Home Loan Interest rate- Compare Loan Interest Rate Online

Home loans can be used for purchasing/ constructing a house on a plot or improvement/ renovation/ extension of the borrower’s existing house. Several financial institutions offer home loans at competitive interest rates, making it easier for the borrower to bear its EMI. Some banks even offer schemes (such as concessional home loan interest rate and overdraft facility) to special categories of borrowers including senior citizens and women.

Key Features of a Home Loan

Depending upon the eligibility of the borrower, lenders offer a loan amount between the range of Rs.1 lakh to Rs.15 crores. The loan tenure can range from 5 years to 30 years with home loan rates starting from 8.60%. The documents required to avail a home loan include identity proof, address proof, income documents, and property documents. The borrower needs to be a salaried or self-employed individual within the range of 18 and 70 years. The processing fees demanded by the banks are up to 1% of the loan amount or a maximum of Rs.10000 (on an average). As interest rates play a key feature in the overall burden of the EMI, potential borrowers need to check the home loan interest rates all banks and compare them.

Compare Home Loan Interest Rate in India

Comparing the interest rates must be the first step in shortlisting the lenders. After comparing the interest rates, applicants must check other factors affecting the loan such as loan tenure, loan amount, and processing fees. Higher the interest rate; higher will the EMI. Longer the tenure; lower will be the EMI (but higher the total interest). Larger the loan amount; lesser will be the interest rate charged. SBI home loan interest rate is offered at 8.65% and Indian bank at 8.60%. Another popular bank with a low processing fee of 0.50% is HDFC. HDFC home loan interest rate is 8.75%. DHFL home loan interest rate is 8.70% and is also one of the popular financial intuitions providing home loans.

Every lender provides an online loan calculator to help customers calculate not only the bank interest rates, but also the EMI, tenure, and total interest paid. This helps the borrowers calculate and compare the interest rates of various lenders online seamlessly. Given below is the table which will help borrowers compare the interest rate and processing fees of several financial institutions in a glance.

Bank

Interest rate

Processing fee

SBI

8.65%

0.50%

Min Rs.0

Max Rs.10000

HDFC

8.75%

0.50%

Min Rs.3000

Max Rs.10000

ICICI Bank

9.10%

0.50%

Min Rs.5000

Max Rs.5000

PNB Housing Finance

9.10%

1.00%

Min Rs.10000

Max Rs.10000

Axis Bank

8.85%

0.50%

Min Rs.1000

Max Rs.25000

Bank of Baroda

8.65%

0.50%

Min Rs.7500

Max Rs.20000

PNB

8.65%

0.50%

Min Rs.20000

Max Rs.50000

LIC Housing Finance

8.70%

0.50%

Indiabulls

8.80%

Min Rs.1000

Max Rs.5000

Citibank

9.05%

Nil

Yes Bank

9.35%

0.75%

Max Rs.10000

DBS Bank

9.65%

Max Rs.10000

DHFL

8.70%

0.50%

Min Rs.2500

Max Rs.20000

Kotak Bank

8.90%

Max Rs.10000

Punjab and Sind Bank

8.85%

0.25%

Min Rs.1000

Max Rs.15000

Union Bank of India

8.80%

0.50%

Max Rs.15000

Lakshmi Vilas Bank

10.00%

0.40%

Min Rs.10000

Max Rs.20000

Karnataka Bank

8.80%

0.25%

Min Rs.250

Yes Bank

9.35%

0.75%

Max Rs.10000

GIC Housing Finance

10.25%

Min Rs.2500

Dena Bank

8.80%

0.50%

IIFL

9.50%

1.00%

Max Rs.10000

Central Bank of India

8.60%

0.50%

Max Rs.20000

Vijaya Bank

8.75%

0.50%

Min Rs.1000

Max Rs.20000

Standard Chartered Bank

9.41%

1.00%

Min Rs.5000

Max Rs.10000

Bank of India

8.85%

0.25%

Min Rs.1000

Max Rs.20000

UCO Bank

8.70%

0.50%

Min Rs.1500

Max Rs.15000

Allahabad Bank

8.85%

0.40%

Max Rs.50000

OBC

8.75%

0.50%

Max Rs.20000

Jammu And Kashmir Bank

8.85%

0.25%

Min Rs.500

Max Rs.10000

IDBI Bank

8.80%

0.50%

Min Rs.2500

Reliance Capital

10.00%

1.00%

Min Rs.3000

Max Rs.6500

Federal Bank

8.75%

0.50%

Min Rs.3000

Max Rs.7500

DhanLaxmi Bank

9.90%

1.00%

Min Rs.10000

Tata Capital

9.05%

0.50%

IDFC Bank Bank

9.60%

Min Rs.5000

Max Rs.5000

United Bank of India

8.65%

0.59%

Min Rs.1180

Max Rs.11800

Syndicate Bank

8.75%

0.13%

Min Rs.500

Max Rs.5000

RBL Bank

10.45%

Min Rs.5000

Max Rs.15000

KarurVysya Bank

9.65%

Min Rs.5000

Canara Bank

8.75%

0.50%

Min Rs.1500

Max Rs.10000

Indian Overseas Bank

8.70%

0.53%

Min Rs.8900

Max Rs.13350

HSBC Bank

8.85%

1.00%

Max Rs.10000

Edelweiss

10.50%

0.25%

DCB Bank

10.24%

2.00%

Min Rs.5000

Corporation Bank

9.05%

0.50%

Min Rs.1000

Max Rs.50000

LT Housing Finance

9.90%

2.00%

Min Rs.4999

Bank of Maharashtra

8.75%

0.50%

Andhra Bank

8.80%

0.50%

Max Rs.10000

South Indian Bank

9.45%

1.00%

Max Rs.10000

How to Get the Lowest Home Loan Interest Rate Online?

The availability of online calculators and easy access to loan information makes it extremely easy to get the best home loan interest rates in India. Here are some steps to get the lowest and best housing loan interest rate online.

Calculate Eligibility and Check Loan EMI

Borrowers need to estimate their eligibility to understand if they will be able to pay the EMI. EMI calculation is of utmost importance because if it is done properly, it can enable one to repay the loan without disturbing the month budget drastically. You must check EMI before applying home loan by using home loan emi calculator.

Decide on the Type of Home Loan Interest Rate Offers

Not only should the borrowers check and compare the current home loan interest rates, but also decide if they want to opt fixed or floating rates. They also need to decide if they need a home saver loan.

Compare Shortlisted Banks

In addition to the interest rates, financial institutions also charge other fees such as processing fees, prepayment charges, and insurance premiums. Compare these thoroughly to shortlist the lenders further.

Check Legal Documents and Property Approval Status

Ensure that all the legal documents are in place to allow the lender to offer the best loan scheme. Borrowers can then shortlist the lenders accordingly.

Apart from all these points, borrowers also need to pay attention to the service-related parameters offered by the lender to get the best home loan interest rate. Applicants must not overlook at the schemes and offers provided by the bank and reduce the interest rate further. Home loans can also be applied online.