In India there is only marginal variation in the home loan lending rates of different lenders. But, it's important to understand that sometimes a small difference of even 0.05 per cent or 5 basis points can make a big difference, in the final amount paid. This is because home loans are large ticket loans and a marginal difference can be huge. Now, take a look at the interest rates on home loans from different lenders. The below is for a sum of Rs 30 lakhs and under. It also serves as a comparison of home loan rates in India.
Cheaper for women than men
SBI Home Loan for Women are the cheapest. The floating home loan from SBI comes with an interest rate of just 10.10 per cent. Please compare processing and other charges before opting for the home loan. It's likely that SBI may even be competitive on that front. This is the cheapest home loan rates in India.
Another one for women
ICICI Bank's home loan for Women comes at a lower rate of 10.10 as is the case with the loans from State Bank of India. Since both the institutions offer a lower rate, it makes sense for women in India to take home loans from both these institutions. As mentioned earlier compare other charges like processing fee on home loans.
India's top financial institution
HDFC's floating home loan interest rate is at 10.15 per cent. This is almost in line with peers, but is slightly above ICICI Bank and SBI. A point worth noting is that this interest rate is available only until Sept 30, 2014 and for loans disbursed before Oct 31, 2014.
Marginally above the women home loan rate
The SBI home Loans for men come at an interest rate of 10.15 per cent. This is marginally higher by 5 basis points, than that offered for women.
A little expensive than the major institutions
PNB Housing Finance home loans is marginally expensive when compared to the home loans of the leading banks like ICICI Bank and SBI. The interest rates on the home loans is 10.15 per cent and is the same like HDFC.
Interest rate @10.25 per cent
UCO Bank Home Loans like Bank of India come with an interest rate of 10.25 per cent.
Canara Bank Home loans also at 10.25 per cent
The Canara Bank home loans also come with an interest rate of 10.25, like the other two banks mentioned earlier.These are as mentioned earlier all floating interest rates.