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Compare which bank offers Best Interest Rates on Home Loan

  • 28-Feb-2022
Compare which bank offers Best Interest Rates on Home Loan

What is a home loan? 

A home loan is a secured loan that is acquired to purchase a property by offering it as a security or collateral. It is generally offered by various banks and is frequently available. The disbursal of the loan amount is fast after the verification without facing any difficulty. An applicant can access the process online anytime and anywhere with ease. 

Compare Home Loan Interest Rates offered by Top Banks & NBFCs

Bank name Interest rate Loan amount Loan tenure 

Punjab National Bank (PNB)

 

8.35 - 8.45 %

 

30 – 70 lakhs

 

15 – 20 years

 

 

State bank of India (SBI)

 

8.50 - 8.80%

 

30 – 70 lakhs 

15 – 20 years

 

DHFL 

 

8.35 %

 

30 – 70 lakhs

 

15 – 20 years

 

LIC Housing

 

8.35 - 8.80 %

 

30 – 70 lakhs

 

15 – 20 years

 

ICICI Bank

 

8.35 - 8.80%

 

30 – 70 lakhs

 

15 – 20 years

 

HDFC Bank

 

8.55 - 9.25 %

 

30 – 70 lakhs

 

15 – 20 years

 

Axis bank

 

8.35 - 8.75 %

 

30 – 70 lakhs

 

15 – 20 years

 

 

Indiabulls housing finance ltd   

 

8.30 - 8.8. %

 

30 – 70 lakhs 

 

15 – 20 years

 

 

Kotak bank

 

8.35%

 

30 – 70 lakhs

 

15 – 20 years

 

Canara bank 

 

8.35 - 8.55 %

 

30 – 70 lakhs

 

15 – 20 years

 

Standard chattered

 

8.51 %

 

30 – 70 lakhs

 

15 – 20 years

 

Citi bank 

 

8.60 - 8.85 %

 

30 – 70 lakhs 

 

15 – 20 years

 

L&T Housing Finance   

 

8.35 %

 

30 – 70 lakhs

 

15 – 20 years

 

Also Read:- Loan EMI Calculator Online

Home loan eligibility criteria 

Prior to applying for a home loan, an applicant makes sure that he/she reached the eligibility criteria to make ready for the home loan. 

Generally, eligibility criteria for home loans have common eligibility for Banks, financial institutions, and NBFCs. 

Eligibility criteria for salaried individuals:

Age limit23 to 62 years
Work experienceWork experience
Minimum salary25,000
CIBIL ScoreAbove 750
Nationality Residence of Indian

Eligibility criteria for self–employed individuals:

Age limit25- 70 years
Minimum years of existing business5 years
CIBIL ScoreAbove 750
Nationality Residence of Indian

 

Several Ways to Improve Eligibility for a Home Loan 

  • Inflation for joint home loans- If the borrower has many earning members in the family, a joint loan allows an applicant to add up your family members. 
  • Build up your CIBIL Score – A good credit score enhances the eligibility criteria for a home loan. Any delay will impact your CIBIL Score. If your score is less than 750 then you may not be eligible for the home loan. You have to maintain a CIBIL Score above 750 to get a home loan with ease. 
  • Longer tenure - it is one of the important forms to increase the eligibility for home loans. as long as you go for the longer tenure you go for it lowers the amount of the EMIs. 
  • Choose the perfect lender – if an is new to the self–employed, he might have chances to get a better loan through a finance company. 
  • Be calm, don’t panic- do not take quick decisions, and don’t panic prior to applying for a home loan. You must evaluate your income, budget, interest rates, CIBIL Score, processing fee, and additional charges for applying. 
  • Clear Existing loans – Before applying for a home loan try to clear all the existing loans which are due. It will make you eligible for a home loan. 

Also Read:- Top 5 Ways to Increase Home Loan Eligibility

Home Loan Interest Rate in India 

Given below are the interest rate in India by Banks, financial institutions, and NBFCs: 

BANK NAMESINTEREST RATES 
Indiabulls7.60%
Yes bank8.95%
TATA Capital6.90%
Aditya Birla9.00%
PNB Housing Finance6.99%
IDBI Bank6.75%
UCO Bank6.90%
Axis bank 6.90%
Kotak Mahindra bank6.55%
Citibank6.75%
Bank of Baroda6.50%
State bank of India 6.75%
Bank of Maharashtra 6.40%
Punjab and Sind bank6.85%
India shelter Finance12.00%
Aavas Financiers8.00%
Jammu and Kashmir bank7.20%
DBS 7.05%
IDFC First Bank6.50%
Shriram housing8.90%
GIC Housing Finance7.45%
Hudco home loan9.45% 
Bandhan bank 6.40 - 13.50%
Tamiland merchant bank 8.25%
Federal bank7.65%
South Indian bank 7.85%
Karnataka bank7.50%
Dhanlaxmi Bank7.85%
Sundaram Home Finance6.95%
Karur Vysya bank 7.20% 
HSBC Bank6.45%
Indian Overseas Bank7.05%
HDFC LTD6.70%

Financeseva offers a wide range of banks & NBFCs offering on home loan, compare & choose the best deals that suit your requirements. You can also check your eligibility for business loan & get up to 1 Cr.

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