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Current Home Loan Interest Rates


Last Updated Date:18-Oct-2019

Home Loans have become the best medium to buy homes. Banks and NBFCs offer various home loan schemes and alluring interest rates that attract the home buyer. The key deciding factor for a customer to avail home loan from a particular financial institution is determined by the interest rate. The interest rate is charged on the principal loan amount.

What determines interest rates on your Home Loan?

It is the bank that decides their lending rates. This depends on their cost of funds and NIM or Net Interest Margin which the banks need to earn to earn a profit and cover their operation cost.

An important point to note here is that home loans to salaried employees are offered at a lower rate as compared to those who are working in the unorganized sector; the prime reason for this is the stability of income of salaried employees.

The home loan interest rates calculation by the nationalized banks is presently based on MCLR or Marginal Cost of Lending Rate method. To this rate, the spread is added and then the final interest rate is mentioned to the customers or borrowers. And the NBFCs use Prime Lending Rate (PLR) calculation method.

Types of Home Loan Interest Rates

There are two kinds of home loan interest rates:

Fixed Interest Rate Loan- This rate of interest remains fixed and the borrower has to pay a fixed EMI during the home loan tenure. The market fluctuations don’t impact the home loan rate. A major point of concern when it comes to fixed home loan rates is they are 1-2.5% higher than the floating rate of interest. If a borrower has fixed home loan then he/she doesn’t get the benefit if the home loan rates go down. Their EMI remains unaffected by it.

Floating Interest Rate Loan– As the name indicates, floating rate loans have interest rates that change with the market condition. The are highly susceptible to market fluctuations. If the base rate changes, the floating rate also gets changed along with it. They are usually cheaper than the fixed rates but being highly influenced by the market condition they may vary as the RBI changes the rates.

The list of banks and their interest rate:

Bank NameInterest RatesEMI Per Lac Max Tenure

LoanYantra

SBI
8.05%Rs. 737 30 Years

LoanYantra

HDFC
8.35%Rs. 762 30 Years

LoanYantra

ICICI Bank
9.05%Rs. 808 30 Years

LoanYantra

Axis Bank
8.60%Rs. 776 30 Years

LoanYantra

PNB Housing Finance
9.25%Rs. 823 30 Years

LoanYantra

Bank of Baroda
8.35%Rs. 765 30 Years

LoanYantra

LIC Housing Finance
8.70%Rs. 783 30 Years

LoanYantra

Citibank
8.50%Rs. 822 25 Years

LoanYantra

Standard Chartered Bank
9.41%Rs. 926 20 Years

LoanYantra

DBS Bank
9.45%Rs. 929 20 Years

LoanYantra

DHFL
9.75%Rs. 859 30 Years

LoanYantra

Andhra Bank
8.80%Rs. 790 30 Years

LoanYantra

South Indian Bank
9.45%Rs. 837 30 Years

LoanYantra

Punjab and Sind Bank
8.85%Rs. 794 30 Years

LoanYantra

PNB
8.25% to 8.50%Rs. 741 30 Years

LoanYantra

Lakshmi Vilas Bank
10.10%Rs. 972 20 Years

LoanYantra

Karnataka Bank
8.90%Rs. 797 30 Years

LoanYantra

Indian Bank
8.75%Rs. 884 20 Years

LoanYantra

GIC Housing Finance
10.25%Rs. 982 20 Years

LoanYantra

IIFL
17.50%Rs. 769 30 Years

LoanYantra

LT Housing Finance
9.90%Rs. 870 30 Years

LoanYantra

Deutsche Bank
9.45% to 9.65% Rs. 929 20 Years

LoanYantra

United Bank of India
8.65%Rs. 780 30 Years

LoanYantra

Corporation Bank
8.80% to 8.70%Rs. 805 30 Years

LoanYantra

Tamilnad Mercantile Bank
10.30% to 10.80%Rs. 900 30 Years

LoanYantra

Catholic Syrian Bank
10.10% to 10.50%Rs. 972 20 Years

LoanYantra

Bank of India
8.10% to 8.35%Rs. 794 30 Years

LoanYantra

State Bank of Patiala
9.30% to 9.65% Rs. 826 30 Years

LoanYantra

Allahabad Bank
7.90% to 8.40%Rs. 890 20 Years

LoanYantra

Reliance Capital
10.00% to 11.75%Rs. 878 30 Years

LoanYantra

OBC
8.15% to 8.55%Rs. 819 25 Years

LoanYantra

Kotak Bank
8.25% to 8.80%Rs. 893 20 Years

LoanYantra

Jammu And Kashmir Bank
7.90% to 9.25%Rs. 1,005 15 Years

LoanYantra

IDBI Bank
7.85% to 9.10%Rs. 787 30 Years

LoanYantra

Federal Bank
8.55% to 9.00%Rs. 787 30 Years

LoanYantra

IDFC Bank
8.55% to 8.85%Rs. 772 30 Years

LoanYantra

Dhan Laxmi Bank
8.50% to 9.80%Rs. 958 20 Years

LoanYantra

State Bank of Hyderabad
8.85% to 9.65% Rs. 794 30 Years

LoanYantra

Dena Bank
8.25% to 8.80%Rs. 745 25 Years

LoanYantra

Union Bank of India
7.95% to 8.55%Rs. 783 30 Years

LoanYantra

City Union Bank
9.90% to 11.60%Rs. 1,068 15 Years

LoanYantra

Canara Bank
8.25% to 8.50%Rs. 787 30 Years

LoanYantra

Syndicate Bank
7.90% to 8.35%Rs. 787 30 Years

LoanYantra

State Bank of Mysore
8.80% to 9.50% Rs. 790 30 Years

LoanYantra

Indiabulls
23.00%Rs. 856 25 Years

LoanYantra

RBL Bank
9.20% to 9.95%Rs. 941 25 Years

LoanYantra

Karur Vysya Bank
8.45% to 9.55%Rs. 884 25 Years

LoanYantra

Indian Overseas Bank
8.05% to 8.70%Rs. 780 30 Years

LoanYantra

HSBC Bank
8.25% to 8.65%Rs. 829 25 Years

LoanYantra

Yes Bank
8.00% to 9.70%Rs. 898 25 Years

LoanYantra

Edelweiss
17.50%Rs. 944 25 Years

LoanYantra

Repco Home Finance
9.60% to 11.50%Rs. 939 20 Years

LoanYantra

Development Credit Bank
10.48% to 11.35%Rs. 997 20 Years

LoanYantra

Vijaya Bank
8.65% to 9.45% Rs. 780 30 Years

LoanYantra

UCO Bank
7.90% to 8.50%Rs. 780 30 Years

LoanYantra

Central Bank of India
7.80% to 8.30%Rs. 776 30 Years

LoanYantra

Bank of Maharashtra
8.15% to 8.50%Rs. 769 30 Years

LoanYantra

State Bank of Travancore
9.20% to 9.45%Rs. 819 30 Years