Applying For a Home Loan? Here’s the List of New Interest Rates For Every Bank

Buying a house is the dream of every man. The satisfaction of becoming financially stable and buying your own house is out of this world. However, where only a few become fortunate enough to buy a home without financial support, most apply for a home loan to fulfil their dreams. A home loan is a type of loan for which a person applies once in a lifetime. The repayment period or tenures are very long and almost lasts half the life span of the borrower. That’s why comparing home loan interest rates with every borrower is crucial to ease your financial burden. In this blog, we will help you to compare the interest rates between all major lenders.

Applying For a Home Loan

Updated List of Major Banks or HFCs Offering the Lowest Home Loan Interest Rates

LenderInterest Rate for Up to Rs 30 LakhInterest Rate for Above Rs 30 Lakh & Up to Rs 75 LakhInterest Rate for Above Rs 75 Lakh
State Bank of India8.50-10.158.50-10.058.50-10.05
HDFC Bank8.40 onwards8.40 onwards8.40 onwards
ICICI Bank9.00-9.809.00-9.959.00-10.05
Kotak Mahindra Bank8.75 onwards8.75 onwards8.75 onwards
Punjab National Bank8.55-10.258.50-10.158.50-10.15
Bank of Baroda9.15-10.659.15-10.659.15-10.90
Union Bank of India8.50-10.758.50-10.958.50-10.95
IDFC First Bank8.85 onwards8.85 onwards8.85 onwards
Federal Bank10.15-10.2010.20-10.2510.25-10.30
Bajaj Housing Finance8.50% onwards8.50% onwards8.50% onwards

Also read:

Important Changes in GST Regulations For Indian Companies

What are the Deciding Factors for Your Interest Rate on Home Loan?

1. Credit Score

Your credit score denotes how creditworthy you are in the eyes of lenders. The more it will be close to 900 the more lucrative interest rates a bank or any other lender will offer you. An ideal credit score is considered as 750 or above it. You are scored based on multiple factors by the credit bureaus and remember the score is ever changing. It varies as per your financial activities.

2. Income

One of the crucial deciding factors is your income and its source. Lenders take into account such details including your employment type, employer profile and the monthly income to decide home loan interest rate.

3. Loan Amount

The higher the loan amount the higher the lender will charge interest rates. For instance, the interest rate of ₹30 lakh home loan will be less as compared to a higher amount.

4. Home Loan Type

Major lenders have different types of home loans in the menu with varying interest rates and repaying time.

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Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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