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