(Updated on 12.01.2019) Home Loan Interest Rate and HFC’s Interest Rate Jan 2019 – To own a personal house is one of the biggest achievements in life and to get the dream turn into reality is really tiresome and tedious, specially when you do not have a proper fund to support your dream project. A home loan from any bank acts as a Saviour, as a home loan helps an individual to buy his dream house. But getting a home loan is not the only thing, there are so many things which an individual should check before applying for a home loan like home loan eligibility, EMI, tenure and the most important factor interest rate. The Interest rate is the most decisive factor which helps us in choosing a specific home loan. There are so many phases which you have to go through while getting a loan sanctioned but making these phases hassle free is what loansninsurances.com known for.
Latest News – Home Loans Above 75 lakhs Made Cheaper By RBI
(06.07.17) Housing sales fall over 40% in January-May on slow market – Housing sales fell by 41 per cent during January-May period of 2017 at 1.10 lakh units across 42 major cities as property demand continued to be sluggish post demonetisation, according to PropEquity. Housing sales stood at 1.87 lakh units during the year- ago period. the affordable housing segment has started to pick up with fall in interest rates and the government’s move to accord infrastructure status to low-cost homes and provide interest subsidy. (Sources: economictimes)
(06.07.17) Planning to buy a home in Noida, Greater Noida? You can get interest subsidy on home loan under PMAY now – As per the new amendments, new areas notified by the development authorities will also be eligible for benefits under PMAY. What this means is that first time homebuyers in areas such as Noida and Greater Noida, Lucknow etc can now benefit under this scheme. Only areas under urban local bodies were allowed to benefit from PMAY earlier. The definition of carpet area has also been amended to exclude walls of balconies, verandahs and terraces.(Sources: Money Control)
To push up “Housing for all” scheme, the Government has modified the rules pertaining to Employees‘ Provident fund scheme by enabling the individuals to pay equated monthly installments (EMI) of home loans through EPF.
For more information on Home Loan EMI through EPF, kindly Click Here
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Home Loan Interest Rates in India
**Home Loan Interest Rates, Interest Rates Comparison In India August 2018**
|Bank Name||Interest Rates|
|Andhra Bank||9.50% – 9.70%|
|Bank of Baroda||8.35% – 8.55%|
|Bank of India||8.65% – 8.70%|
|Bank of Maharashtra
||8.95% – 9.05%|
|Canara Bank||8.65% – 8.75%|
|Central Bank of India||8.50%|
|Dena Bank||8.55% – 8.80%|
|Development Credit Bank||10.60%|
|Dhanalakshmi Bank||10.35% – 10.60%|
|DHFL||8.60% – 8.70%|
|DHFL Vyasa Housing Finance||9.75% – 10.25%|
|Federal Bank||9.57% – 9.82%|
|GIC Housing Finance||10.25%|
|Gruh Finance Limited||9.75% – 15.25%|
|HDFC Ltd||8.50% – 9.00%|
|IDBI||8.55% – 8.60%|
|India Infoline Housing Finance Ltd.||9.55% – 10.50%|
|Indiabulls Housing Finance Limited||8.65%(For Women) – 8.70%(For others)|
|Indian Overseas Bank||8.65% – 8.90%|
|Karnataka Bank||9.50% – 9.75%|
|L&T Housing Finance||9.65% – 10.25% (for Salaried/ SEP) 9.65%-10.50%(SENP)|
|LIC Housing||8.50% – 8.70%|
|Oriental Bank of Commerce||8.60% – 8.70%|
|PNB Housing Finance||8.50% (for Salaried/ SEP for first 12 Months) 9.10% (For SENP for first 12 months)|
|Punjab National Bank||8.65% – 8.75%|
|Reliance Home Finance Private Ltd.||10.60%|
|SBI – State Bank Of India||8.35% – 8.65% (For Women), 8.40% – 8.70% (For Others)|
|Shriram housing finance||15.00%|
|Shubham Housing Development Finance Company||12%-14%(For Salaried) – 15%-17%(For Self-employed)|
|State Bank of Travancore||9.20% – 9.45%|
|Syndicate Bank||9.55% – 10.50%|
|Tata capital Housing Finance ltd||8.65%(For Women) – 8.90%(For Others)|
|UCO Bank||8.75% – 8.90%|
|Union Bank of India||8.75% – 8.80%|
|United Bank of India||8.80%|
Interest rate is the amount charged as a percentage of principal, by a lender to a borrower for the use of assets. Interest rates are typically noted on an annual basis, known as an annual percentage rate (APR).
Interest rates on home loan differ from bank to bank, according to their policies. Some banks offer home loan at lower interest rates and some banks offer home loan at higher interest rates. But, few people know that the interest rates also depend on home loan products which every bank offers on various home loan products and schemes
These home loan products are as follows
1. Home Purchase Loan:
This type of home loan can be availed for the purpose of buying a new house.
2. Home Construction Loan:
This type of home loan can be availed for the construction of a house or flat.
3. Home Improvement Loan:
Home improvement loan can be availed for the renovation and repair of your house/flat. Borrowers usually avail this loan for giving their home/flat a new look.
4. Home Extension Loan:
With time people usually feel the need to add more space to their existing house. Home extension loan helps you to increase the area of your house.
The home loan interest rates are currently based on the MCLR (Marginal Cost Lending Rate) method. Major Banks have reduced their home loan rates, with the lowest being 8.35% but home loan rates are subject to change depending on the economy of the country.The front runners in home loan are Bank of Baroda, SBI, LIC and HDFC bank. Some banks have given a privilege to its women borrowers by providing them a home loan at lower interest rate than the normal home loan rates.
Loan providers offer home loan either on fixed interest rates or floating interest rates. Fixed interest implies that the home loan interest rate will be fixed and you will need to pay fixed equal installments over the repayment tenure, while on the other hand floating interest rate changes with the market conditions.
How to compare home loan interest rates?
At loansninsurances.com you can compare interest rates of different banks. Individuals can also calculate their home loan EMI with our EMI calculator and can easily check their home loan eligibility in just few steps.