Which bank has lowest interest rate for home loan?

Recently, one of my colleagues asked

which bank has the lowest interest rate for home loans

.

I told her that in India the banks offering the lowest home loan interest rates as of 2024 include Union Bank of India and Bank of Maharashtra, both starting at 8.35% per annum. Apart from that, there are other banks offering the lowest rate, which I mentioned below.

Which Bank has the Lowest Interest Rate for Housing Loan?

Other banks with competitive rates are Bank of Baroda, Canara Bank, and State Bank of India (SBI) offer competitive rates. They offer loans at interest rates ranging from 8.35% to 8.50%. SBI specifically offers home loan rates between 8.60% to 9.45%, depending on the applicant's profile and loan conditions. You can get the rates for more banks from the earlier comments.

I said to my colleague that factors like the applicant's credit score, the property's location, and the Loan-to-Value (LTV) ratio usually influenced the loan interest rates. 

• A higher credit score (750 and above) can help secure better rates, and properties in desirable locations attract lower rates.

• Public sector banks often provide more favourable terms compared to private banks, including lower processing fees and flexible prepayment options.

• If you are a woman borrower, you can also benefit from the bank. You will get a concession on interest rates if you apply for joint loans with a family member.

I hope you understand which bank has lowest interest rate on home loan.

Get Home Loan at Lowest Rate from Top Bank with NoBroker Home Loan Service.

Read more

What are the Home Loan Interest Rates in Bangalore

 

 

When I wanted to avail of a home loan, I was wondering which Bank has the lowest home loan rate. Home loan rates can vary and change frequently based on several factors. To find the Bank with the lowest home loan rate, my friend recommended researching current rates and contacting lenders directly for the most accurate and current information.

Which Bank Has Lowest Rate of Interest for Home Loans?

I started my research about which Bank has less interest rate for home loans. I discovered the below-given interest rates for my comparison;

Bank	Interest Rate (p.a)
Kotak Mahindra Bank	8.75% p.a. onwards
Union Bank of India	8.70% p.a. onwards
Bank of Baroda	8.40% p.a. onwards
State Bank of India	8.40% p.a. onwards

Keep in mind that the lowest rate may not always be the best option for your specific financial situation. You should also consider other factors like customer service, loan terms, and any additional costs associated with the loan. It's advisable to work with a financial advisor to help you find the most suitable home loan for your needs. Additionally, rates can change, so it's essential to stay updated with the latest information when you're ready to apply for a home loan.

Get home loans without hefty paperwork through NoBroker

 

Read More:

How much CIBIL score is required for a home loan? 

When buying a house with the help of a home loan, it is important to know which banks offer the lowes interest rates. I see you are already looking for lowest interest rates on home loans, let me help you figure that out. Here is the list of the lowest housing loan interest rates.

Get a home loan at the lowest interest rates from NoBroker here. Check your home loan EMI using NoBroker EMI calculator

What is the lowest home loan interest rate bank?

I have mentioned here the list of the lowest home interest rate for loans. So you can refer to the following table to understand housing loan lowest interest rate bank:

Bank Name	RLLR	Min Interest Rate	Max Interest Rate
Union Bank of India	6.80%	6.70%	7.15%
Punjab National Bank	6.65%	6.80%	7.40%
Bank of India	6.85%	6.85%	7.15%
Central Bank of India	6.85%	6.85%	7.30
Bank of Baroda	6.85%	6.85%	7.85%
UCO Bank	6.90%	6.90%	7.00%
IDFC First Bank	7.00%	7.00%	8.00%
Canara Bank	7.30%	7.30%	9.65%
Punjab & Sind Bank	7.30%	7.30%	7.65%
SBI Term Loan	7.05%	7.35%	7.95%

This is the list of the banks with lowest home loan rates.

This is the lowest housing loan interest rate you must be aware of.

Read More: Last 10 years home loan interest rates in India What is part period interest in an SBI home loan? Which bank has the lowest interest rate on home loan? How to calculate home loan interest?

Owning a house is a dream for all of us and a home loan helps one to realise this dream. You can avail a home loan from any bank or non-banking financial company on reasonable interest rates. A processing fee is also charged on the home loan. Home loan can be availed for different tenures according to your convenience. Tenure can be between 1 to 30 years. Interest rate on home loan also depends on the tenure for your are availing the loan. Longer the tenure higher the interest rate will be. So, you need to consider all the factors before deciding which bank has lowest interest rate for home loan. Following is the list on which bank has lowest interest rate on home loan:

Name of the Bank	Rate of Interest (Floating Rates)	Processing Fee	Loan Amount	Tenure
State Bank of India	6.75% to 7.30%	0% to 0.35% (minimum Rs 2000 & Maximum Rs 10,000 )	Upto 15 Crore	1 to 30 years
Punjab National Bank	7.35% onwards	0.25% for Salaried 0.5% for Self employed (min 10,000 + Taxes in both the cases)	8 Lakhs onwards	1 to 30 years
HDFC	6.75% to 8%	Upto 0.5% (Maximum Rs 11,800)	5 Lakhs to 10 Crore	1 to 30 years
ICICI	6.90% to 8.05%	0% to 0.5% + Taxes	5 Lakhs to 10 Crore	3 to 30 years
Axis Bank	6.90% onwards	0.5% (Minimum Rs 10,000)	3 Lakhs to 5 Crore	1 to 30 years
Canara Bank	6.90% to 8.90%	0.5% (Minimum Rs 1500; Maximum Rs 10,000)	1 lakh onwards	1 to 30 years
Bank of Baroda	6.75% onwards	0.25% to 0.5% (Minimum Rs 7,500; Maximum Rs 20,000)	1 Lakhs to 2 Crore	1 to 30 years
IDFC Bank	6.90% onwards	Rs 5000 + Taxes	30 Lakhs onwards	5 to 30 years

This is a complete break up on which bank has lowest interest rate for home loan. You can go to the official website of the banks to get more information on home loan and home loan interest. Calculate your EMI on your home loan through this, [widget_emi_calci]