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

Home Loan Interest Rates

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


9.35% onwards

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


8.75% onwards

Rs. 0 – 10,000


8.85% onwards

Up to 0.5% of loan amt


8.95% onwards

0.5% – 1.00% of loan amt.


8.90% onwards

Rs 10000


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


10.00% onwards

Up to 1% of loan amt

Axis Bank

8.85% onwards

Up to 1% of loan amt


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


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


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!

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