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Taking out a loan to purchase a home is a significant financial decision. Even a small variation in interest rates can have a substantial impact. Hence, it is essential to compare different banks before making a final choice.
Interest rates vary and are influenced by several factors including your creditworthiness, loan amount, professional background, and the stature of your employer.
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Business Standard has compiled a list of the home loan rates currently offered by various financial institutions.
Public sector banks
Union Bank of India offers an interest rate in the range of 8.35 per cent to 10.90 per cent. Bank of Baroda’s interest rate is between 8.40 per cent and 10.90 per cent.
Punjab National Bank offers an interest rate from 8.40 per cent to 10.25 per cent, while Bank of India’s interest rate is between 8.40 per cent and 10.85 per cent.
UCO Bank has interest rates between 8.45 per cent and 10.30 per cent, and State Bank of India offers interest rates from 8.50 per cent to 9.85 per cent. Punjab and Sind Bank offers it between 8.50 per cent and 10.00 per cent.
Here is a list curated on home loans offered by public sector banks:
Private sector banks
City Union Bank offers interest rates in the range of 8.45 per cent to 10.70 per cent, while HSBC Bank’s interest rate starts from 8.50 per cent.
Karnataka Bank offers interest rates from 8.50 per cent to 10.62 per cent, and Kotak Mahindra Bank’s interest rate starts from 8.75 per cent.
HDFC Bank Ltd’s interest rate starts from 8.75 per cent, while Axis Bank offers from 8.75 per cent to 13.30 per cent.
Federal Bank offers interest rates starting from 8.80 per cent.
Here is a list curated on home loans offered by private sector banks:
Housing finance companies
LIC Housing Finance offers interest rates in the range of 8.50 per cent to 10.75 per cent, while Bajaj Housing Finance’s interest rate starts from 8.50 per cent.
PNB Housing Finance’s interest rate is between 8.50 per cent and 14.50 per cent.
Godrej Housing Finance’s interest rate starts from 8.55 per cent onwards, while Aditya Birla Capital’s from 8.60 per cent onwards.
Tata Capital offers it from 8.75 per cent onwards, and Sammaan Capital (formerly Indiabulls Housing Finance) from 8.75 per cent.
GIC Housing Finance’s interest rate starts from 8.80 per cent onwards, and ICICI Home Finance’s from 9.10 per cent.
First Published: Oct 02 2024 | 2:03 PM IST
