It is important to know home loan interest rate history if you want to apply for a home loan or refinancing their current mortgage. By examining past patterns, you can gain insights into how interest rates may fluctuate in the future and make informed decisions about when to lock in a rate. Home loan interest rates have varied greatly over the years, influenced by factors such as inflation, economic conditions, and government policies.
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The fact that home loan interest rates last 10 years India, that the interest rates on home loans were between 11 and 14 per cent up until 1994 may surprise you. The typical age of the Home Loan borrower was around 42 years with the typical measure of credit being ₹39,000.
In 1991, when the economy opened, banks began entering the Home Loan market. In 1999, ICICI Ltd entered the home loan market, which it later merged with ICICI Bank. The year 2000 saw the presentation of the drifting rate idea by ICICI Bank. Around 2003-2004, when floating rates for home loans were between 7% and 7.25 percent, the rates began to fall. Between 7.5% and 8% were the fixed rates of interest.
Historical home loan interest rates in India
With RBI expanding its repo rate to 6.50%, moneylenders have expanded their home credit loan costs as well. Therefore, if you intend to apply for a home loan, compare the interest rates offered by various lenders by examining the most recent home loan interest rates in 2023. As for the home loan interest rate chart last 10 years, it is quite difficult to find it online. You can visit the bank you wish to get a loan from and ask for their rate of interest for the past 10 years. You could use this information to make a better decision.
The table below compares the interest rates and processing fees for various home loans offered by various lenders in India till March 2023.
| List of Banks/NBFCs | Home Loan Interest Rates | Processing Fees |
Allahabad Bank |
8.75% - 9.90% |
Up to 0.40% of the loan amount to a max INR 50,000 |
Axis Bank |
8.75% - 9.15% |
Up to 1% of the Loan amount subject to minimum of INR 10,000 Upfront processing fee of INR 2,500 + GST |
Bandhan Bank |
8.65% - 13.00% |
1% of Loan Amount , Min INR 5,000 + GST |
Bank of Baroda |
8.50% - 10.60% |
Up to 0.50% of the loan amount or a maximum of INR 7,500 + GST |
Bank of India |
8.85% onwards |
0.25% of the loan amount + GST |
Fullerton India |
9.50% - 10.50% |
3% of the loan amount + GST |
HDFC Limited |
8.50% - 9.60% |
Up to 0.50% of the loan amount or INR 3,000 whichever is higher, plus applicable taxes. |
ICICI Bank |
9.00% - 10.05% |
Up to 1.00% of the loan amount + GST |
Kotak Mahindra Bank |
8.85% - 9.40% |
Zero processing fee for online application (Upto 1.25% of Loan amount for offline application) |
LIC Housing Finance (LIC HFL) |
8.65% - 10.25% |
|
Punjab National Bank (PNB) |
8.80% - 9.45% |
0.35% of the loan amount, subject to a minimum and maximum of INR 2,500 and INR 15,000 respectively |
RBL Bank |
9.10% - 11.55% |
INR 5,000 - INR 15,000 of the loan amount + GST |
State Bank of India (SBI) |
8.85% - 9.75% |
0.35 % of loan amount and maximum INR 10,000 +GST |
YES BANK |
9.15% - 11.25% |
0.5% of the loan amount or a maximum of INR 10,000 + GST |
I hope I was able to help you understand home loan interest rate history.
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It is really hard to find the last 10 years home loan interest rates in India. However being a former SBI employee, I can share with you the list. In fact you can also get it from their official website. Let me guide you.
What is the Home Loan Interest Rate in India last 10 Years?
The home loan interest rates in last 10 years India, in SBI specifically are:
Year |
Starting Interest Rate (approximate) |
2014 |
10.00% |
2015 |
9.85% |
2016 |
9.20% |
2017 |
8.00% |
2018 |
8.15% |
2019 |
8.55% |
2020 |
6.65% |
2021 |
6.65% |
2022 |
8.50% |
2023 |
8.50% |
2024 |
8.70% – 9.65% |
You can also tally the home loan interest rates last 10 years India, in SBI by visiting their official website:
https://sbi.co.in/web/interest-rates/interest-rates/old-interest-rates-last-10-years
Just click on the home loan option and you can tally the interest rates in their Excel sheet. If you want you can also visit the bank and ask an official about the different interest rates.
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| Name of Lender | Up to 30 Lakh | Above 30 Lakh & Up to 75 Lakh | Above 75 Lakh |
| Bank of Baroda | 6.90% – 8.40% | 6.90% – 8.40% | 6.90% – 8.65% |
| Punjab National Bank | 6.95% – 8.35% | 6.90% – 8.05% | 6.90% – 8.00% |
| Punjab & Sind Bank | 6.50% – 7.60% | 6.50% – 7.60% | 6.50% – 7.60% |
| State Bank of India | 6.65% – 7.65% | 6.65% – 7.65% | 6.65% – 7.65% |
| Union Bank of India | 6.50% – 8.25% | 6.50% – 8.45% | 6.50% – 8.45% |
| Indian Bank | 6.50% – 7.70% | 6.50% – 7.50% | 6.50% – 7.50% |
| Bank of India | 6.90% – 8.75% | 6.90% – 8.75% | 6.90% – 8.75% |
| UCO Bank | 6.50% – 7% | 6.50% – 7% | 6.50% – 7% |
| Bank of Maharashtra | 6.40% – 8.30% | 6.40% – 8.45% | 6.40% – 8.55% |
| Canara Bank | 7.05% – 11.85% | 7.05% – 11.85% | 7.05% – 11.85% |
| Indian Overseas Bank | 7.05% – 7.40% | 7.15% – 7.40% | 7.30% – 7.40% |
| Home Loans 2011 State Bank of India (SBI)- | ||
| Loan amount | Upto Rs.30 lacs | Above Rs. 30 lacs to Rs. 75 lac |
| Interest rate during 2nd & 3 rd year | 10.25% p.a. | 10.25% p.a. |
| Interest rate for 4th & 5th year | 11.25% | 11.00% |
| Interest rate for 6th & 7th year | 11.25% | 11.00% |
| Lender’s name | Floating interest rate (Per cent, per annum) | EMI per Rs one lakh (in Rs) |
| Axis Bank | 8.9-9.15 | 893-909 |
| Bank of Baroda | 8.65-9.65 | 877-942 |
| Bank of India | 8.7-9.6 | 881-939 |
| Canara Bank | 8.75-8.95 | 884-897 |
| Central Bank | 8.6 | 874 |
| Corporation Bank | 8.6-9.3 | 874-919 |
| HDFC Ltd | 8.9-9.8 | 893-952 |
| ICICI Bank | 9.1-9.3 | 906-919 |
| IOB | 8.7-8.95 | 881-897 |
| PNB | 8.7-8.8 | 881-887 |
| SBI | 8.75-9.35 | 884-922 |
| Syndicate Bank | 8.75 | 884 |
| UCO Bank | 8.7-8.95 | 881-897 |
| United Bank | 8.65 | 877 |
| Union Bank | 8.8-8.95 | 887-897 |
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Authors Of The Question
Last 10 Years Home Loan Interest Rates in India?
Trimith
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3 Answers
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2022-05-27T10:01:37+00:00 2024-07-01T14:05:40+00:00Comment
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