Home Loan Interest Rates

Home is the basic and the most expensive necessity that a man has to fulfil in his life. With an increase in prices and the reduction in purchasing power, a man cannot accumulate huge funds at a time. So, in order to fulfil its basic necessity, a man has to go for a home loan. As the repayment of home loan comprises of a large portion of interest rates, here we’ll quickly follow up the Home loan interest rates offered by major banks in Home loan segment. Take a quick look below:

Bank Name Home loan interest rates

ICICI Bank Home loan
10.10% to 11.50%

HDFC Home loan
10.15% to 10.40%

PNB Housing Finance Limited Home loan
10.25% to 11%

LIC Housing Home loan
10.10% to 12%

Standard Chartered Home Loan
10.10% to 10.15%

DHFL Home Loan
10.15% to 12%

Tata Capital Home loan
10.25% to 10.50%

Axis Bank Home loan
10.15% to 11%

Therefore, these are the Home loan interest rates offered by different banks to its customers. The normal range of Home loan interest rates are from 10.10% to 12.75%. In this race, Government banks along with some private numbers and financial institutions are running in a front panel by offering lowest interest rates on home loans @ 10.10%. The front runners are SBI, ICICI, Standard chartered bank and LIC. SBI and ICICI bank has given a privilege to its women borrowers by providing them a home loan interest rate at 10.10% which is 0.05% lesser than the home loan interest rate provided to the male borrowers. So, women are going to be benefited with this revolution in home loan interest rate and this will encourage women to put a hand for buying her own house.

BankBazaar facilitates you to compare the home loan interest rates offered by different banks and then to take the most important decision of your life. After comparing the interest rates offered by different banks, you can also calculate your EMI based upon that by just entering few particulars in the EMI calculator provided by the BankBazaar. This calculation will help you decide the loan amount that you can easily pay off and the loan tenure in which you can easily pay off the debt without compromising on your other needy expenses.

Before going for a home loan, you must be careful enough to see the nature of its interest rates. There are two types of interest rates i.e. fixed interest rates and floating interest rates. You have to carefully choose between the two. Fixed home loan interest rates will remain fixed all over the tenure and floating home loan interest rate will keep on changing with the change in the base rate. But, the floating home loan interest rates are cheaper than the fixed home loan interest rates on the first front.

So, check and compare your home loan interest rates at BankBazaar and get your dream home at just few simple steps.

News About Home Loan Interest Rates

  • Competition Drives Down
    Home Loan Rates

    The last 6 months have witnessed a reduction in home loan interest rates. This trend is expected to continue in order to boost demand during the upcoming festive season.

    Stiff competition in this segment has compelled many housing financiers to revise their rates downwards by 0.25%-0.30%.

    At 10.15% a bank’s ability to take rates to much lower levels is limited without a corresponding decrease in the 10% base rate. NBFCs, of course, have an edge over banks given the absence of a floor rate. In view of RBI’s recently expressed displeasure at fundamentally unjustified rate reductions i.e. not in line with market rate movements, some banks have opted to offer other attractions such as discounts and waivers on non-interest costs. The slow uptake in corporate credit has prompted lenders to focus on their retail loan portfolios of which home loans constitute a large part. A majority of home loan disbursals occur during the second-half of the year. With lenders vying for business, potential borrowers stand to benefit from lower costs.

    10th November 2014

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