Availing home loan is vital for those who want to realize their dreams of owning a house. They cannot progress without the loan support. Whether a person is a wage earner or a businessman, they consult the nearest bank and avail home loan facility. If they happen to shortlist an apartment, they consult the bank approved by the project to take the loan. Some people will access the loan through the bank in which their salary gets deposited. Whatever, without accessing home loan majority of the people is not able to fulfill the dream of owning a house. Many people consider the lending rates of the bank before accessing the loan.
Here is an exclusive story from Real Estate Guru on the lending rates charged by banks on home loans.
Banks Annual rate of interest (%) Processing fees
Kotak Mahindra Bank 7.00% 0.50%
Citibank 6.75% Rs.10,000
Union Bank 6.90% –
Bank of Baroda 6.90% Rs.8,500 – Rs. 25,000
Central Bank 6.85% Rs.20,000
Bank of India 6.90% –
State Bank of India 6.65% 0% – 0.35%
HDFC 7.00% * Rs. 3,000 – 5,000 (plus taxes) *
LIC Housing Finance 6.90% Rs.10,000-15,000
Axis Bank 6.90% Rs.10,000
Canara Bank 7.10% Rs.1,500 – 10,000
Punjab Sind Bank 6.85% complete exemption
IDFC First Bank 6.50% Rs 5,000 –
Bank of Maharashtra 6.80% Rs.10,000
Indian Overseas Bank 7.05% 0.50% (Maximum Rs. 20,000)
Punjab National Bank 6.50% 0.35% (Maximum Rs. 15,000)
United Bank of India 8.00% 0.59% (Rs. 1,180 – 11,800)
UCO Bank 6.50% 0.15% (Rs. 1,500 – 15,000)
DBS Bank 7.30% 0.25% (Rs. 10,000)
IDBI Bank 6.75% 0.50% (Rs. 2,500 – 5,000)
HSBC 6.45% 1% (Rs. 10,000)
Karur Vaisya 7.20% Rs. 5,000
Saraswat Bank 6.70% Nil
Jammu and Kashmir 7.20% to Rs. 500 – 10,000
South Indian 7.85% 0.50% (Rs. 5,000 – 10,000)
PNB Real Estate 6.75% 0.25% – 0.50% (Rs. 10,000)
Federal Bank 7.65% Rs 3,000 – 7,500
Standard Chartered Bank 7.99% 1%
Awas Financiers 8.00% 1.00%
Karnataka Bank 7.50% to Rs. 250
Sundaram Home Finance 6.95% Rs.3,000 (for wage earners)
Dhanalakshmi Bank 7.85% Rs.10,000
Tata Capital 6.90% 0.50%
Tamil Nadu Mercantile Bank 8.25% Rs.15,000
IIFL 10.50% 1.25%
DHFL 8.75% Rs.2500
Bandhan Bank 6.40% -13.50% 1% (Rs. 5,000)
Yes Bank 8.95% 1% (Rs.10,000)
Hudco Home Loan 9.45%
India Bulls 7.60% from 0.50%
Aditya Birla 9.00% 1%
GIC Housing Finance 7.45% Rs.2,500
Reliance Housing Finance 9.75% Rs 3,000 – 6,500
Shriram Housing 8.90% –
Meanwhile, some popular banks have been extending offers of home loans in view of the forthcoming festival season. The rate of interest being offered by the SBI is very attractive, 6.90 per cent. The bank extends loans up to Rs 30 lakh to buy homes. The rate of interest is only 7%. Those who use the bank’s Yono mobile application are eligible to get five basis points of additional rebate on interest. Home loan applicants from eight cities in the country are eligible to get 20 basis points of rebate on interest up to loan of Rs 3 crore. It is also applicable to home loans from Rs 30 lakh to Rs 2 crore in rest of the country. For loans in excess of Rs 75 lakh, the rebate on interest would be 25 basis points. The rebate is linked to the credit score of the applicant.
Bank of Baroda reduced the repo rate by 15 basis points. Home loan rates started at 6.50% with interest rate cut. PNB Housing Finance, Bank of India and Central Bank are currently offering home loans at low interest rates. These home loans start at 6.75 percent. But, the LIC Housing Finance offers rate of interest from 6.90.
Now, many housing finance companies in India offer home loans for less than 8%
