Home Loan Interest Rates of All Banks in India

Are you looking for a house to purchase or construct? If so, then a large amount of money is required to complete this work. But the problem is that you may not have enough money to fulfil your needs. A home loan is a great solution to build or buy a house and you can take loans from banks and finance companies. The interest rates of this loan are usually low from other types of loans and you can repay it easily.
As a good borrower, it is your responsibility to get a loan for your house at a good interest rate but you need to do some research about it. You should compare the rate of interest of all lender's offers in the market. Public Sectors & Private Banks and Housing finance companies are big players in this loan category. Choose according to your needs.

Types of Home Loan Interest Rates

• Fixed-rate: The interest rate does not change for the whole loan. You pay the same EMI every month. This is good for those who want a fixed budget.
• Floating rate: The interest rate changes with the market. You pay a different EMI every month. This is good for those who want lower rates.
• Hybrid rate: The interest rate is fixed for some time and then changes. You pay a fixed EMI for some time and then a different EMI. This is good for those who want both stability and flexibility.

Interest Rate of Top 15 Public Sector Bank

Note: All the above provide interest rates and other benefits may be changed according to Lender. Make sure to check the latest interest rates before applying for the loan.

Interest Rate of Top 15 Private Sector Bank

Note: All the above provide interest rates and other benefits may be changed according to lender. Make sure to check the latest interest rates before applying for the loan.

Interest Rate of Top 15 Housing Finance Companies

Note: All the above provide interest rates and other benefits may be changed according to Lender. Make sure to check the latest interest rates before applying for the loan.

How to Select the Ideal Home Loan Interest Rate for Your Needs

Pick an offer of a good interest rate that is suitable for you. Below are some pointers for your reference.

• Compare interest of home loans from different loan providers
• Check what eligibility you need to apply for a loan.
• Use a calculator tool to estimate your EMI.
• Pick floating rates if you expect a drop in the future; otherwise, select fixed.
• Pay a high premium if you need short tenure; otherwise, pay less for long.
• Look for other home loan deals like discounts and government schemes.
• Your previous credit record should be a great score
• Replace your lender if you get low interest from your current loan.

Tips to Reduce Home Loan Interest Rates

• Choose a shorter loan tenure
• Make regular prepayments
• Compare interest rates online
• Transfer your loan balance
• Pay more as the down payment

Conclusion

Home loan interest rates are the factor when you select the best plan for your needs. In the market, multiple banks and financial organizations are providing Home loans. Still, their offers are different according to separate eligibility and policy. It would help to keep your financial profile very good because taking a loan with a good interest rate is important. In the above article, we provide you with a comparison of home loan interest on all banks and financial companies. Pick one option according to your needs. Visit the loan provider's website to understand details about offers. Even DSAs like My Mudra also help you to get the home loan of your choice at competitive interest rates and attractive offers.

Also read: Applying for a Home Loan - Online vs Offline