Cheapest Home Loan:Buying a house is the dream of many people, but to fulfill it most people need a home loan. If you are planning to take a loan of Rs 30 to 75 lakh at a cheap interest rate to buy a house, then you can check the list of more than 30 banks and housing finance companies here. The list includes all government banks like SBI, Bank of Baroda, Union Bank of India, Punjab National Bank (PNB), Bank of India (BoI) and ICICI Bank. Names of major private banks like HDFC Bank, Kotak Mahindra Bank and Axis Bank are included. Apart from this, names of 10 housing finance companies are also in the list. Let us now know where home loans are available at what interest rates.
See the list of banks and housing finance companies for cheap home loans.
|
Name of Lender |
Loan Amount(Rs) | ||
| Upto 30 Lakh | Above 30 Lakh & Upto 75 Lakh | Above 75 Lakh | |
| PUBLIC SECTOR BANKS | |||
| State Bank of India | 8.50-9.85 | 8.50-9.85 | 8.50-9.85 |
| Bank of Baroda | 8.40-10.65 | 8.40-10.65 | 8.40-10.90 |
| Union Bank of India | 8.30-10.75 | 8.30-10.90 | 8.30-10.90 |
| Punjab National Bank | 8.45-10.25 | 8.40-10.15 | 8.40-10.15 |
| Bank of India | 8.35-10.85 | 8.35-10.85 | 8.35-11.10 |
| Canara Bank | 8.50-11.25 | 8.45-11.25 | 8.40-11.15 |
| UCO Bank | 8.45-10.30 | 8.45-10.30 | 8.45-10.30 |
| Bank of Maharashtra | 8.35-11.15 | 8.35-11.15 | 8.35-11.15 |
| Punjab and Sind Bank | 8.50-10.00 | 8.50-10.00 | 8.50-10.00 |
| Indian Overseas Bank | 8.40-10.60 | 8.40-10.60 | 8.40-10.60 |
| Indian Bank | 8.40-10.30 | 8.40-10.30 | 8.40-10.30 |
| PRIVATE SECTOR BANKS | |||
| Kotak Mahindra Bank | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| ICICI Bank | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| Axis Bank | 8.75-13.30 | 8.75-13.30 | 8.75-9.65 |
| HSBC Bank | 8.50 onwards | 8.50 onwards | 8.50 onwards |
| South Indian Bank | 8.70-11.70 | 8.70-11.70 | 8.70-11.70 |
| Karur Vysya Bank | 9.00-11.05 | 9.00-11.05 | 9.00-11.05 |
| Karnataka Bank | 8.75-10.87 | 8.75-10.87 | 8.75-10.87 |
| Federal Bank | 8.80 onwards | 8.80 onwards | 8.80 onwards |
| Dhanlaxmi Bank | 8.60 onwards | 8.60 onwards | 8.60 onwards |
| Tamilnad Mercantile Bank | 8.60-9.95 | 8.60-9.95 | 8.60-9.95 |
| Bandhan Bank | 9.16-15.00 | 9.16-13.33 | 9.16-13.33 |
| RBL Bank | 9.00 onwards | 9.00 onwards | 9.00 onwards |
| CSB Bank | 10.49-12.34 | 10.49-12.34 | 10.49-12.34 |
| HDFC Bank Ltd. | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| City Union Bank | 8.25-9.50 | 8.50-10.00 | 8.75-10.50 |
| HOUSING FINANCE COMPANIES (HFCs) | |||
| LIC Housing Finance | 8.50 onwards | 8.50 onwards | 8.50 onwards |
| Bajaj Housing Finance | 8.50 onwards | 8.50 onwards | 8.50 onwards |
| Tata Capital | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| PNB Housing Finance | 8.50-14.50 | 8.50-14.50 | 8.50-11.45 |
| GIC Housing Finance | 8.80 onwards | 8.80 onwards | 8.80 onwards |
| SMFG India Home Finance | 10.00 onwards | 10.00 onwards | 10.00 onwards |
| Sammaan Capital (Formerly Indiabulls Housing Finance) | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| Aditya Birla Capital | 8.60 onwards | 8.60 onwards | 8.60 onwards |
| ICICI Home Finance | 9.30 onwards | 9.30 onwards | 9.30 onwards |
| Godrej Housing Finance | 8.55 onwards | 8.55 onwards | 8.55 onwards |
| Rates as of 26th December 2024 | |||
| Source: Paisabazaar.com | |||
(Note: This information related to interest rates for home loans ranging from Rs 30 to Rs 75 lakh has been collected by Paisa Bazaar. Banks keep changing their rates from time to time, so it is advisable that before applying for home loan, Before purchasing, get accurate information from the official website or branch of the concerned bank.)
Understand these 10 things before taking a home loan
Eligibility Conditions
Home loan eligibility is primarily decided based on your income and repayment capacity.
home loan
Floating rate loans are popular because they provide flexibility to the customer.
first house or first loan
You can increase your loan eligibility by adding an earning member of your family as a co-applicant.
loan amount
The prevailing rate is the interest rate applicable on your home loan at the time the loan amount is disbursed.
Cost of your home loan
You can apply for a home loan even before choosing a property.
EMI/Pre-EMI
The longer the tenure, the smaller the EMI. However, if the loan tenure is longer, you may have to pay more interest.
Duration
All co-owners of the property will have to become co-applicants for the home loan. However, it is not necessary that all the co-applicants are also co-owners.
You can choose the best option for buying a house by comparing the home loan rates offered by SBI, PNB, HDFC and other banks. It is worth noting that the interest rate for home loan is different in different banks. It depends on the credit score of the borrower and the policies of the bank. That is, if your credit score is good, you can get a lower interest rate. Actually banks check the credit score before lending money. This score shows how capable you are to repay the loan.
(Credit: HDFC Bank Blog, Paisa Bazaar)
