Home Loan Interest Rate

Home Loan Interest Rates

(Last updated on 13 June 2017)

Compare Home loan rates of all major banks of India. Check Interest Rates 2017, Processing fee ✓ Per lac EMI ✓ ROI floating Rates ✓ Lowest fixed rates for salaried, Women and Self-employed/Professionals from Nationalized / Government Banks / Private Banks through Loanserve.

 

Are you looking forward to purchase your first place? Shopping for a home is exciting, exhausting and a little terrifying, especially in this market. In the end, your plan is to end up with a home you adore at a price you can manage to pay for. Arm yourself with the list mentioned below to compare and narrow down the choices to get the best for you. To lend a helping hand to our customers, Loanserve has consolidated all the necessary information regarding current rate of interest on home loans provided by all the major banks at one place. Please keep visiting this section to check latest rate of interest for home loans.

 

Home loan trends January 2017:Hey! Good news for home loan borrowers, New Year New Rates a biggest surprise gift to all borrowers from SBI, IDBI & Union Bank. Now, lowest rates for women are 8.50% & 8.55% for others.

 

 

 

Bank Name Floating Interest rate Per lac EMI MCLR Rates Processing Fee Prepayment Charges % Change in last 6 mths
SBI 8.35% -8.50  Rs.858 – Rs.868 8.00% Maximum upto Rs.10000+ S.T

