Cheapest Home Loans: The festive season is near. If you are planning to buy a house this festive season and are looking for a cheap home loan for that, then this news is useful for you. These days many banks are offering cheap home loans. These include names from government and private sector banks to housing finance companies. A list has been shared here for your convenience. The list also includes names of some banks that are offering home loans (Cheapest Home Loan) at very low interest rates.
Where can you get home loan at the lowest interest rate
According to Paisa Bazaar.com, currently Union Bank of India and Bank of Maharashtra, the two public sector banks are offering home loans at the lowest interest rate. Both the public sector banks are offering home loans at the lowest interest rate starting from 8.35% per annum. After this, the public sector banks included in the list are Bank of Baroda, Bank of India and Indian Overseas Bank offering home loans at an interest rate of 8.40% per annum.
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| Name of the Bank | Loan Amount (Rs.) | ||
| Upto 30 Lakh | 30 to 75 lakhs | More than 75 lakhs | |
| Government Bank | |||
| 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 | 8.35-10.75 | 8.35-10.90 | 8.35-10.90 |
| Punjab National Bank | 8.45-10.25 | 8.40-10.15 | 8.40-10.15 |
| Bank Of India | 8.40-10.85 | 8.40-10.85 | 8.40-10.85 |
| 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 |
| Maharashtra Bank | 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 |
| Central Bank Of India | 8.45-9.80 | 8.45-9.80 | 8.45-9.80 |
| Private Bank | |||
| Kotak Mahindra Bank | 8.70 onwards | 8.70 onwards | 8.70 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 |
| HDFC Bank Ltd | 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 | 8.50-10.62 | 8.50-10.62 | 8.50-10.62 |
| Federal Bank | 8.80 onwards | 8.80 onwards | 8.80 onwards |
| Dhanlaxmi Bank | 9.35-10.50 | 9.35-10.50 | 9.35-10.50 |
| 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 | 8.90 onwards | 8.90 onwards | 8.90 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 | 8.50-10.35 | 8.50-10.55 | 8.50-10.75 |
| 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 (Formally 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 | 9.10 onwards | 9.10 onwards | 9.10 onwards |
| Godrej Housing Finance | 8.55 onwards | 8.55 onwards | 8.55 onwards |
| Rates as of 21 August 2024 | |||
| Source: Paisabazaar.com | |||
Similarly, if we talk about private sector banks, City Union Bank is offering home loan up to Rs. 30 lakh at the rate of 8.25%. Home loans in HSBC Bank and Karnataka Bank start at the rate of 8.50%. Home loan is available at the rate of more than 8.75% in HDFC Bank, the largest bank in the private sector.
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Customers applying for home loans need to know that the interest rates on the loan depend on various factors such as the applicant’s credit score, loan amount, tenure, occupation etc. Many banks may also offer loans at lower interest rates if you have a better credit score. Let’s take a look at this list.
Keep these things in mind too
Before taking a home loan, you must check the interest rates of the banks once. Apart from this, you will also need some documents to take a home loan from the bank. These include identity proof, income proof, age proof, PAN card, voter ID, Aadhaar card, passport, driving license. Aadhaar card, passport, voter ID, driving license will be required for address proof. Along with this, banking information, relationship proof and educational qualification certificate are also required.
