Latest Home Loan Rates List 2024: Buying a home is the dream of most Indians. This dream is also quite big and expensive. So generally a middle-class Indian buys a house only by taking a loan. For this, he is looking for banks where interest is low. So that buying a house does not become too expensive for him. Home loan is included in those secured loans for which the longest tenure is available. However, the longer the tenure, the more the total payout will also increase.
Today we will tell you the names of the best banks that are offering the lowest interest rate on home loans. A slight change in the rate of interest can make a big difference in the total payment. Many public and private banks in India offer home loans at low interest rates.Â
For example: suppose someone has taken a loan of Rs.50 lakh at a 9.8 per cent interest rate, then the EMI (equated monthly instalment) for 10 years will be Rs. 65,523. When the interest rate increases by 10 per cent p.a., the EMI increases to Rs.66,075. Let us know the names and interest rates of those banks that are comparatively lower than the rest of the banks.
Latest Home Loan Rates List: What is a Home Loan?
A home loan is an amount of money that an individual borrows from an NBFC like SMFG Grihashakti or a bank or financial institution to buy their home. Later, he repays the loan to that NBFC or bank or financial institution as EMI on a fixed date every month. EMI includes both principal and interest.
Home loans are secured loans. Therefore, any NBFC bank or financial institution gives a home loan by mortgaging the property of the borrower as security. NBFC banks or financial institutions return the property to the customer after repaying the entire loan.
Latest Home Loan Rates List: Types of Home Loans
You can take a home loan for many house-related tasks. On this basis, there are the following types of home loans in India:
- To buy a house
- To build a house
- To buy land
- For home repairs
- Build something new at home
- Top-up loan (additional home loan on old loan only)
- Bridge Home Loan (Amount falling short for a new home)
- Home loan for buying land and building a house simultaneously
- Joint home loan (home loan taken by two or more individuals, e.g. spouse)
- NRI Home Loan
- Transfer of balance home loan from one bank to another bank
|
Latest Home Loan Rates List |
|
|
Interest Rate Starting |
Starting from 8.30% p.a. |
|
Loan Amount |
Varies on a case-to-case basis |
|
LTV Ratio |
Up to 90% of the property value |
|
Tenure |
Up to 30 years with some lenders extending till 40 years |
|
Processing Fees |
1% to 2% of the loan amount (may vary across lenders) |
Latest Home Loan Rates List
The latest Home Loan Rates List of all public, private and Foreign banks are following:
| Name of Lender | Interest Rate (p.a.) |
| State Bank of India | 8.40% – 10.15% |
| HDFC Bank | 8.50% onwards |
| ICICIÂ Bank | 8.75% onwards |
| Bank of Baroda | 8.40% – 10.90% |
| Punjab National Bank | 8.40% – 10.25% |
| Axis Bank | 8.75% – 13.30% |
| Kotak Mahindra Bank | 8.70% onwards |
| LIC Housing Finance | 8.35% – 10.75% |
| Federal Bank | 8.80% onwards |
| Bajaj Housing Finance | 8.50% onwards |
| IDFC First Bank | 8.75% onwards |
| PNB Housing Finance | 8.50% – 14.50% |
| Tata Capital Housing Finance | 8.75% onwards |
| L&T Finance Limited | 8.60% onwards |
| Standard Chartered Bank | 8.60% onwards |
| Godrej Housing Finance | 8.55% onwards |
| Canara Bank | 8.40% – 11.25% |
| Bank of India | 8.30% – 10.75% |
| Indian Overseas Bank | 8.40% onwards |
| Bank of Maharashtra | 8.35% – 11.15% |
| Union Bank of India | 8.35% – 10.90% |
| UCO Bank | 8.45% – 10.30% |
| Bandhan Bank | 9.16% – 15.00% |
| Punjab & Sind Bank | 8.50% – 10.00% |
| South Indian Bank | 9.84% – 11.69% |
| RBL Bank | 8.90% onwards |
| Karnataka Bank | 8.50% – 10.62% |
| Indiabulls Housing Finance | 8.75% onwards |
| Karur Vysya Bank | 9.00% – 11.05% |
| Dhanlaxmi Bank | 9.35% – 10.50% |
| Tamilnad Mercantile Bank | 9.45% – 9.95% |
| Repco Home Finance | 9.50% onwards |
| GIC Housing Finance | 8.80% onwards |
| Aditya Birla Capital | 8.80% – 14.75% |
| ICICI Home Finance | 9.20% onwards |
| HSBC | 8.45% onwards |
Latest Home Loan Rates List: Public Sector Banks 2024
There are many public sector banks in India. Each public sector bank offers different types of loans to the public. Here we are providing a list of interest rates offered by Public sector banks in India. The latest Home Loan Rates List of public sector banks in India is following:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
| Bank of Baroda | 8.40% – 10.65% | 8.40% – 10.65% | 8.40% – 10.90% |
| Punjab National Bank | 8.45% – 10.25% | 8.40% – 10.15% | 8.40% – 10.15% |
| Punjab & Sind Bank | 8.50% – 10.00% | 8.50% – 10.00% | 8.50% – 10.00% |
| SBI | 8.40% – 10.15% | 8.40% – 10.05% | 8.40% – 10.05% |
| Union Bank of India | 8.35% – 10.75% | 8.35% – 10.90% | 8.35% – 10.90% |
| Bank of India | 8.30% – 10.75% | 8.30% – 10.75% | 8.30% – 10.75% |
| UCO Bank | 8.45% – 10.30% | 8.45% – 10.30% | 8.45% – 10.30% |
| Bank of Maharashtra | 8.35% – 11.15% | 8.35% – 11.15% | 8.35% – 11.15% |
| Canara Bank | 8.50% – 11.25% | 8.45% – 11.25% | 8.40% – 11.15% |
| Indian Overseas Bank | 8.40% onwards | 8.40% onwards |
Latest Home Loan Rates List: Public Sector Banks Loan Processing Fees