BT Offer- 0% till 30 June 2017

Nil
1.52%
ICICI BANK 8.35% – 8.80% Rs.858 – Rs.886 8.20% 0.50% – 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge N.A
1.44%
HDFC LTD 8.35% – 8.55% Rs.858 – Rs.871 8.15 Up to 1.25% of the loan amount or ₹ 3,000 whichever is higher, plus applicable taxes Nil
1.98%
LIC HOUSING 8.35% – 8.80% Rs.858 – Rs.886 Zero Nil No Change
BANK OF BARODA 8.35% – 8.55% Rs.858 – Rs.871 8.35% Upto Rs.50 lacs 0.5 % of loan amount (min Rs.7500 & Rs.12500) + service tax
Above Rs.50 lacs 0.25% of loan amount(min Rs.7500 & Rs.20000) + service tax
N.A. No Change
AXIS BANK 8.35% – 8.75% Rs.858 – Rs.884 8.90% Up to 1% of the Loan amount subject to minimum of Rs.10,000/- Nil
0.9%
DHFL 8.35%-9.75% Rs.874 – Rs.881 Rs.5,000 to Rs.20000 + document charges + Service Tax NIL
2.46%
IDBI 8.35% – 8.40% Rs.858 – Rs.861 9.30% NIL Nil
0.97%
UNION BANK OF INDIA 8.75% – 8.80% Rs.884 – Rs.887 9.40% N.A NIL
2.5%
BANK OF INDIA 8.65% – 8.70% Rs.877 – Rs.881 9.35% 0.25% of loan amount Min.Rs.1,000 and Max. Rs.20,000/- Nil
2.45%
INDIABULLS HOUSING FINANCE LTD 8.35%-9.75% Rs.874 – Rs.881 Upto 28 lacs = Rs.7500 – Rs.10000
28 lacs – 1.5 Cr = Rs. 10000 – 0.5%
1.5 Cr – 3 Cr = Rs. 25000 – 0.5
Above 3 Cr – 0.5% – 1%
NIL
2.46%
CORPORATION BANK 9.60% – 9.85% Rs.939 – Rs.955 9.50% 100% waiver under Festival Offer- 2016 (till 31-01-2017) NIL No Change
L&T HOUSING FINANCE LTD 9.65% – 10.25% (for Salaried/ SEP) 9.65%-10.50%(SENP) Rs.942 – Rs.982 (for Salaried/ SEP) Rs.942 – Rs.998(SENP) 0.25% -1%OR Rs.10000 which ever is higher +ST, subject to customer profile NIL
UNITED BANK OF INDIA 9.55% Rs.935 9.25% – 9.45% N.A N.A
TATA CAPITAL 8.65%(For Women) – 8.90%(For Others) Rs.877(For Women) – Rs.893(For Others) 0.20% – 0.25% of the loan amount + Service tax N.A N.A
SHUBHAM HOUSING 12%-14%(For Salaried) – 15%-17%(For Self-employed) Rs.1101-Rs.1244(For Salaried) – Rs.1317-Rs.1466(For Self-employed) Upto 3 Lacs – Rs 9500 + ST
3 to 6 Lacs – Rs 13500 + ST
Loan above 6 lacs – Rs. 13,500 + 3% of the loan amount over and above 6 lacs + Service Tax
N.A
HSBC BANK 9.35% – 9.45% Rs.922 – Rs.929 1% of the loan amount applied for, subject to a minimum of Rs 10000 plus service tax. This fee is payable on application and is not refundable Nil N.A
INDIAN BANK 9.55% – 9.75% Rs.1297 – Rs.1307 0.25% of loan amount with a maximum of Rs.20,000 Nil
2.92%
DEUTSCHE BANK 10.50% Rs.998 12000 + Service Tax Nil N.A
STANDARD CHARTERED BANK 8.35% Rs.874 – Rs.881 0.5 % – 1% NIL
1.55%
FEDERAL BANK 9.57% – 9.82% Rs.937 – Rs.953 9.14% – 9.54% 0.50% of the limit sanctioned with a minimum of 3,000+ST, maximum of 7,500+ST N.A No Change
ALLAHABAD BANK 9.45% – 9.70% Rs.929 – Rs.945 9.30% – 9.60% NIL NIL
2.92%
CENTRAL BANK OF INDIA 9.35% Rs.922 9.35% Rs.20000/- or .50% of loan amount subject to maximum Nil
2.38%
UCO BANK 8.75% – 8.90% Rs.884 – Rs.893 9.30% – 9.65% Nil (till 31.12.2016) NIL
2.45%
CANARA BANK 9.15% – 9.20% Rs.909 – Rs.913 9.15% Waived till 26.01.2017
1.96%
KOTAK BANK 8.50%-8.75% Rs.874 – Rs.881 8.90% – 9.65% Zero Nil
4.65%
DENA BANK 8.55% – 8.80% Rs.871 – Rs.886 8.55% 0.50% of sanctioned limit Nil
2.5%
VIJAYA BANK 9.65% Rs.942 9.20% – 9.55% N.A N.A
0.49%
SYNDICATE BANK 9.45% Rs.870 9.45% Min. Rs.500/- & Maximum up to Rs.5000/- N.A
2.43%
CITI BANK 8.35% – 8.50% Rs.874 – Rs.881 8.05% Rs. 5000 (Application fee) NIL No Change
PNB HOUSING FINANCE LTD 8.35% – 8.50% Rs.874 – Rs.881 0.25% – 0.5% NIL No Change
ORIENTAL BANK OF COMMERCE 8.60% – 8.70% Rs.874 – Rs.881 NIL NIL No Change
INDIAN OVERSEAS BANK 8.65% – 8.90% Rs.877 – Rs.893 9.50% – 9.90% A flat rate of 0.58% of the loan amount- maximum of Rs. 10,190/- There is no hidden charge. This is subject to change from time to time without prior intimation. N.A
1.95%
PUNJAB NATIONAL BANK 8.35% – 8.50% Rs.874 – Rs.881 9.15% NIL NIL
2.43%
DEVELOPMENT CREDIT BAK 10.60% Rs.1005 9.82% – 10.83% 1% Nil N.A
STATE BANK OF TRAVANCORE 10.45% Rs.995 upto Rs.25,000 – Nil
Rs.25,000 above to Rs.2 lacs – Rs.500/-
Rs.2 lacs above- 0.50% of the loan amount maximum Rs.10000/-
NIL N.A
BANK OF MAHARASTRA 8.95% – 9.05% Rs.897 – Rs.903 9.60% 0.25% of the loan amount (subject to maximum of Rs.25000/-) Nil No Change
DHANLAKSHMI BANK 10.35% – 10.60% Rs.988 – Rs.1005 1.00 % of loan amount + service tax (subject to minimum of Rs. 10,000 + service tax) N.A
ANDRA BANK 9.50% – 9.70% Rs.932 – Rs.945 9.55% 0.50% of the loan amount or maximum of Rs.10,000 + service tax N.A
DHFL VYASA HOUSING FINANCE 9.75% – 10.25% Rs.945 – Rs.982 1% of the loan amount N.A
GIC HOUSING FINANCE 10.25% Rs.982 Rs.2500 + service tax N.A
GRUH FINANCE LTD 9.75% – 15.25% Rs.949 – Rs.1335 Up to 1% of the loan amount N.A
INDIA INFOLINE HOUSING FINANCE LTD. 9.55% – 10.50% Rs.935 – Rs.998 Up to 1% of the home loan N.A
KARNATAKA BANK 9.50% – 9.75% Rs.932 – Rs.949 9.20% 0.25% with a minimum of Rs.250 N.A
SUNDARAM BNP PARIBAS HOME FINANCE 9.80% – 11.05% Rs.952 – Rs.1036 Up to 0.75% of the loan amount or maximum of Rs.5,000 + taxes N.A
NATIONAL TRUST HOUSING FINANCE LTD 14% – 16.50% Rs.1244 – Rs.1429 2% of the loan amount or maximum of Rs.5,000 + taxes N.A
ORANGE CITY HOUSING LTD 14% Rs.1244 1% of the loan amount + taxes N.A
RELIANCE HOME FIANCE PVT LTD 10.60% Rs.1005 1% of the loan amount + taxes N.A
REPCO HOME FIANCE LTD 9.60% Rs.939 Up to 1% of the loan amount + taxes

 

Documents required in Home Loan

Generally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:

  • Income
  • Age Proof
  • Address Proof
  • Income Proof of the applicant & co-applicant
  • Last 6 months bank A/C statement
  • Passport size photograph of the applicant & co-applicant

 

In case of Salaried In case of Self-employed
Employment certificate from the employer, Copy of audited financial statements for the last 2 years
Copies of pay slips for previous few months & TDS certificate Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
Latest Form 16 issued by employer Bank statements Profit and loss account for the last few years
Income tax assessment order

 

How is (Home loan) Eligibility Calculated ?

The borrower’s eligibility of obtaining a housing loan depend upon his/her re-payment capacity & the banks establish this re-payment capacity by considering numerous factors such as income, age, spouse’s income, number of dependants qualifications , assets, liabilities, stability and continuity of occupation & savings history. Eligibility Factors in Housing loan Your Home Loan eligibility is determined by your re-payment capacity and also the value of the Property

  • Income
  • Qualifications
  • Age
  • Spouse’s income
  • No. of dependants
  • Stability & continuity of occupation
  • Assets / LiabilitiesM.
  • Savings history.

The most important / necessary concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.

The Second factor is the value of the Property

Banks are okay to fund 75-85% of property value but with the condition that you have income capacity that you can pay its Emi each month.

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