Home Loan Interest Rate Latest Update: With the real estate market in India witnessing an uptick in housing sales and registration, home loans are what the potential homebuyers are looking at to finance their plans. The homebuyers must note that the home loan interest rates may vary from bank to bank based on the risk profile of the borrower, gender and the amount of loan sought.
However, before going for home loan, check the interest rates offered by various lenders, including HDFC, State Bank of India (SBI), Union Bank of India and Kotak Mahindra Bank:
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HDFC Bank: India’s largest mortgage lender HDFC Bank offers home loans at an interest rate range of 7.15-8.05. However, the variation in interest rate depends on the risk profile of borrowers like CIBIL score, gender and the amount of loan. If the clients have an excellent CIBIL score, then they will get a cheaper interest rate as compared to those with lower scores. The burrowers must note that the home loan interest rates are applicable for loans under the adjustable rate home loan scheme of HDFC and are subject to change at the time of disbursement.
State Bank of India: State Bank of India (SBI) offers 7-7.6 per cent interest rates on home loans. The bank has separate interest rates for ready-to-move-in properties as well.
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Union Bank of India: At this moment, the Union Bank of India is offering an interest rate in the range of 6.9-8.6 per cent on home loan, depending upon salaried and non-salaried borrowers.
Kotak Mahindra Bank: Apart from these banks, the private sector lender Kotak Mahindra Bank is offering 6.55-7.6 per cent interest rates on home loans. However, the bank also charges GST and processing fees, which may be at around 0.5 per cent.
The home buyers need to know that the RBI has increased the key policy rates to control high inflation rate, and subsequently, the lenders have also raised their interest rate for both deposits and loans.
