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Home Loan Interest Rates 2024

Updated on April 21, 2024 , 1772 views

While taking a loan, one of the crucial factors is the interest rate. With the loan tenure easily extended to 15 years, there is a little difference in the rate of interest, which results in a considerable difference on the overall loan. Apart from this, lenders consider numerous factors while calculating Home Loan inters rates. So, if you are planning to take a home loan, here are home loan interest rates, along with factors playing a role in interest rates.

Top Home Loan Interest Rates

The lowest interest rate of home loan interest starts from 7.35% p.a., and it goes up to 19% p.a, but it differs from Bank to bank.

Get the complete list of the housing loan interest rate in India from all banks and financial institutions.

Banks/ Institutions	Interest Rates	Processing Fees
State Bank of India	7.35% - 7.75% p.a	Rs. 2000- Rs. 10,000
HDFC Ltd	7.85% -8.25% p.a	Up to 0.50%
Union Bank of India	7.30% - 7.55% p.a	Up to 0.50%(mac Rs. 15000) +GST
ICICI Bank	8.60% - 9.40% p.a	0.50% to 1%
Axis Bank	8.55% - 9.40%	Up to 1%
Bank of Baroda	7.25% - 8.25% p.a.	0.25% to 0.50%
PNB Housing Loan	8.95%- 9.95% p.a.	Up to 0.25% (max. Rs. 15,000) + GST
LIC Housing Finance Ltd	8.40% - 8.50% p.a.	Rs. 10,000- Rs.15,000 (+Service Tax)
Karnataka Bank	8.65% - 10.25% p.a.	0.50% to 2.00%
United Bank of India	8.00%- 8.15% p.a.	Rs.1000/ or Above
Vijaya Bank	8.10% - 9.10% p.a.	0.50 % or Max Rs. 20,000/-
Standard Chartered Bank	9.26% p.a. onwards	Up to 1.00%
UCO Bank	8.05% to 8.60% p.a.	0.50%
Citi Bank	8.05% - 9.60% p.a.	Rs.10,000
HSBC Bank	8.55% - 8.65% p.a.	Rs.10,000 or 1% of Loan Amount
Bandhan Bank	8.75% - 14.50% p.a.	1% of Loan Amount
Oriental Bank	8.25% - 8.80% p.a.	0.50% of the Loan Amount
Sundaram Home Finance Ltd	8.55% - 9.25% p.a.	0.50% - 1% (min. Rs.2,000; max. Rs.20,000)
Kotak Mahindra Bank	8.60% - 9.40% p.a.	Up to Rs.10,000
DBS Bank	8.45% - 8.95% p.a.	Up to Rs.10,000
Aditya Birla Capital Housing Finance	9.00% – 12.50% p.a.	Up to 1% on the loan amount
Indiabulls Housing Finance	8.99% p.a.	Max. 1% on loan
IDFC First Bank	8.00% – 14.00% p.a.	Rs. 10,000
Canara Bank	8.05% - 10.05% p.a.	0.50% (Max. Rs.10,000)
Federal Bank	8.55% - 8.70% p.a.	0.5% (Max Rs 7500)
Andhra Bank	8.15% - 9.20% p.a.	0.50% (max. Rs.10,000)
Dhanlakshmi Bank	9.55% - 10.25% p.a.	1%
Bank of India	8.00% - 8.30% p.a.	0.25% (Max. Rs.20,000)
Bank of Maharashtra	8.55% – 9.00% p.a.	0.25%
IDBI Bank	8.25% - 8.80% p.a.	0.50%
Indian Overseas Bank	8.20% - 10.95% p.a.	0.50%
Karur Vysya Bank	8.65% - 12.50% p.a.	Rs.2,500 - Rs.7,500
South Indian Bank	9.00% p.a. onwards	0.50% (Max. Rs.10,000)
Tamilnad Mercantile Bank	9.10% p.a.	2% or Rs.15,000/-
Central Bank of India	8.00% - 8.55% p.a.	1% (or Min. Rs.10,000)
Tata Capital	9.25% p.a.	2%
Yes Bank	9.78% - 10.68% p.a.	Up to 2%
Jammu and Kashmir Bank	8.65% - 8.95% p.a.	2%-3%
Avas Financiers	10% - 19% p.a.	Up to 2% plus GST
Indian Shelter Finance Corporation	16% p.a.	Up to 3%
DHFL Housing Finance	9.75% p.a. onwards	Rs 2500/- (+ GST+ document charges)

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Home Loan Interest Rate Calculator

A home loan emi calculator is a tool for computing the EMI, interest and tenure. Accurate financial planning requires a home loan calculator, which will help you to make your plan better. It is important to evaluate the repayment capability before the option for a loan. It is an easy tool which calculates monthly instalments towards the loan repayment.

