Blog

26th February 2019

Home Loan Interest Rates in Top 10 banks as on February 2019

There was a time when taking home loans meant one needs to tick yes to at least one of the following checklists:

  • ample savings in the bank account
  • sufficient amount in the provident fund
  • and/or depend on retirement benefits

simply because the concept of ‘home loan’ didn’t evolve until 1970.

Brief History
Eventually, the home loan sector started taking its course with HDFC bank becoming the first player in the segment. The first borrower to take home loan was Mr D. B. Remedios, who borrowed Rs. 30,000 from the bank for the construction of his house, back in 1978.

Home Loan Market in Today’s Time
In today’s time, a home loan is a convenient option for buyers who are enthused with a vigour to own personal property and have a decent monthly disposable income. The repaying policy is even simpler, thanks to the equated monthly instalment [EMI] system. With this system in place, he/she can repay the loan in instalments every month within a stipulated tenure.

These days the leading banks allow borrowers to take home loan as much as 80 – 90% of the property price (Source: Economic Times 2018) in exchange for the below-mentioned interest rates.

Home Loan Interest Rates in 2019*
For your comprehensive understanding and knowledge, we have sighted out the names, interest rates and the processing fees of top 10 banks. They read as follows:

Home Loan Provider

Home Loan Interest Rates

Home Loan Processing Fees

YES BANK

9.35% onwards

0.5% of loan amt. or Rs. 10,000 whichever is higher (+GST)

SBI

8.75% onwards

Rs. 0 – 10,000

HDFC Bank

8.85% onwards

Up to 0.5% of loan amt

ICICI Bank

8.95% onwards

0.5% – 1.00% of loan amt.

IDFC Bank

8.90% onwards

Rs 10000

Indiabulls

8.80% onwards

Up to 1% of loan amt

LIC Housing Finance

8.70% onwards

For up to 1 Cr – Rs 5000, Above 1 Cr

Rs 10,000

PNB Housing Finance

9.05% onwards

Up to 1% of loan amt

DHFL

10.00% onwards

Up to 1% of loan amt

Axis Bank

8.85% onwards

Up to 1% of loan amt

IDBI Bank

8.70% onwards

0.5% of the loan amount

Tata Capital

8.80% onwards

0.2% of loan amt.

Punjab National Bank

9.05% onwards

Nil

Bank of India

8.70% onwards

Min. 1000 and Max. Rs. 20,000

Syndicate Bank

9.85% onwards

Min. 500 to Max. 5,000

Canara Bank

8.75% onwards

Varies based on applicant profile

United Bank of India

8.65% onwards

Varies based on applicant profile

IIFL

9.50% onwards

0.75% of the loan amount (minimum

Rs. 5,000)

*Reference: mymoneymantra (2019), myloancare (2019), housing.com (2019)


Concession for women
Did you know that many banks like HDFC, ICICI and SBI offer concession on interest rate and stamp duty to women? So, if the property is in a woman’s name then banks waive off around 1% - 2% (Source: Housing.com 2019) on the stamp duty. Also, if the property is in joint ownership with the wife, then both the husband and the wife can individually apply for an exemption. But in this case, the wife needs to have a separate and genuine source of income. (Source: Housing.com 2019)

Era of digitization
Gone are the days when one needed to be physically available at the banks to complete the loan process. But with the advent of digitization one can get through the process at his/her fingertips. Banks hire executives who will be at your doorstep to help you complete the process.

Time to Switch
So, if you’ve been living as a tenant for too long and want to move to your personal house then switching to your personal house is no longer a stressful matter. All it takes is the right decision, taken at the right time!

Reference:

https://housing.com/news/benefits-buying-home-wifes-name/

https://www.mymoneymantra.com/blog/the-evolution-of-home-loans-in-india/

https://www.financialexpress.com/money/are-you-aware-of-the-home-loan-benefits-women-enjoy-in-india/580642/

https://www.mymoneymantra.com/blog/5-best-home-loans-in-india/

https://www.myloancare.in/home-loan-interest-rates/

https://www.mymoneymantra.com/blog/5-best-home-loans-in-india/

https://economictimes.indiatimes.com/wealth/borrow/all-about-home-loans/articleshow/56616177.cms

Read more blogs

CALL NOW
ENQUIRE NOW

Disclaimer

Thank you for visiting Srijan Realty website.

We are currently in the process of revising our website in accordance with the West Bengal Housing Industry Regulatory Act (WBHIRA), 2017 and the Rules made under.

Until our website is duly revised and updated, none of the images, material, stock photography, projections, details, descriptions and other information that are currently available and/or displayed on the website, should be deemed to be or constitute advertisements, solicitations, marketing, offer for sale, invitation to offer, invitation to acquire, including within the purview of the WBHIRA.

You are therefore requested to directly verify all details and aspects of any proposed booking/acquisition of units/premises, directly with our authorized representatives.

The user must verify all the details and specifications, including but not limited to the location, sizes, amenities, specifications, services, terms of sales, payments, delivery dates, and all other relevant terms independently with our Sales team prior to concluding any decision for buying any unit in any of our projects/ developments.

Please note, that we will not be accepting any bookings or allotments based on the images, material, stock photography, projections, details, descriptions that are currently available and/or displayed on the website.

Upcoming projects shown in our website or anywhere else is just for your reference. Details pertaining to upcoming project are not for offer or sale.

We thank you for your patience and understanding.

Read more

Have a question? Get in touch