Housing finance companies (HFCs) and financial institutions offer home loans starting at 7.35 percent interest rate, comparable to some major banks, but unlike banks, their rates aren't linked to the Reserve Bank of India's (RBI) repo rate. As a result, the impact of policy changes is be less predictable for HFCs when compared to banks. Competition in the home loan market drives HFCs to offer competitive rates, particularly to borrowers with strong credit profiles.
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According to Bankbazaar.com data as on September 1, interest rates for a Rs 50 lakh, 20-year home loan range from 7.35 to 9 percent. The rates are indicative and may vary based on individual factors such as credit score and income. For this list, only top HFCs have been considered.
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Bajaj Finserv provides home loans starting at 7.35 percent interest, with a monthly EMI of Rs 39,822 for a Rs 50 lakh loan over 20 years.
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LIC Housing Finance offers home loans starting at 7.50 percent, with an EMI of Rs 40,280 for a Rs 50 lakh loan spanning 20 years.
