Home Loan Interest Rates in India 2024: Top Banks, Rates, Eligibility Criteria & More!
Are you thinking of buying a house this year? If yes, then know about the different home loans offered by the banks or Non-Banking Financial Companies (NBFCs) first. After all, buying a home can be an emotional issue. It is important to approach the buying process logically and not rush into it. It’s very easy to rush into buying a home you can’t afford or have payments you can’t afford, which will affect your savings in the future. That is why, we bring you a list of home loan interest rates in India provided by several banks. Every bank gives its home loan interest rate as per loan amount, tenure, credit score and the type of interest rate. Among several banks, Bank Of India provides the lowest home loan interest rate which is 8.30% p.a. Let’s check out a list of home loan interest rates from different banks.
Suggested Read:-
Income Tax Guide 2024-25: Latest Updates, Tax Basics, Slabs, Rules | Complete Income Tax Information
Top Banks For Home Loan Interest Rates in 2024
Here are the top banks popular for home loan interest rates across India:
SBI (State Bank Of India)
-
Up to Rs. 30 Lakh: 8.40% – 10.15%
-
Above Rs. 30 Lakh & Up to Rs. 75 Lakh: 8.40% – 10.05%
-
Above Rs. 75 Lakh: 8.40% – 10.05%
SBI is a popular choice for home loans among customers. It offers competitive interest rates, reasonable loan amounts, better customer services and quick loan disbursement. As per feedback, many customers reported that they get the amount quickly with the low-interest rate. In addition, they provide a long repayment tenure of up to 30 years. It makes it easier for customers to pay the amount without burden. Hence, it results in lower equated monthly instalments (EMI).
Also Read:-
Bank of Baroda
-
Up to Rs. 30 Lakh: 8.40% – 10.65%
-
Above Rs. 30 Lakh & Up to Rs. 75 Lakh: 8.40% – 10.65%
-
Above Rs. 75 Lakh: 8.40% – 10.90%
Bank of Baroda also provides competitive interest rates for home loans depending on the amount and type of loan. The interest rate of a BOB Home loan is dependent on various factors such as the applicant’s credit score, income, and relationship with the bank. Bank of Baroda provides a wide range of loan amounts to eligible borrowers and processes the request quickly and effectively. Moreover, there are also customised loan solutions as well as longer repayment tenures.
Punjab National Bank
-
Up to Rs. 30 Lakh: 8.45% – 10.25%
-
Above Rs. 30 Lakh & Up to Rs. 75 Lakh: 8.40% – 10.15%
-
Above Rs. 75 Lakh: 8.40% – 10.15%
Due to its customer-focused approach, Punjab National Bank is also the leading choice for home loans. They also provide lower and more competitive rates as per tenure period, loan amount and credit score. Its competitive interest rates are often lower than those of other banks. There are several flexible loan services available to meet the needs of home buyers. They provide loans for home purchasing, constructing, or renovating a home. They loan quick approval and are translucent through the process.
Bank of India
-
Up to Rs. 30 Lakh: 8.30% – 10.75%
-
Above Rs. 30 Lakh & Up to Rs. 75 Lakh: 8.30% – 10.75%
-
Above Rs. 75 Lakh: 8.30% – 10.75%
Bank of India (BOI) is also considerate of home loans. They offer home loans with varying interest rates based on the loan amount and type. It is a good option to choose over several private banks. They have attractive loan amounts and longer repayment tenures, which allow customers to finance their homes and get a dream house. They are also popular for better customer service. They are accessible and convenient for customers across the country
HDFC Bank Ltd
-
Up to Rs. 30 Lakh: 8.50% onwards
-
Above Rs. 30 Lakh & Up to Rs. 75 Lakh: 8.50% onwards
-
Above Rs. 75 Lakh: 8.50% onwards
HDFC Bank or Housing Development Finance Corporation Limited is a leading housing finance company. It provides a simple and easy process to get a home loan at a competitive interest rate. They have standard home loan rates under the adjustable rate home loan scheme which is a floating interest rate. They provide all types of loans but there are special home loan categories to give special interest rates for long tenure. They also provide longer loan tenures of up to 30 years with complete customer support.