Home Loan EMI Calculator

Home Loan Interest:₹311,670.87

Interest per annum:14%

Total Home Payment: ₹1,311,670.87

Home Loan Amortization Schedule (Monthly)

Month No.	EMI	Principal	Interest	Cumulative Interest	Pending Amount
1	₹27,326.48	₹15,659.81	1,400%	₹11,666.67	₹984,340.19
2	₹27,326.48	₹15,842.51	1,400%	₹23,150.64	₹968,497.68
3	₹27,326.48	₹16,027.34	1,400%	₹34,449.78	₹952,470.35
4	₹27,326.48	₹16,214.32	1,400%	₹45,561.93	₹936,256.02
5	₹27,326.48	₹16,403.49	1,400%	₹56,484.92	₹919,852.53
6	₹27,326.48	₹16,594.86	1,400%	₹67,216.53	₹903,257.67
7	₹27,326.48	₹16,788.47	1,400%	₹77,754.54	₹886,469.2
8	₹27,326.48	₹16,984.34	1,400%	₹88,096.68	₹869,484.86
9	₹27,326.48	₹17,182.49	1,400%	₹98,240.67	₹852,302.38
10	₹27,326.48	₹17,382.95	1,400%	₹108,184.19	₹834,919.43
11	₹27,326.48	₹17,585.75	1,400%	₹117,924.92	₹817,333.68
12	₹27,326.48	₹17,790.92	1,400%	₹127,460.48	₹799,542.76
13	₹27,326.48	₹17,998.48	1,400%	₹136,788.48	₹781,544.28
14	₹27,326.48	₹18,208.46	1,400%	₹145,906.5	₹763,335.82
15	₹27,326.48	₹18,420.89	1,400%	₹154,812.08	₹744,914.93
16	₹27,326.48	₹18,635.8	1,400%	₹163,502.75	₹726,279.13
17	₹27,326.48	₹18,853.22	1,400%	₹171,976.01	₹707,425.91
18	₹27,326.48	₹19,073.17	1,400%	₹180,229.31	₹688,352.74
19	₹27,326.48	₹19,295.69	1,400%	₹188,260.1	₹669,057.04
20	₹27,326.48	₹19,520.81	1,400%	₹196,065.76	₹649,536.23
21	₹27,326.48	₹19,748.55	1,400%	₹203,643.68	₹629,787.68
22	₹27,326.48	₹19,978.95	1,400%	₹210,991.21	₹609,808.72
23	₹27,326.48	₹20,212.04	1,400%	₹218,105.64	₹589,596.68
24	₹27,326.48	₹20,447.85	1,400%	₹224,984.27	₹569,148.83
25	₹27,326.48	₹20,686.41	1,400%	₹231,624.34	₹548,462.43
26	₹27,326.48	₹20,927.75	1,400%	₹238,023.07	₹527,534.68
27	₹27,326.48	₹21,171.91	1,400%	₹244,177.64	₹506,362.77
28	₹27,326.48	₹21,418.91	1,400%	₹250,085.2	₹484,943.86
29	₹27,326.48	₹21,668.8	1,400%	₹255,742.88	₹463,275.06
30	₹27,326.48	₹21,921.6	1,400%	₹261,147.76	₹441,353.46
31	₹27,326.48	₹22,177.35	1,400%	₹266,296.88	₹419,176.11
32	₹27,326.48	₹22,436.09	1,400%	₹271,187.27	₹396,740.02
33	₹27,326.48	₹22,697.84	1,400%	₹275,815.9	₹374,042.18
34	₹27,326.48	₹22,962.65	1,400%	₹280,179.73	₹351,079.53
35	₹27,326.48	₹23,230.55	1,400%	₹284,275.66	₹327,848.98
36	₹27,326.48	₹23,501.57	1,400%	₹288,100.56	₹304,347.41
37	₹27,326.48	₹23,775.76	1,400%	₹291,651.28	₹280,571.65
38	₹27,326.48	₹24,053.14	1,400%	₹294,924.62	₹256,518.51
39	₹27,326.48	₹24,333.76	1,400%	₹297,917.33	₹232,184.75
40	₹27,326.48	₹24,617.65	1,400%	₹300,626.16	₹207,567.1
41	₹27,326.48	₹24,904.86	1,400%	₹303,047.77	₹182,662.24
42	₹27,326.48	₹25,195.42	1,400%	₹305,178.83	₹157,466.82
43	₹27,326.48	₹25,489.36	1,400%	₹307,015.94	₹131,977.45
44	₹27,326.48	₹25,786.74	1,400%	₹308,555.68	₹106,190.71
45	₹27,326.48	₹26,087.58	1,400%	₹309,794.57	₹80,103.13
46	₹27,326.48	₹26,391.94	1,400%	₹310,729.11	₹53,711.19
47	₹27,326.48	₹26,699.85	1,400%	₹311,355.74	₹27,011.34
48	₹27,326.48	₹27,011.34	1,400%	₹311,670.87	₹0

Factors Paying Role in Home Loan Interest Rate

Credit Score

When you apply for a loan the process examines your Credit Report. It goes through a deep check on your past and current credit. If you are having a good Credit Score, then you are likely to get a loan with a lower interest rate.

Location of the Property

If the property is situated in the prime location or being obtained from a builder or an agency, then you can get an optimal charge on the interest rate.

Loan Amount

The offered loan amount has the ability to influence the interest rate. Usually, if the higher the loan amount there are chances that you will get a lower rate.

Type of Loan

The rates offered on a home loan is depending on the loan you are availing. Standard loan, such as home purchasing will come at standard rates.

Types of Interest Rates

The interest rate on your home loan relies on the Fixed Interest Rate or Floating Interest Rate.

Employment Type

Salaried applicants have a slightly lower interest rate as compared to the self-employed. Lenders have separate slabs for salaried and self-employed applicants.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.