The home loan interest rates are determined by various factors including the applicant's credit score, loan amount, and tenure. The applicant should review the current interest rates offered by different lenders before proceeding with a home loan application, as even a small variation in rates can significantly impact the borrower's overall interest expense.
This web page will provide an overview of the current home loan interest rates offered by all banks in India:
Banks and Housing Finance Companies (HFCs) utilize the monthly reducing balance method for determining interest rates on home loans. Under this calculation method, interest is computed on the remaining principal amount after each EMI payment.
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Below are the home loan interest rates for 2024 offered by various top RBI-approved banks in India:
Private Sector Banks | Interest Rate (p.a.) |
---|---|
IndusInd Bank | 8.35% |
Kotak Mahindra Bank | 8.70% |
Axis Bank | 8.75% |
Karnataka Bank | 8.75% |
ICICI Bank | 8.75% |
HDFC Bank | 8.75% |
Federal Bank | 8.80% |
IDFC First Bank | 8.85% |
RBL Bank | 8.90% |
Karur Vysya Bank | 9.00% |
Bandhan Bank | 9.16% |
Dhanlaxmi Bank | 9.35% |
DCB Bank | 9.75% |
South Indian Bank | 9.85% |
City Union Bank | 10.50% |
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Note: The interest rates are subject to change. Please visit the official website for updated rates.Top Lenders | Interest Rate (p.a) |
---|---|
Bank of India | 8.30% |
Bank of Maharashtra | 8.35% |
Union Bank of India | 8.35% |
Indian Overseas Bank | 8.40% |
Bank of Baroda | 8.40% |
Indian Bank | 8.40% |
UCO Bank | 8.45% |
Punjab & Sind Bank | 8.50% |
State Bank of India | 8.50% |
Canara Bank | 8.50% |
Punjab National Bank | 9.40% |
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Note: The interest rates are subject to change. Please visit the official website for updated rates.Top Lenders | Interest Rate |
---|---|
Standard Chartered | 8.75% p.a. |
HSBC | 8.60% p.a. |
Top Lenders | Interest Rate |
---|---|
LIC Housing Finance | 8.35% p.a. |
Bajaj Housing Finance | 8.50% p.a. |
PNB Housing Finance | 8.50% p.a. |
Godrej Housing Finance | 8.55% p.a. |
L&T Housing Finance | 8.60% p.a. |
Tata Capital Housing Finance | 8.70% p.a. |
Indiabulls Housing Finance | 8.75% p.a. |
GIC Housing Finance | 8.80% p.a. |
Aditya Birla Capital | 8.80% p.a. |
ICICI Home Finance | 9.20% p.a. |
Repco Home Finance | 9.50% p.a. |
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Note: The interest rates are subject to change. Please visit the official website for updated rates.A home loan EMI calculator is a powerful tool that allows you to estimate your monthly repayment based on the loan amount, interest rate, and tenure you're considering. By inputting these key parameters, you can get a clear picture of the financial commitment involved and plan your expenditures and EMI payouts accordingly.
Monthly EMI | ₹86 |
Principal Amount | ₹1,000 |
Total Interest | ₹32 |
Total Amount | ₹1,032.00 |
You can also calculate the EMI for a home loan manually by using the following formula:
E = P x R x (1+R)^N / [(1+R)^N-1]
Where:
E = Monthly EMI
P = Principal home loan amount
R = Monthly interest rate
N = Repayment tenure in months
For example,
EMI for a ₹50 lakh home loan at an interest rate of 12% p.a., and a tenure of 20 years, will be:
E = 50,00,000 × 0.01 × (1 + 0.01)^240 / [(1 + 0.01)^240 - 1]
E = 50,00,000 × 0.01 × 4.352392033
E = 21,76,196.017 / 4.352392033
E ≈ 4,98,686.08
The approximate Home Loan EMI for a loan amount of ₹50,00,000 at an annual interest rate of 12% for a tenure of 240 months is approximately ₹4,98,687.
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Types of Home Loan Interest Rates
Here are the key factors that determine your home loan interest rate, summarized in points:
If you're considering taking out a home loan, you can increase your chances of getting a lower interest rate by following these tips:
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Key factors include your credit score, income and employment, loan amount, property type, and the prevailing market interest rates.
Home loan interest rates can change frequently, often based on changes in the benchmark lending rates set by the central bank.
Yes, you may be able to negotiate the interest rate, especially if you have a strong credit profile and can provide a larger down payment.
Typically, a credit score of 750 or above is considered excellent and can help you qualify for the lowest interest rates.
Fixed rates provide stability while floating rates can be more advantageous when interest rates decline.
You can reduce your home loan interest rates by making a larger down payment, opting for a shorter loan tenure, and prepaying the loan whenever possible.
Home loan interest rates currently range from around 8.50% to 9.50% p.a., depending on the lender and your profile.
The monthly EMI for a 20 lakh Home Loan varies based on the loan tenure. For example, with a 25-year tenure and an indicative interest rate of 8.75%, the approximate EMI is Rs. 16,443 per month.
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