Home Loans in India
Home loans in India are ideal home buying options for many people who are looking to buy a home for the first time. These loans always helped people buy their houses despite the rising home prices.
Till date, a significant amount of investment has been made both in commercial and residential real estate markets in India. Various Indian banks offer home loans in India
Buying your dream home is not always a cakewalk. When it is a question of buying a home with a loan, you should keep in mind that you need to pay the loan off in installments. Getting an affordable interest rate is essential because if you don’t get a cheap rate, you might face problems in paying off the loan.
Home loan rates in India
Home loan rates in India are expected to dip because of the CRR and repo rate cuts made by the Reserve Bank of India. There are many banks in India that are willing to offer a home loan to you at an affordable rate. You can use these loans for home renovation as well. You can take a home loan from a nationalized bank since these banks offer home loans at comparatively cheaper rates than other banks. To make a knowledgeable home buying decision, you should know the home loan rates in India.
10 Year fixed home loan rates
Given below are the 10 year fixed home loan rates in India (the loan amount is 20 lakhs):
| Product Name | Effective Interest Rate | EMI | No. of EMIs | Processing Fee |
| BOB Home Loan | 9.75% | Rs. 26,154 | 120 | 0.5% |
| IDBI Home Loan | 11.00% | Rs. 27,550 | 120 | 1% |
| PNB Home Loan | 10.00% | Rs. 26,430 | 120 | 0.5% |
| HDFC Home loan | 14.00% | Rs. 31,053 | 120 | 1% |
| Oriental Bank of Commerce Home Loan | 10.00% | Rs. 26,430 | 120 | 0.5% |
| Canara Bank Home Loan | 11.25% | Rs. 27,834 | 120 | 0.5% |
| SBI Home Loan | 10.75% | Rs. 27,268 | 120 | 0.25% |
| ICICI Home Loan | 14.75% | Rs. 31,961 | 120 | 0.5% |
| Axis Bank Home Loan | 14.00% | Rs. 31,053 | 120 | 1% |
10 Year floating home loan rates
Given below are the 10 year floating home loan rates in India (the loan amount is 20 lakhs):
| Product Name | Effective Interest Rate | EMI | No. of EMIs | Processing Fee |
| BOB Home Loan | 8.75% | Rs. 25,065 | 120 | 0.5% |
| IDBI Home Loan | 8.75% | Rs. 25,065 | 120 | 1% |
| PNB Home Loan | 9.00% | Rs. 25,335 | 120 | 0.5% |
| HDFC Home loan | 9.00% | Rs. 25,335 | 120 | 1% |
| Oriental Bank of Commerce Home Loan | 9.00% | Rs. 25,335 | 120 | 0.5% |
| Canara Bank Home Loan | 9.00% | Rs. 25,335 | 120 | 0.5% |
| SBI Home Loan | 9.50% | Rs. 25,880 | 120 | 0.25% |
20 Year fixed home loan rates
Given below are the 20 year fixed home loan rates in India:
| Product Name | Loan Period (in years) | Interest Rate | EMI/Lakh |
| BOB Home Loan | 20 | 9.5% | 932 |
| ICICI Home Loan | 20 | 10.5% | - |
| PNB Home Loan | 20 | 9.5% | 933 |
| HDFC Home loan | 20 | 11% | 1033 |
| Indusind Bank | 20 | 10.5% for less than 20 lakhs and 13% for more than 20 lakhs | - |
| Standard Chartered Bank | 20 | 10.5% | - |
| State Bank of India | 20 | 12.25% | - |
20 Year floating home loan rates
Given below are the 20 year floating home loan rates in India (the loan amount is 20 lakhs):
| Product Name | Effective Interest Rate | EMI | No. of EMIs | Processing Fee |
| BOB Home Loan | 9.00% | Rs. 17,995 | 240 | 0.5% |
| IDBI Home Loan | 8.75% | Rs. 17,674 | 240 | 1% |
| PNB Home Loan | 9.25% | Rs. 18,317 | 240 | 0.5% |
| HDFC Home loan | 9.00% | Rs. 17,995 | 240 | 1% |
| Oriental Bank of Commerce Home Loan | 9.25% | Rs. 18,317 | 240 | 0.5% |
| Canara Bank Home Loan | 9.25% | Rs. 18,317 | 240 | 0.5% |
| SBI Home Loan | 9.75% | Rs. 18,970 | 240 | 0.25% |
Last Updated On: 2011/05/04
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