Here are the top bank’s loan processing fees in India. Check all banks processing fees below:
| Bank Name | Processing fee |
|---|---|
| SBI Bank Home Loan | 0.35% + GST |
| Central Bank of India | Completely waived till 31.12.2023 |
| Bank of Baroda Home Loan | Rs. 8000 + GST |
| Bank of Maharashtra | 0.25% of the loan amount |
| Bank of India Home Loan | Up to 0.50% of the loan amount |
| Punjab National Bank | Full waiver of processing fees till 31.03.2024 |
| Union Bank of India Home Loan | 0.50% of the loan amount (Max. Rs. 15,000) + GST |
Latest Home Loan Rates List: Private Banks
Latest Home Loan Rates List of private sector banks are following:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
| HDFC Bank Ltd. | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| Kotak Mahindra Bank | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| ICICIÂ Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| Axis Bank | 8.75% – 13.30% | 8.75% – 13.30% | 8.75%- 9.65% |
| Karur Vysya Bank | 9.00% – 11.05% | 9.00% – 11.05% | 9.00% – 11.05% |
| South Indian Bank | 9.84% – 11.24% | 9.84% – 11.04% | 9.84% – 11.69% |
| Karnataka Bank | 8.60% – 10.60% | 8.60% – 10.60% | 8.60% – 10.60% |
| Federal Bank | 8.80% onwards | 8.80% onwards | 8.80% onwards |
| Dhanlaxmi Bank | 9.35% – 10.50% | 9.35% – 10.50% | 9.35% – 10.50% |
| Tamilnad Mercantile Bank | 8.60% – 9.95% | 8.60% – 9.95% | 8.60% – 9.95% |
| Bandhan Bank | 9.16% – 15.00% | 9.16% – 13.33% | 9.16% – 13.33% |
| RBL Bank | 8.90% onwards | 8.90% onwards | 8.90% onwards |
Latest Home Loan Rates List: Housing Finance Companies (HFCs)
Latest Home Loan Rates List of housing finance companies are following:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
| LIC Housing Finance | 8.35% – 10.35% | 8.35% – 10.55% | 8.35% – 10.75% |
| Tata Capital | 8.70% onwards | 8.70% onwards | 8.70% onwards |
|
Bajaj Housing Finance
|
8.50% onwards | 8.50% onwards | 8.50% onwards |
| PNB Housing Finance | 8.50% – 14.50% | 8.50% – 14.50% | 8.50% – 11.45% |
| Repco Home Finance | 9.50% onwards | 9.50% onwards | 9.50% onwards |
| GIC Housing Finance | 8.80% onwards | 8.80% onwards | 8.80% onwards |
| Indiabulls Housing Finance | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| Aditya Birla Capital | 8.80% – 14.75% | 8.80% – 14.75% | 8.80% – 14.75% |
| ICICI Home Finance | 9.20% onwards | 9.20% onwards | 9.20% onwards |
| Godrej Housing Finance | 8.55% onwards | 8.55% onwards | 8.55% onwards |
| L&T Finance Limited | 8.60% onwards | 8.60% onwards | 8.60% onwards |
Latest Home Loan Rates List: Best Home Loan Tips List 2024
A home loan makes your dream of buying a home come true. If you are also planning to buy your home and are thinking of taking a home loan for it, then you should take special care of some things. Let us tell you what needs to be taken care of before taking a home loan.
1. Take a home loan according to the budget
Before taking a home loan, you should find out about home loans from different banks. You should take a home loan according to your budget. You may have to face trouble due to home loans more than your budget. At the same time, if you take a home loan according to the budget, then you only have to arrange money. Customers get many options on home loans, with the help of which customers do not need to pay a large amount as a downpayment.
2. Check the financial situation before taking a loan
You also have to make a small down payment before taking a home loan. This can range from 10 per cent to 25 per cent of the total value of the property. Also, after taking a loan, your monthly instalment will start, which will last for a long time. In such a situation, you should once look at your financial situation well. So that you do not have to face any kind of trouble later.
3. Compare Loan Features
Your credit score should be good while taking a loan. This increases your credibility and increases your chances of getting the loan approved. On a good credit score, many times a loan is also available at better interest rates. Apart from this, there is a difference in different banks’ interest rates, loan amount, LTV ratio, loan tenure and processing charges. In such a situation, before applying for a home loan, compare the loan features of banks, then apply for a loan.
4. Try To Pay Maximum Downpayment
If your financial condition is good, then give a higher down payment for a home loan. This increases your chances of getting your loan approved. Some lenders offer lower interest rates to borrowers opting for lower LTV ratios. But avoid using your emergency fund to pay a higher down payment.
5. You Should Have an Emergency Fund
If you are going to apply for a loan, then keep an emergency fund with you. This should be equal to your EMI instalments for 6 months.
FAQ: Latest Home Loan Rates List
What is a Home Loan?
Ans: A loan taken from any NBFC, bank or financial institution for household-related work is called a home loan. This is a secured loan.
How many years is a home loan available?
Ans: For a maximum of 30 years
How do women get a home loan?
Ans: A woman applicant eligible for a home loan will have to fill out the application form from the NBFC, bank or financial institution from which the loan is taken. Then the necessary documents sought will have to be submitted.
