Home loans help people and families buy their dream homes by providing the needed funds with easy repayment options. One key factor to consider when choosing a home loan is the interest rate, as it affects the total cost of the loan. The interest rate will vary from lender to lender. These are the below few banks and their current interest rate.
| Lender | Interest Rate |
|---|---|
| LIC Housing Finance | 8.50% onwards |
| Bajaj Finserv | 8.50% onwards p.a |
| TATA Capital | 8.75% p.a. onwards |
| L&T Finance | 8.65% onwards |
| Bank of Baroda | Starting from 8.40% p.a |
| SBI | Starting from 8.50% p.a |
| Bank of India | Starting from 8.35% p.a |
| Canara Bank | Starting from 8.40% p.a |
| HDFC | Starting from 8.75% p.a |
| Kotak Mahindra | Starting from 8.75% p.a |
| ICICI Bank | Starting from 8.75% p.a |
| Axis Bank | Starting from 8.75% p.a |
| PNB Housing Finance | Starting from 8.50% p.a |
Note: The interest rate can be changed frequently, It’s advisable to check and apply at the lender's website.
LIC Housing Finance interest rates start from 8.50% p.a, the company aims to make homeownership accessible and affordable for everyone.
Bajaj Finserv offers home loans at competitive interest rates starting from 8.50% p.a. Known for its digital-first approach.
TATA Capital provides home loans starting at 8.75% p.a, with flexible options to suit different income groups. Their loan application process is straightforward and transparent.
L&T Finance is a top NBFC that offers home loans with an interest rate starting from 8.65% per year. They help with various housing needs, from buying a new house to building your dream home.
Bank of Baroda is one of the largest public sector banks, offering home loans with interest rates starting from 8.40% p.a.
State Bank of India (SBI): Interest Rate Starting from 8.50% p.a
SBI, the largest public sector bank in India, offers home loans starting from 8.50% per year. With different schemes for various needs, SBI is a popular choice for homebuyers.
Bank of India offers home loans at 8.35% p.a. They cater to both salaried and self-employed individuals with flexible loan terms and easy repayment options.
Canara Bank provides home loans with an interest rate starting from 8.40% p.a, with options that suit the needs of various customers, from first-time homebuyers to those looking to renovate.
HDFC is one of the top private housing finance companies in India, offering home loans at 8.75% p.a onwards. HDFC is known for its vast reach and efficient loan processing.
Kotak Mahindra Bank offers home loans with competitive rates starting from 8.75% per year, along with a simple and quick loan disbursement process.
ICICI Bank provides home loans at 8.75% p.a onwards, with a strong focus on customer satisfaction and ease of access.
Axis Bank’s home loans start at 8.75% p.a, providing tailored solutions for both salaried and self-employed individuals.
PNB Housing Finance provides home loans at 8.50% p.a, with a focus on affordability and accessibility.
In conclusion, when choosing a home loan, it's important to compare the interest rates offered by top banks and NBFCs, as they significantly impact the overall cost of your loan. By carefully evaluating these options, you can find the best deal that aligns with your financial goals and makes your dream home a reality. Always ensure to read the terms carefully and choose the lender that offers the most favorable terms for your situation.
We understand that getting a loan can be very stressful with confusing documents, unclear communication, and various other challenges. That is why we take care of your loan application process, saving you time and hassle by handling the paperwork and communicating with the loan providers.
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No, each bank and NBFC sets its own interest rates, which may vary based on factors such as the loan amount, tenure, the applicant’s credit score, and the bank's current policies.
A lower interest rate reduces the total interest you pay over the life of the loan, making monthly repayments more affordable and the overall loan cheaper. It is important to choose a competitive rate to save money in the long run.
In some cases, lenders may offer flexible terms or negotiate rates, especially if you have a strong credit score or if you are applying for a larger loan amount. It’s worth discussing the rate with your lender.
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