- Lowest Home Loan Interest Rates in India
Lower home loan interest rates will lower not just the outgoing EMIs, but also the entire interest payment. Compare home loan rates from SBI, Kotak Mahindra Bank, and HDFC Bank.
One of the most crucial considerations is the interest rate on your home loan, which can impact the entire cost of your property. Higher loan value and a longer-term are the two most commonly requested aspects of a house loan. As a result, even a minor variation in interest rates might have significant financial consequences. Lower home loan interest rates will lower not just the outgoing EMIs, but also the entire interest payment. It is critical to consider all available alternatives and select the one that has the lowest interest rate.
Lowest Home Loan Interest Rates
People searching for house loans should be aware that, in addition to interest rates, there are a number of extra fees that affect the overall cost of the loan. Prepayment and CERSAI fees are among the additional charges. In order to come up with the finest home loan choice, it’s critical to pay attention to these additional fees.
Some lenders provide the same home loan interests as others, but the extra fees vary. The related costs may make a significant difference in the total cost of the house loan in such cases.
Currently, house loans come with variable interest rates that might vary over time. Floating rates are those that are tied to external standards. When the benchmark changes, so do the loan rates. The repo rate of the Reserve Bank of India has become the external benchmark for most banks.
Lowest Home Loan Interest Rates in India
Here is a list of the interest rates on housing loans offered by banks –
1) Kotak Mahindra Bank
Kotak Mahindra Bank is a bank based in Mumbai, India. The interest rate on house loans has been lowered by 10 basis points (bps) to 6.65 percent per annum by Kotak Mahindra Bank. It is presently the lowest interest rate on the market for home loans. The processing charge is up to 0.50 percent plus statutory dues, including GST.
2) Punjab & Sind Bank
Punjab & Sind Bank also offers house loans for up to 40 years at an excellent interest rate of 6.65 percent and upwards. Processing fees have been eliminated till June 30 of this year.
3) State Bank of India
State Bank of India offers house loans with interest rates ranging from 6.70 percent to 0.4 percent of the loan amount, which can be as little as Rs 10,000 and as much as Rs30,000. Women who take out a house loan are given special treatment by the bank. State Bank of India charges interest on house loans on a daily declining balance basis.
4) HDFC Bank
The private sector lender provides all borrowers a 6.75 percent home interest rate, but the processing charge differs depending on whether the borrower is salaried or self-employed. A processing fee of up to 0.5 percent of the loan amount or Rs. 3000, whichever is larger, is charged to salaried/self-employed professionals. For non-professionals who are self-employed, the charge is up to 1.5 percent of the loan amount, or Rs. 4,500.
5) ICICI Bank
On home loan projects, ICICI additionally provides a 6.75 percent interest rate. However, the processing price varies based on your occupation.
Hope you have got understanding of the Home loan interest rate in India.