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Top 10 Lenders With The Lowest Interest Rates On Home Loans

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When it comes to purchasing your dream house or let's say the most valuable investment of your life, availing of a home loan can be the first preference of your personal finance. A home loan tenure generally ranges from 10 to 30 years, and you need to repay the amount you borrowed within the preferred tenure. The amount of your home loan is determined by the interest rate imposed by banks and HFCs. So when it comes to paying your home loan EMI (equated monthly instalment), interest rates play an important role. The bulk of home loans were available from lenders with floating interest rates which are linked to the external benchmark. As a result, home loan rates of lenders based on the loan amount may vary from one another. So if you want to add a home loan to your personal finance portfolio to purchase or construct your dream house, then here are the top 10 public sector, private sector banks and housing finance companies (HFCs) providing the cheapest interest rates on home loans for a loan amount of more than Rs 30 lakhs up to Rs 75 lakhs.

 

Home Loan Rates of Public Sector Banks

Home Loan Rates of Public Sector Banks

Currently, the cheapest home loan interest rate provided by a public sector bank is 6.65 percent by Punjab & Sind Bank, followed by Bank of Baroda and Punjab National Bank. Here are the top ten public sector banks that are currently providing the best home loan rates.

BanksInterest Rates In %
Punjab & Sind Bank 6.65 - 7.60
Bank of Baroda 6.75 - 8.25
Punjab National Bank 6.80 - 7.90
Central Bank of India 6.85 - 7.30
UCO Bank 6.90 - 7.25
Union Bank of India 6.90 - 7.65
State Bank of India 6.95 - 7.65
Bank of Maharashtra 6.90 - 8.40
Canara Bank 6.90 - 8.90
Bank of India 6.85 - 8.35
Source: Bank Websites

Home Loan Rates of Private Sector Banks
 

Home Loan Rates of Private Sector Banks

Currently, Kotak Mahindra Bank offers the lowest home loan interest rate among private sector banks, at 6.65 percent, followed by ICICI and Axis Bank. Here are the top 10 private sector banks offering the lowest home loan rates now.

BanksInterest Rates In %
Kotak Mahindra Bank 6.65 - 7.30
ICICI Bank 6.75 - 7.45
Axis Bank 6.90 - 12.0
HSBC Bank 7.20 - 7.75
Karur Vysya Bank 7.35 - 9.55
Karnataka Bank 7.50 - 8.75
Federal Bank 7.70
Dhanlaxmi Bank 7.85 to 9.00
South Indian Bank 7.95 to 9.45
Tamilnad Mercantile Bank 8.25
Source: Bank Websites

Home Loan Rates of Housing Finance Companies (HFCs)

Home Loan Rates of Housing Finance Companies (HFCs)

Bajaj Finserv currently provides the cheapest home loan interest rate at 6.75 percent among housing finance companies, followed by LIC Housing Finance and Tata Capital Ltd. Below are the top 10 housing finance companies providing the cheapest rates on home loans.

HFCsInterest Rates In %
Bajaj Finserv Ltd. 6.75 - 9.00
LIC Housing Finance 6.90 - 7.80
Tata Capital 6.90% onwards
HDFC Ltd. 7.00 - 7.55
PNB Housing Finance 7.35 - 9.55
Repco Home Finance 7.75 onwards
Indiabulls Housing 8.65 onwards
Aditya Birla Capital 9.00 - 12.50
GIC Housing Finance 9.10 onwards
Reliance Home Finance 9.75 - 13.00
Source: As per the official websites of HFCs

Read more about: home loans
Story first published: Saturday, June 26, 2021, 15:00 [IST]
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