Home loan interest rates: Know what major banks are charging

Home loan interest rates: Know what major banks are charging

A home loan is almost certainly the single biggest debt that a common man incurs in his entire life. Any person who wants to take one should explore the market to find out which lender is offering what rate of interest on these loans. Let’s have a look at what major banks are offering.

SBI, HDFC Bank home loan rates

The largest bank in India, SBI is also the biggest lender in the home loan market. It offers 8.50% to 9.65% as interest on home loans. The range of interest on top-up home loans is 8.80-11.30%. The country’s biggest private sector lender, HDFC Bank, offers home loan rates between 8.75% and 9.65%. Their formula is Policy Repo Rate + 2.25% to 3.15%.

ICICI Bank home loan rates

The interest rates that ICICI Bank charges are the following: If the loan is up to Rs 35 lakh, the rate is 9.25-9.65% (for salaried) and 9.40%-9.80% (for self-employed). If the loan is between Rs 35 lakh and Rs 75 lakh, the interest rate is 9.5-9.8% (for salaried) and 9.65%-9.95% (for self-employed). And if the loan is above Rs 75 lakh, the interest rate is 9.6-9.6% (for salaried) and 9.75%-10.05% (for self-employed).

Axis Bank, Canara Bank home loan rates

For Axis Bank, the rates of interest are 8.75% for salaried people and 9.10% for self-employed. But the bank has also mentioned that this rate is for those with a credit score of 751 and above. Anyone with a lower score might face higher interest charges. Canara Bank charges the following rates on home loans: 8.40% to 11.75% and the mean rate is 9.35%.

Union Bank, Kotak Bank home loan rates

The interest rates that Union Bank offers are the following: 8.35% for government/PSU employees with credit score of 750 and plus; 8.35% for salaried employee/professional is the credit score is 800 and above; 8.50% if credit score is between 750 and 799; 9.10%-9.25% if credit score is between 700 and 749. Below 600, the interest rate is 10.75%. The interest rate that Kotak Bank charges begin from 8.75%.

Bank of India, Bandhan Bank home loan rates

Private sector Bandhan Bank charges a minimum rate of 9.16% and a maximum of 13.33%. For Bank of India the lowest rate of interest on home loans is 8.40%. The rates rise up to 10.85% for those with credit score of less than 675 points.

 A minor variation in interest rate in a home loan can make a huge difference in the eventual interest payout that the loanee has to make.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today