Kotak Mahindra Bank
-
Up to Rs. 30 Lakh: 8.70% onwards
-
Above Rs. 30 Lakh & Up to Rs. 75 Lakh: 8.70% onwards
-
Above Rs. 75 Lakh: 8.70% onwards
Kotak Mahindra Bank provides an attractive home loan interest rate. Their interest rate allows comfortable repayment of EMI, starting from 819 per lak. The interest rate of a home loan varies according to the loan amount, tenure time, income, credit card and many more. A customer can borrow up to 80% of the property cost in the form of a home loan, which makes it different. In addition, customers can experience doorstep service from filling out loan applications to money delivering. There are no prepayment charges applied for floating home loans.
ICICI Bank
-
Up to Rs. 30 Lakh: 8.75% onwards
-
Above Rs. 30 Lakh & Up to Rs. 75 Lakh: 8.75% onwards
-
Above Rs. 75 Lakh: 8.75% onwards
ICICI can be ideal for a home loan. They offer special home loan schemes like the Pratham Home Loan” plan. Under this scheme, they provide the lowest interest rate to the customer who earns just 10,000 per month. It is one of the best home loan providers in India. Moreover, banks also provide “ICICI Bank Extra Home Loans,” a special home loan scheme too. Under this scheme, customers get loans by a Mortgage Guarantee. For home loans, they provide a simple and quick process with Lower EMIs with low-interest Rates. Customers can also enjoy the Doorstep Service for Some Home Loans.
Axis Bank
-
Up to Rs. 30 Lakh: 8.75% – 13.30%
-
Above Rs. 30 Lakh & Up to Rs. 75 Lakh: 8.75% – 13.30%
-
Above Rs. 75 Lakh: 8.75%- 9.65%
Axis Bank is also famous for home loans. They run various specific home loan schemes like Axis Bank Shubh Aarambh Home Loan, Axis Bank Fast Forward Home Loan, Axis Bank Asha Home Loan, Axis Bank Super Saver Home Loan, Axis Bank QuikPay Home Loan, and Axis Bank Power Advantage Home Loan. Every scheme has its rules and terms, but its interest rate is very competitive. You may be surprised to know that these schemes include the interest subsidy under Pradhan Mantri Awas Yojana (PMAY). Axis Bank provides fixed and floating-rate loans, which customers can pick as per their needs.
Bajaj Housing Finance
-
Up to Rs. 30 Lakh: 8.50% onwards
-
Above Rs. 30 Lakh & Up to Rs. 75 Lakh: 8.50% onwards
-
Above Rs. 75 Lakh: 8.50% onwards
It is a private company that provides home loans to the customers. This is a special company just for finances for house and run schemes like Fresh Home Loan, Home Loan Balance Transfer, and Pre-approved Home Loan. They provide competitive interest rates as per customer finance history and fulfil the need for their own house.
FAQs:
1. How do banks determine home loan interest rates?
– Banks consider factors like loan amount, tenure, credit score, and type of interest rate (fixed or floating) to determine home loan interest rates.
2. Which bank offers the lowest home loan interest rate in India for 2024?
– Bank of India offers the lowest home loan interest rate, starting from 8.30% p.a.
3. What is the tenure for repayment of home loans in India?
– Home loan repayment tenures can extend up to 30 years, depending on the bank and borrower’s eligibility.
4. Are there any additional charges associated with home loans?
– Yes, home loans may come with processing fees, prepayment charges, and other fees. It’s essential to check the bank’s terms and conditions.
5. Can I negotiate the home loan interest rate with the bank?
– Yes, borrowers can negotiate home loan interest rates with the bank based on their creditworthiness and existing relationship with the bank.
6. Are there any government schemes offering subsidies on home loan interest rates?
– Yes, schemes like Pradhan Mantri Awas Yojana (PMAY) provide interest subsidies on home loans for eligible beneficiaries.
7. What is the difference between fixed and floating interest rates for home loans?
– Fixed interest rates remain constant throughout the loan tenure, while floating rates fluctuate based on market conditions.
8. Can I transfer my existing home loan to another bank offering lower interest rates?
– Yes, borrowers can opt for a home loan balance transfer to avail of lower interest rates offered by other banks.
9. How does my credit score affect my home loan interest rate?
– A higher credit score typically results in lower interest rates as it indicates lower credit risk for the bank.
10. Is it possible to prepay my home loan partially or fully?
– Yes, borrowers can prepay their home loans partially or fully. However, banks may levy prepayment charges, so it’s essential to check the terms beforehand.