Request received - loud & clear!
Returning you to where you were...
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
|9.85% to 9.90%|
HDFC Home loan
|9.90% 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.
Following the recent RBI directive to reduce rates, SBI, HDFC and ICICI were the first few banks to leap to action. Leading the fray in cutting base rate was State Bank of India, followed by HDFC and then ICICI. SBI and HDFC have both slashed their base rate by 15 basis points and now offer a lowered lending rate of 9.85% respectively. ICICI, on the other hand, has gone further and slashed its base rate by 25 basis points and currently offers the lowest ending rate in the industry at 9.75%.
Prior to the rate cut, banks were reportedly not too keen on lowering their lending rates in order to stay as close to par with the postal savings which was over 8%. The new rate offered by SBI and HDFC will take effect from April 10 and April 13 respectively. However, only ICICI’s existing floating interest rate customers can take advantage of the new lending rate from April 10 onwards while new borrowers will have to wait till July 1 to reap the benefits.
21st May 2015
With major Indian lenders slashing home loan interest rates recently, banks like ICICI and housing finance companies like DHFL and Indiabulls Housing Finance have also followed suit with drastic rate cuts. India’s largest private sector bank, ICICI has announced a rate cut of 25 basis points for both new and existing customers bringing the home loan interest rate down to 9.90%, effective from April 14. Women applicants will benefit with an interest rate of 9.85%, while all other applicants can procure home loans at 9.90%. ICICI, currently with the lowest base rate, is also offering a fixed rate home loan up to a period of 10 years at the same interest rate of 9.90%.
A couple of housing finance companies namely Dewan Housing Finance (DHFL) and Indiabulls Housing Finance have also lowered their interest rates on home loans to keep up with the changing market trends. DHFL has cut its interest rate to 9.90% from the existing 10.15%, effective from April 15, 2015. The 20 bps reduction done by IndiaBulls lowered its home loan interest rate to 9.90%, from 10.10%. DHFL CMD added that this move was intended to enable customers from tier 2 and tier 3 towns to easily finance their new properties with affordable home loans.
14th May 2015
Mumbai: India’s biggest housing loan provider, HDFC Limited, has cut down its home loan interest rate by 20 basis points starting from 13th April 2015. After this welcome move, HDFC will offer home loans at 9.9 percent, which is considerably lesser than what was being levied by State Bank of India.
The deduction in the interest rates will lower the EMI repayment on an INR 5 million loan (flexible loan terms up to 20 years) by INR 663. Hence the EMI on the loan will be reduced from INR 48583 to INR 47,920. This statement was issued on 10th April 2015 by the bank and they reiterated that every client would benefit from this step of theirs.
8th May 2015
The fiscal year 2015 seems to have gotten off to a slow start as far as bank credit is concerned. However, in what may seem like a welcome breather, banks are likely to drop interest rates this month.
The cut in interest rates is likely to happen as soon as RBI releases its monetary policy statement which will give the banks some direction on interest rates. According to reports, post the rate cut, banks are looking to focus on the retail segment of the loan market, especially home loans and auto loans, in order to boost the growth rate. Considering that in the current fiscal year, i.e. till March 20th, bank credit has shown little growth at just 9.2%, bankers are of the opinion that unless the growth rate climbs over 10%, it will continue to be the lowest for this century.
20th April 2015
With everyone eagerly looking forward to Budget 2015 there is a lot of speculation doing the rounds about what might be announced in this budget. For people paying home loans there is more at stake because there has been speculation that the government might raise the interest reduction on home loans by Rs. 50,000. This, coupled with last years increase in tax deduction on interest payment from Rs. 1.5 lakhs to Rs. 2 lakhs, might give those paying home loans a reason to heave a sigh of relief.
In an interview, about the upcoming budget, Pratik Jain, partner (tax) at KPMG, said that the government should not levy the ‘Swach Bharath’ cess. He also said that to support the “Make In India” campaign the government needs to work on simplifying the process of doing business in India. In taxation, he called for the removal of certain surcharges and the education cess. He also said that the Rs. 50,000 exemption on home loan interest was a possibility but not too much should be expected to change in the slabs.
17th February 2015
India’s central bank, the Reserve Bank of India (RBI) has slashed its benchmark interest rate by a quarter percentage point with effect from January 15, 2015. This is predictably expected to force banks to lower their prevalent interest rates on the entire arsenal of loan products, including home loans. This move from RBI is in response to a balanced out inflation situation, an economy that needs to show concrete improvements and the need for actual growth. By making credit easier to obtain for corporates and consumers alike, the RBI is taking its first tentative step in this ambitious direction. Already, state run banks- United Bank of India and the Union Bank of India have taken the bait and slashed their lending rates by a quarter percentage point to arrive at 10%. The moral of the story- if you are looking for an auto or home loan, the time to apply is now!
9th February 2015
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