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Home Loan Interest Rates Interest Rates 2020

Home Loan Interest Rate Starts from 6.95%
Maximum Loan Amount Up to 90% of property value
Loan Tenure 30 years
Prepayment Charges Nil for floating rates loans
Processing Fees Up to 0.5% of the loan amount or Rs. 10,000 whichever is higher
  • Current Home Loan Interest Rates start @6.95% onwards.
  • Compare housing loan rates across multiple lenders such as SBI, PNB, ICICI, Kotak Mahindra Bank.

Apply for Home Loan Interest Rates @ 6.95%*

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Best bank for  Home loan

There are many NBFCs and financial institutions that offer the home loan at a cheaper rate of interest. Here, we have listed some of the best banks that offer cheaper home loans. Best banks for housing loans include SBI and PNB that offers home loans at a cheaper rate. Apart from them, other banks are Axis Bank, ICICI Bank and Kotak Bank. These banks enable the applicant to apply for the loan easily and get instant approval. If you are seeking a home loan with the lowest processing fee, then Citibank could be the first choice. You can also make use of a home loan interest calculator to know the amount of EMI you can afford. It will help you in deciding the tenure of the loan and the loan amount.

Bank Interest Rate Procssing Fee Action
State Bank Of India 6.95% Rs.2,000 - Rs.10,000 Apply Now
HDFC Ltd 6.95% Up to 0.50% Apply Now
ICICI Bank 6.95% 0.50% to 1% Apply Now
Axis Bank 7.10% Up to 1% Apply Now
Bank Of Baroda 7.00% p.a. onwards 0.25% to 0.50% Apply Now
PNB Housing Finance Ltd 8.60% Up to 1% Apply Now
Karnataka Bank 8.55% Rs.12,000 Apply Now
Sundaram BNP Paribas Home Finance 8.60%. 0.50% - 1% (min. Rs.2,000; max. Rs.20,00 Apply Now
Kotak Mahindra Bank 8.60% up to Rs.10,000 Apply Now
DBS Bank 7.70% upto Rs.10,000 Apply Now
Aditya Birla Capital Housing Finance 9.00% upto 1% on loan amount Apply Now
Indiabulls Housing Finance 9.25% max. 1% on loan Apply Now
IDFC First Bank 8.00% Rs.10,000 Apply Now
Canara Bank 8.05% 0.50% (Max. Rs.10,000) Apply Now
Andhra Bank 8.15% 0.50% (max. Rs.10,000) Apply Now
Bank Of India 6.85% 0.25% (Max. Rs.20,000) Apply Now
Bank Of Maharastra 8.20% 0.25% Apply Now
IDBI Bank 8.30% 0.50% Apply Now
Indian Overseas Bank 8.50% 0.50% Apply Now
South Indian Bank 9.10% 0.50% (Max. Rs.10,000) Apply Now
Central Bank Of india 7.25% 1% (or Min. Rs.10,000) Apply Now
Tata Capital 9.05% 2.00% Apply Now
Yes Bank 9.85% Up to 2% Apply Now

Compare Home Loan Interest Rates, All Banks in India

Compare the lowest Home Loan Interest Rates starting from 6.95% p.a. and apply for the best housing loan. Below given is the table that gives the complete details about housing loans, rate of interest along with processing fees. After comparing these factors from various lenders, you can apply for the loan as per your choice. To get the best deal on your home loan, you should have a good income and stable credit history.

Home Loan Eligibility Criteria

To avail a home loan, borrowers need to meet the basic eligibility criteria. The minimum eligibility criterion to get a housing loan is given below:

Age: Your age should be between 18- 70 years.

Net Monthly Income: Minimum net monthly income should be Rs. 25,000

Job Stability: Income history and job continuity of 3 years and more are required.

Employment history: For salaried individuals, the minimum continuous employment required is 3 years. For self-employed individuals, the minimum business vintage required is 5 years.

Credit Score: You need to have a credit score of 650 and above.

Documents required for Home Loan

To avail a home loan, you would need the list of following documents-

 For Salaried:

The documents required for salaried individuals are:

  • Proof of Identity- PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued i-card  
  • Proof of Address- Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old)
  • Proof of Income- Form 16, Latest 6 months salary slip, Last 6 months bank statement
  • Proof of Age- PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate
  • Property Documents- Past title chain – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

For Self-Employed:

The list of documents required for self-employed individuals are:

  • Proof of Identity- PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued i-card  
  • Certificate and Proof of Business Existence- PAN, Sales tax/ Excise/ VAT/ Service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Proof of Address- Bank statement, Utility bill, Registry copy, Lease or rent agreement, TAN allotment letter
  • Proof of Income- Last 2 years ITR, Last 6 months bank statement
  • Proof of Age- PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate
  • Property Documents-Past title chain – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Home Loan Interest Rates FAQs

How can I apply for a home loan?

To apply for a home loan, first, you need to fill and submit an online home loan application form with the required information. You can submit your home loan application either directly to the bank or by applying at the lender's website. You can also check and compare the home loan rate of various banks online at BookMyMoney and apply for a loan to get the best deal.

What kind of loan is a home loan?

A home loan is a secured loan in which is availed when you want to purchase a dream house of your own. Since the loan is secured, borrowers are required to put collateral with the bank to get the funds.

How is the EMI of Home Loan calculated?

If you want to know the EMI on your home loan, you can calculate it easily by using an online home loan calculator which takes into account factors like loan amount, rate of interest and the tenure.

What is the current interest rate for home loans?

The current rate of interest on home loans starts from 6.95% onwards. Before applying for a housing loan, you can compare and cross-check the rate of interest offered by multiple lenders to get the home loan at the lowest interest rate and the best features on your home loan.



Apply Online for Home Loan Interest Rates

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*Terms and conditions apply. Credit at sole discretion of lender subject to rates, credit appraisal, charges, eligibility check and terms. Information shown is indicative and collected from public sources. This is a free service and no charges are payable by the borrower to BookMyMoney. The Company may receive remuneration from lenders for services provided to them. BookMyMoney is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not supposed to be an offer or solicitation or invitation to borrow or lend. The Company does not undertake any responsibility with respect to the correctness of the content, information and calculations. Information is subject to change without prior notice. By submitting your query or using any tools or calculators, you authorize BookMyMoney to share your information with lender(s), consent for such lender(s) to access your credit information report.