Banks are vying with each other for an increasing slice of the home loans market. A small interest rate differential can mean a lot on home loans, which are rather big ticket loans. Here's a quick comparison of the cheapest floating home loan rates in India.
State Bank of India
State Bank of India's floating home loan rates are the cheapest in India at 9.95 per cent. Pertinently, the processing fees is also one of the lowest at jut 0.125 per cent for loans up to 25 lakhs. It's worth going in for an SBI home loan, if you are prepared to do a little running around.
At 10.15 per cent for loans unto Rs 30 lakhs, HDFC is competitive. The institution charges a home loan processing fee of 0.50 per cent, which is significantly higher than State Bank of India's.
Indiabulls Home Loan
India Bulls Home Loan is offering an interest rate of 10.15%. The sanctions to the loan are promised quickly and there is door service. You have a dedicated relationship manager and personalised service.
Union Bank of India and others
There are various other public sector banks that offer an identical interest rates on home home loans like Union Bank of India, IDBI Bank, Punjab National Bank etc. The floating home loan rates for these banks is 10.25 per cent.