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20 Year fixed home loan rates

Buying a home is one of the most important investments that you make in your life. You should be careful regarding the selection of a home loan since a hasty decision can mar your dream of becoming a homeowner. Choosing a loan term and interest rate is crucial when it comes to borrowing a home loan. If you’re thinking about taking out a 20 year fixed rate home loan, you should have a clear idea about the 20 year fixed home loan rates. Getting the best deal requires that you compare many loan products and lenders side by side.

About 20 year fixed home loan rates

There are many banks and housing finance companies in India that offer 20 year fixed rate home loans. These loans come with an interest rate that will remain constant for the entire duration of the loan i.e. 20 years. You can go for a shorter term of 10 or 15 years however this will attract higher monthly instalments. Choosing an extensive term will ensure that you need to pay smaller monthly instalments. If you think that you can’t afford higher monthly payments of a loan with a shorter term, then it is advisable that you go for an extensive term of 20 years. Choosing a fixed rate would assure that your monthly payments will remain the same for the whole loan term. This gives you a sense of satisfaction that your monthly housing expenses will be constant. This will also help you design a practical budget. You should keep in mind that the fixed rates are usually higher than the floating rates because when market rates go up, the lenders miss the chance to make more profit out of their loans.

Given below are the names of the banks and housing finance companies that offer 20 year fixed rate home loans:

  1. Dewan Housing Finance
  2. Citibank
  3. HDFC
  4. GIC Housing Fin.
  5. HSBC
  6. Hudco
  7. IDBI
  8. ICICI
  9. LIC Housing Finance Ltd.
  10. Kotak Bank
  11. SBI Home Loans
  12. PNB Home Loans
  13. Tata Housing Finance
  14. Standard Chartered Bank

Listed below are the 20 year fixed home loan rates offered by some of the leading banks in India. Go through them for making a good home buying decision:

Financial Institution Loan Period (in years) Interest Rate EMI/Lakh
PNB Home Loan 20 9.5% 933
ICICI Home Loan 20 10.5% -
Bank of Baroda 20 9.5% 932
Standard Chartered Bank 20 10.5% -
Indusind Bank 20 10.5% for less than 20 lakhs and 13% for higher than 20 lakhs -
HDFC Home loan 20 11% 1033
State Bank of India 20 12.25% -

The fixed interest rates offered by banks and housing finance companies differ and this depends on the type and tenures of home loans. There is no standard rate that is applicable for all loans. Before making a final decision, you should precisely know your rate so that you don’t face any difficulties later on.

Buying a home for the first time might seem to be difficult, particularly when there are so many types of loans. Having a clear idea about the 20 year fixed home loan rates will help you make a good decision.

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