Thursday, December 22, 2011

Home Loan Interest Rates of major Home Financing Institutions


 


 
Home loan Interest rates from leading Primary Lending Institutions in India
Interest Rates for Home Loans are undoubtedly the most important parameter to factor into your calculations. And in most cases interest rate is the decisive factor for an investor to narrow down on a certain Primary Lending Institutions home loan offer. The interest on housing loans in India is usually calculated on monthly reducing balance basis.
 
Home Loan Interest Rate for a 20 Year loan (Below 20 lakhs)*
Primary Lending Institutions Floating Fixed(for the entire tenure) Fixed(with reset clause) Reset clause after how many months Current Benchmark Rate (for floating) Markup/Markdown to Benchmark Rates
Allahabad Bank BR + 1.25% 12.25% NA NA 15.00% BR: 10.75%
Andhra Bank BR + 1.25% NA NA NA 15.00% BR: 10.75%
Axis Bank BR + 0.75% 11.75% NA NA NA BR: 10%
Bank of India Linked to BR – 11.00% NA NA NA 15.00% BR: 10%
DHFL Vysya Housing Finance 13.50% NA 10.75% 12 18.25% -
GIC Housing Finance 12.50% NA NA NA - -
Gruh Finance Limited 10.75-16.00% 11.75-17.00% 10.75-15.75% Linked to the GPLR 16.25 varied
HDFC Ltd. 11.25% 16.75% 10.75% 36 18.50% BR: 10%
HSBC Bank 11-13% 11-14% 15.25% 36 17% BR: 9.75%
HUDCO 10.50-14.00% Floating + 1.00% 13.25-15% 36 - -
ICICI Home Finance Co. Ltd Base + 0.50% NA Base + 0.50% 24 17.75% -
IDBI Home Finance Ltd. 11.00-13.50% NA 12.25-13.25% 36-60 15.25% Br: 10.75%
India Infoline Housing Finance Ltd. 12.50% NA NA NAs 16.25% Dependent on
individual rating of
each customer,
amount of loan,
tenure, CIBIL
scores etc.
Indiabullls Housing Finance Ltd. 10.75-12.50% NA NA NA 17% Markup NA
Markdown 5.5%
( 14 -8.5 =5.5)
Karnataka Bank 11.75-14.75% NA NA NA 15.75% BR: 15.50%
LIC Housing Finance NA NA 12.15% 60 14.65% 2.50%
Manipal Housing Finance Syndicate Limited linked to PLR NA NA NA 12.25% NA
Micro Housing Finance Corporation 12-15% NA NA NA 14% 1-4%
National Trust Housing Finance Ltd Rural -11% - NA NA NA 15.75%  
13% General
14.5% -17.75%
Orange City Housing Finance Ltd. NA 10 50%* NA NA NA NA
(ROI 10-
15% for
home loans)
PNB Housing Finance Ltd. 10.75%-11. 50% NA 14.00% 36 14.25% BR: 10.75%
Months
Reliance Home Finance Private Limited 12.75% NA NA NA 17.75% 5.50%
Repco Home Finance Ltd. 12.50% NA NA NA 16.00% 3.25%
Rose Valley Housing Development Finance Corporation Ltd. NA NA 12.00-13.50% 60 -- NA
State Bank of India (SBI) BR + 1.50% NA 9.75-12% 12 14.75% BR: 10%
Sundaram BNP Paribas Home Finance Ltd 12.00%-14.25% - - - 15.50% -
Union Bank of India BR + 1.0% NA NA NA 15.00% BR: 10.75%
Data as on 19th November 2011
Note: This is a sample list with no indication of a complete list of all the players in the field of Banking & Finance.  Home loan interest rates and Terms of payments are subject to change. Errors & Omissions are expected.  For more details contact your loan provider
Most of the banks and HFCs follow the daily or monthly reducing-balance method, by which the principal on which you pay interest reduces every month as you pay your EMI, resulting in a lower interest burden. Thereby, the EMI for the monthly reducing system is effectively lesser than the yearly reducing system of calculating interest.

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1 comment:

  1. Really this is very helpful comparison. I appreciate your working buddy.

    If you are confident that interest rates will not rise, you could opt for a fixed rate loan that provides you with the luxury of being locked into a rate for a period of time. You then don’t have to worry about your monthly budgets getting messed up.

    ReplyDelete


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