Home loans are usually for purchase of houses, contruction of residential properties, renovation, extension and more. To make home loan decisions easy for you, we will today discuss the interest rates in the indian market for the 2023.
| Banks | Interest rate (%) | Processing fee |
| HDFC Home Loan | 8.50% – 9.40% | Up to 0.50% of loan amount subject to maximum of Rs.3000 |
| PNB Housing Loan | 8.50% – 11.25% | Up to 0.35% of the loan amount (Min. Rs. 2,500 and Max. Rs. 15,000) |
| HSBC Home Loan | 8.60% – 8.85% | Up to 1% of the loan amount + applicable taxes |
| L&T Housing Finance | 8.60% – 8.75% | Up to 3% of the loan amount + applicable taxes |
| Bajaj Finserv Home Loan | 8.50% – 15.00% | Up to 1.0% of the loan amount + applicable GST |
| SBI Home Loan | 8.40% – 10.15% | Up to 0.35% of the loan amount + applicable GST |
| Axis Bank Home Loan | 9% – 14% | Up to 1% of the loan amount subject to minimum of Rs.10000 |
| Bank of Baroda Home Loan | 8.60% – 10.60% | Rs. 7,500 + GST |
| LIC Housing Finance | 8.50% – 10.35% | Up to 1.0% of the loan amount + applicable GST |
| Aditya Birla Home Loan | 8.80% to 14.75% | Up to 1.0% of the loan amount + applicable GST |
1. State Bank of India
It is the largest Public Sector Bank in the country and also have the best rate of loans in the market. They don’t have fixed interest rate home loans as they offer floating interest rates ranging from 8.40% – 10.15%. p.a. They have a unique offering called SBO MaxGain Home Loan or overdraft facility wherein the loan is given on the surplus in your savings account.
2. HDFC Home Loan
It offers loan on fixed, floating and TrueFixed rates. What is different here is that they offer different ways for repayment of the loan. The EMIs are high in the starting and decline with the increase in the income.
3. Axis Bank Home Loan
It is an specialised bank in offering loans for house purposes. They have both floating and fixed rate options. They also extend loans of low ticket size of up to Rs 3,00,000.
4. HSBC Bank Home Loan
They have flexible loan amounts ranging from Rs 3,00,000 up to Rs. 40,00,00,000. Loans are available to Resident Indians and NRIs for ready properties, select under construction properties approved by HSBC. NRI applicants must have a local co-applicant or a local contact person.
5. Bank of Baroda Home Loan
Thye provide loans at low and competitive rates. A big advantage is that the loan can be approved even before the property for which it is being sought is finalised.
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