can also look for the perfect scheme for your requirement, and see which can get you the lowest interest rate.
Ans: Most banks have reviewed their interest rates in February 2023. Central Bank of India is offering the lowest rate of interest now.
Ans: It is a good habit to calculate the interest rates and EMIs before you take a loan. You can use moneyview’s home loan calculator to plan your finances in advance. All you have to do is enter the principal loan amount, rate of interest, and your tenure, and the calculator will display your EMI.
Ans: Yes, if you add a co-owner, especially a female earning member, you may get a lower rate of interest. Most banks offer concessions and various other offers for female homeowners.
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