Home Loan Interest Rate of all Banks 2024
| Banks | Starting Interest Rate (p.a.) | Processing Fees |
| Kotak Mahindra Bank | 8.70% p.a. onwards | Salaried: 0.5% Plus taxes; Self-Employed/Commercial: 1.0% Plus taxes. |
| Union Bank of India | 8.35% p.a. onwards | 0.50% of the loan amount. |
| Bank of Baroda | 10.15% p.a. onwards | No processing fee; discounted upfront fee. |
| Central Bank of India | 8.50% p.a. onwards | 0.50% up to Rs.20,000 Plus GST (waived till 31 March 2024) |
| Bank of India | 8.30% p.a. onwards | Nil |
| State Bank of India | 8.50% p.a. onwards | 0.35% of the loan amount plus GST. |
| HDFC Home Loans | 8.70% p.a. onwards | Up to 0.50% or Rs.3000 Plus taxes, whichever is higher. Minimum retention: 50% or Rs.3000 Plus taxes, whichever is higher. |
| LIC Housing Finance | 8.35% p.a. onwards | For amounts up to Rs.1 crore, it is 0.25% of the loan amount, with a maximum of Rs.15,000 plus GST. For amounts above Rs.1 crore and up to Rs.2 crore, the fee is Rs.20,000 plus GST. For amounts above Rs.2 crore and up to Rs.5 crore, the fee is Rs.25,000 plus GST. For amounts above Rs.5 crore and up to Rs.15 crore, the fee is Rs.50,000 plus GST. |
| Axis Bank | 8.75% p.a. onwards | Up to 1% or min. Rs.10,000 Plus GST |
| Canara Bank | 8.40% p.a. onwards | 0.50% of the loan amount. |
| Punjab and Sind Bank | 8.50% p.a. onwards | 0.15% of the loan amount will be charged, with a minimum of Rs.1,000 and a maximum of Rs.3,750. For loans above Rs.25 lakh and up to Rs.50 lakh, the fee is 0.25% of the loan amount, capped at a maximum of Rs.12,500. Similarly, loans above Rs.50 lakh but less than Rs.75 lakh incur a fee of 0.25% of the loan amount, with a maximum limit of Rs.15,000. Loans of Rs.75 lakh and above carry a charge of 0.25% of the loan amount. |
| IDFC First Bank | 8.75% p.a. onwards | Up to 3% of the overall loan amount. |
| Bank of Maharashtra | 8.35% p.a. onwards | No processing fees. |
| Punjab National Bank | 9.40% p.a. onwards | Nill |
| IDBI Bank | 8.40% p.a. onwards | 0.50% (Rs. 2,500 – Rs.5,000) |
| HSBC Bank | 8.45% p.a. onwards | 1% of loan amount or Rs.10,000, whichever is higher. |
| Karur Vysya Bank | 9.00% p.a. onwards | Loans up to Rs.25 Lakh incur a charge of Rs.2,500 Plus GST.Loans ranging from Rs.25 Lakhs to Rs.50 Lakh carry a processing fee of Rs.5,000 Plus GST.For loans exceeding Rs.50 Lakh, the processing fee is Rs.7,500 plus GST. |
| Saraswat Bank Home Loan | 8.60% p.a. onwards | Up to Rs.35 lakh: NIL Nl Rs.35 lakh – Rs.50 lakh: 0.30% of loan amount Rs.50 lakh – Rs.70 lakh: 0.40% of loan amount Rs.70 lakh – Rs.1.40 lakh: 0.50% of loan amount |
| Jammu and Kashmir Bank | 8.85% p.a. onwards | 0.50% Plus GST (min. Rs.2,000 and max. Rs.50,000) |
| South Indian Bank | 8.35% p.a. onwards | 0.50% of the loan amount plus GST |
| Federal Bank | 8.80% p.a. onwards | 0.50% of the loan amount with a minimum of Rs. 10,000 and a maximum of Rs. 20,000. |
| Standard Chartered Bank | 8.60% p.a. onwards | Contact the bank |
| Karnataka Bank | 8.75% p.a. onwards | Contact the bank |
| Sundaram Home Finance | Contact the bank for information on the floating/variable interest rate linked to market lending rates. | Up to 0.75% of the loan amount plus applicable GST. |
| Dhanlaxmi Bank | 9.35% p.a. onwards | 1.00% of the loan amount, plus service tax (with a minimum of Rs.10,000 Plus service tax). |
| Tata Capital | 8.70% p.a. onwards | 2.00% p.a. plus GST. |
| Tamilnad Mercantile Bank | 8.60% p.a. onwards | 0.50% of loan amount Plus GST |
| Bandhan Bank | 8.65% p.a. onwards | Contact the bank |
| Yes Bank | 9.40% p.a. onwards | 1.5% of the loan amount plus GST or Rs.10,000, whichever is higher |
| Hudco Home Loan | 9.25% p.a. onwards | Nil |
| Indiabulls | 9.30% p.a. onwards | 0.50% onwards |
| Aditya Birla | Contact the bank | Up to 1% |
| GIC Housing Finance | 8.80% p.a. onwards | Rs.2,500 Plus Applicable GST |
| Shriram Housing | 9.50% p.a. onwards | Up to 2.5% of the loan amount Plus applicable taxes. |
| India Shelter Finance | 12% p.a. onwards | Contact the institute. |
Types of Interest Rates in Home Loan
There are mainly two types of home loan interest rates charged by most banks.
1. Fixed Interest Rate:
In this system of computation, the rate remains even throughout the loan tenor. There will be no change in the interest charges since the rate remains fixed. Depending on the offer, you may be allowed to switch over to the floating rate system after completing a certain duration into the loan tenure.
- Advantage: Since the rate remains fixed, you know how much interest charges you’re paying upfront. Your loan will be shielded from frequent rate fluctuations and will save money in a the long run if there is a hike in lending rates.
- Disadvantage: If the standard lending rates fall, you will not benefit since the interest component remains frozen.
2. Floating Interest Rate:
The interest charges on your home loan is subject to the current most lending rates of the bank. The rate is linked to the latest published rate of the bank which in turn depends on multiple factors such as RBIs monetary policy and lending rate revisions, the bank’s response to the revision etc.
- Advantage: The most visible perk of opting for the floating rate is that you have the advantage of being billed on the basis of the latest rate. If the rates fall, you save on interest charges.
- Disadvantage: In rare scenarios, if the standard rates go up, the loan has to be bear the brunt of being billed a higher rate.
Note: But, the floating home loan interest rates are cheaper than the fixed home loan interest rates on the first front.
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