Home loan rates have been revised by some of the banks and housing finance companies in the recent past. And, as a small change in home loan rates holds immense significance for borrowers, here is a comparison of home loan rates of different financial institutions.
Hike in base rate means higher rates on home loan
For home loan upto Rs. 30 lakh, the bank charges a floating rate of 10.30% p.a. For higher loan amount in excess of this amount, it charges 10.50% p.a. The base rate with effect from November 7, 2013 is 10%.
HFC charges floating rate of 10.5% for upto Rs. 30 lakh
Home loan of upto Rs. 30 lakh shall attract an interest rate of 10.5%. While higher loan size of Rs. 30 lakh to less than Rs. 75 lakh will be charged @ 10.75% per annum.
BOB offers home loan with floating interest rate option only @ 10.25%
The bank irrespective of the repayment term and home loan size offers home loan @ base rate of 10.25%.
Home loan offered at competitive rates
For loan amount upto Rs. 30 lac, the bank charges a floating interest rate of 10.40% i.e. base rate of 10% increased by 0.40%. For loan above Rs. 30 lakh and upto Rs. 3 crore, the bank charges 10.65%.
Base rate hike translates to higher EMI for borrowers
With hike in base rate to 10% per annum by HDFC bank with effect from November 2, 2013, home loan EMIs for borrowers will increase.
OBC charges competitive rate for loan amount upto Rs. 30 lakhs
OBC charges a floating rate equal to the base rate of 10.25% for loan amount upto Rs. 75 lacs. For higher home loan upto Rs. 3 crore, the bank is charging 10.75% (BR +0.50%) while for even higher home loan amount of over Rs. 3 crore, the bank determines rate of interest on case to case basis.