Home Loan Interest Rates Comparison in India
|Bank||Home Loan Rate||Processing Fee|
|HDFC BANK||8.55% To 9.05%||1% + GST|
|LIC HFL||8.40% To 9.05%||0.25% + GST|
|ICICI HFC||9.10%||0.25% +GST|
|ICICI BANK||9.05% To 9.25%||0.5% + GST|
|PNB Housing Finance Limited.||9.50% To 10.50%||Salaried 0.2% + GST, SENP 0.5% + GST|
|Piramal H.F.||8.80% To 9.50%||0.1% + GST|
|YES BANK||9.10% To 11.50% fix ROI 5 Years||10000 +GST|
|AXIS BANK||8.75%||11800 + GST|
|IDBI BANK||8.75%||5900/- + GST|
|Bajaj Finance||9.75% To 11%||1%|
|Fullerton India H.F.||10.50%||1.5% + GST|
|HDFC (LTD) BANK||8.75% To 9.80%||0.5% + Gst|
|Hero Fincorp||9.75%||0.25% + GST|
|Edelweiss H.F.||9.15%||0.5% + GST|
|Hinduja H.F.||8.80%||0.25% + GST|
|The South Indian Bank||9.60%||0.5% + GST|
|Bank Of Baroda||8.65% To 9.65%||5900/- + GST|
|KOTAK MAHINDRA BANK||9.85% To 11.85%||1% +GST|
|IDFC FIRST BANK||9.50% To 12%||0.20% To 1% Gst|
|SBI BANK||8.50 To 9.05%||0.5% + GST|
|RBL||8.60% To 9.05%||2500 To 10000 + GST|
|ADHAR HOUSUING FINANCE LTD (GP PROPERTYS LOAN)||11.75% To 16.00%||1.25% +Gst|
|UJJIVAN SMALL FINANACE BANK LTD||12% TO 15%||1.25% To 2% + gst|
|AAVAS FINANCIERS LIMITED||9.5% % TO 10%||1% To 2%|
|GIC Housing Finance||HL 9.10% to 11.50%fix ROI 5years||10000 +GST|
|Aditya Birla H.F.||8.55% To 9.75%||1% To 2%|
|L & T Housing Finance||HL9.3%||0.5% pf|
|Federal Bank||HL 8.75%||11800 Pf|
As per the current rates, SBI, Bank of Baroda, United Bank of India, PNB offer the lowest home loan interest rate of 8.55%. These rates can vary depending upon the value of the property and your repayment capacity. Higher the loan amount, higher will be the rate of interest. After the latest home loan rate revision announced by SBI, Bank of Baroda, United Bank of India, PNB in 2019, new home loan interest rates start from 8.55% for home buyers as well as for those who want to transfer their loan from other banks.
Quick Guide on Home Loan
Purpose : Home loan can be used for purchasing a new house, construction of house on a plot, home improvement, extension and renovation of your existing house.
Key Features :
- Eligibility : Loan available for both salaried and self-employed borrowers within the age group of 21 and 75 years.
- Security : Mortgage of home you are planning to purchase, renovate or construct.
- Loan Amount : In the range of Rs. 10 Lakh to Rs. 1000 Cr.
- Loan to Property Value Ratio : Varies from 75% to 100%.
- Loan Tenure : Can range from 5 to 35 years.
- Interest rates : Home loan Interest Rates starting from 8.55%. Special rates for women borrowers.
- Lowest EMI : Lowest EMI of Rs. 774 per lakh.
- Processing Fees : Up to 1% of loan amount or Maximum Rs. 10,000.
- Prepayment Charges : Nil charges on floating rate home loans
- Other Charges : Legal charges, technical charges etc.
- Documents Required : Address Proof, Identity Proof, Income
Top Home Loan Providers : Banks and Home loan companies such as SBI, ICICI Bank, HDFC Bank, Axis Bank, HDFC, PNB Housing.
Popular Home Loan offers : Banks offer schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Banks also offer overdraft facility to save interest on house loan. Some of the popular home loan schemes are SBI special rates for women, HDFC Reach, Axis Bank 12 EMIs offer, Bank of Baroda pre-approved loans, Indiabulls e-home loans etc.
List of Documents for Home Loan
|Documents required||Salaried||Self Employed|
|Application Form||Signed with photographs||Signed with photographs|
|Identity Proof||PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued i-card||PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued i-card|
|Certificate and Proof of Business Existence||PAN, Sales tax/ Excise/ VAT/ Service tax registration, Copy of partnership deed, Trade license, Certificate of practice, Registration certificate issued by RBI, SEBI|
|Address Proof||Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old)||Bank statement, Utility bill, Registry copy, Lease or rent agreement, TAN allotment letter|
|Income Proof||Form 16, Latest 6 months salary slip, Last 6 months bank statement||Last 2 years ITR, Last 6 months bank statement|
|Age Proof||PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate||PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate|
|Property Documents||Past title chain - Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension||Past title chain - Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension|