Home Loan Interest Rates in India: A Quick Comparison

Everyone wants to have an elegant home, but the escalating prices of the property is one of the major obstructions in the way to fulfil this dream. Apart from property rates, the higher interest rates might also be a thing for concern.

Home-Loan

Here is the table with comparison in the interest rates of house loan, in housing finances and major banks in India.

Name of the Bank

Processing Fee

Floating Interest Rate

Prepayment Charges

State Bank of India Up to 25 lakhs– 0.125% of the loan amount or  minimum Res. 1,000Between 25 to 75 lakhs– Rs. 3,250/-75 lakhs & above– Rs. 5,000/-

9.95 %

NIL

HSBC Bank One percent of the loan amount (minimum Rs. 10,000) + service tax.(This fee is non-refundable and payable on application)

10 to 13%

NIL

ICICI Bank

0.50% of the loan amount up to one crore

Scheme I: 10.25% (Fixed one year)Scheme II: 10.25% (Fixed two years)Scheme III: 10.50% (Fixed three years)then 10.25%

NIL

Axis Bank

One percent of the loan amount

Up to 25 lakhs– 10.25%More than 25 lakhs– 10.50%

NIL

HDFC Bank

0.5% or maximum Rs.10, 000 + service tax (12.36%)

10 to 15%

No charges shall be payable for full or partial  prepayments irrespective of the source
Kotak Bank

0.25%-0.5%

10.75%

2% on balance transfer, otherwise NIL
Bank of Baroda Up to 30 lakhs– 0.50% (minimum Rs. 5,000)Above 30 lakhs– 0.40% (minimum Rs. 15,000 and maximum Rs. 50,000)

10.25%

NIL

IDBI Bank Up to .50% of the loan amount
(Rs. 2,500 to be collected initially and remaining at the time of sanction)

10.25%

2% on balance transfer, otherwise NIL
Deutsche Bank Rs. 12,000 + Service Tax

10.50%

NIL

Indian Bank Waived off up to 31st March, 2013

10.20%

NIL

Punjab National Bank

N.A.

10.25%

NIL

Indian Overseas Bank 0.58% of the loan amount (maximum Rs. 10,190/-). It kept changing from time to time without prior information.

10.25%

NIL

Syndicate Bank Up to 25 lakhs– 0.25% (minimum Rs.1,000 and maximum Rs. 5,000)26 lakhs to 75 lakhs- 0.55% (maximum Rs. 5,000/-)Above 75 lakhs- 0.55% (maximum Rs. 10,000) Up to 25 lakhs– 10.25%then 10.50%

NIL

Vijaya Bank

N.A.

10.50%

NIL

Dena Bank

N.A.

10.30%

NIL

Oriental Bank of Commerce 0.50% of the loan amount (maximum Rs. 20,000) + Service Tax

10.25%

NIL

Canara Bank

N.A.

10.75%

NIL

United Bank of India

0.50% of the loan

Up to 25 lakhs– 10.75%then 10.55%

NIL

Citibank

0.50% (for self-employed), 0.25% (for salaried)

Up to 25 lakhs10.50%then 10.75%

NIL

Union Bank of India

Waived off (till 26th January, 2013)

10.25%

NIL

Central Bank of India Waived off (from 01-09-2012 to 31-03-2013)

10.25%

NIL

Corporation Bank 0.50% of the loan amount (maximum Rs. 50,000)

10.25%

NIL

Standard Chartered Rs. 7,500 + Service tax Up to 25 lakhs9.99%then 10.40%

NIL

LIC Housing Up to 50 lakhsRs.10,000 + service taxAbove 50 lakhsRs. 15,000 + service tax Scheme I: 10.25% (Fixed two years)Scheme II: 10.70% (Fixed three years) 11.15% (Fixed for five years)Scheme III: 10.95% (Fixed three years)then 10.25%

NIL

ING Vysya

0.50% of the loan amount

10.75%

NIL

India Bulls Up to 30 lakhsRs. 5,000 + service tax (12.36%)Above 30 lakhsRs. 15,000 + service tax (12.36%) Up to 25 lakhs10.15%then 10.75%

NIL

Tata Capital Housing Finance Ltd.

0.50% to 1% of the loan amount

10.75%

NIL

Hope this list will help you to compare the choices, in order to know which the best is.

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