WHAT YOU SHOULD KNOW ABOUT YOUR HOME LOAN INTEREST RATE
One of the major decisions of taking a home loan is, based on the rate of interest banks or NBFCs are offering. Since home loans are usually of a bigger amount the rate of interest is one of the most vital aspects to know about before availing a home loan.
The interest rate varies from bank to bank. It may go high or low depending on the four aspects such as your profile, loan amount, tenure and most importantly your credit score. These four aspects pretty much define the interest rate of the housing loan.
Credit score pretty much defines the rate of interest applicable to your housing loan. If your credit score is high you might get a good rate of interest for your housing loan. At the same time if your credit report is somewhere below 600 to 700 your interest rate may tend to go higher. Hence Credit score is one of the key elements in defining your home loan interest rate.
Once your property is finalized, based on the purchase cost the property, one must find out which bank provide the best product (regular home loan , home saver, home loan overdraft) maximum loan amount , best rate of interest, tenure, and most importantly the processing fee required by the lender.
Below is a tabular column showing the interest rates bank wise for salaried and self-employed professionals.
|
BANK |
RLLR(%) |
SALARIED |
SELF EMPLOYED |
||
|
FROM(%) |
TO(%) |
FROM(%) |
TO(%) |
||
| AXIS BANK |
6.9 |
6.9 |
8.4 |
7 |
8.55 |
| BANK OF MAHARASHTRA |
6.90% |
6.90% |
8.35 |
7.15% |
8.45% |
| BANK OF BARODA |
6.75% |
6.75% |
8.6 |
6.75% |
8.60% |
| BANK OF INDIA |
6.85 |
6.95 |
8.2 |
6.95 |
8.35 |
| CANARA BANK |
6.9 |
6.9 |
7.95 |
6.95 |
8.05 |
| CENTRAL BANK OF INDIA |
6.85% |
6.85% |
7.30% |
6.85% |
7.30% |
| DHANALAKSHMI BANK |
7 |
7.85 |
8.5 |
8.35 |
9 |
| FEDERAL BANK |
7.65 |
7.65 |
7.75 |
7.7 |
7.8 |
| HDFC LIMITED |
6.75 |
6.75 |
7.25 |
6.75 |
7.55 |
| ICICI BANK |
6.90% |
6.90% |
7.95 |
6.95% |
8.05% |
| IDBI BANK |
6.9 |
6.9 |
8.4 |
7.15 |
9.9 |
| INDIAN BANK |
6.80% |
7.00% |
8.25 |
7.05% |
8.30% |
| INDIAN OVERSEAS BANK |
6.85 |
7.05 |
7.3 |
7.05 |
7.3 |
| J&K BANK |
7.2 |
7.3 |
7.6 |
7.3 |
7.6 |
| KARURVYSYBANK |
7.20% |
7.80% |
9.65 |
7.80% |
9.65% |
| KOTAK MAHINDRA BANK |
6.65 |
6.65 |
7.2 |
6.75 |
7.3 |
| PUNJAB AND SIND BANK |
6.90% |
6.90% |
7.6 |
7.10% |
7.90% |
| PUNJAB NATIONAL BANK |
6.8 |
6.95 |
7.85 |
6.95 |
7.85 |
| PNB HOUSING FINANCE |
7.7 |
7.7 |
8 |
7.95 |
8.5 |
| SBI MAX GAIN |
6.65% |
7.30% |
7.7 |
7.45% |
7.85% |
| SBI TERM LOAN |
6.65% |
6.95% |
7.35 |
7.10% |
7.50% |
| UCO BANK |
6.90% |
7.15% |
7.25 |
7.15% |
7.25% |
| UNION BANK OF INDIA |
6.8 |
6.8 |
7.6 |
6.85 |
7.65 |
The rates mentioned in the above tabular column are tentative.
Also, it is very important to note that all the banks will not be able to sanction home loans to all kinds of profiles. This is because of the risk involved in finding a home loan.
The interest rate is however based on the risk of funding. If you feel your profile is very good then you have all parameters and metrics in place to get the best interest rate for your home loan
In case you have many ongoing loans and even if you are not eligible for any further loans in that case also you can still go for the home loan but your interest rate will be slightly high.
We, at Moneymax, will guide you to make your loan experience smooth and friendly. You can write to us at info@moneymaxfingrow.com or call 9092090817 for more details.
