Housing finance companies (HFCs) offer home loans starting at 7.45% interest, comparable to major banks. However, unlike banks, HFC rates aren't tied to the RBI's repo rate, making policy changes' impact less predictable. Despite this, competition in the home loan market pushes HFCs to offer competitive rates, especially to borrowers with good credit scores.
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According to Bankbazaar.com data as on September 15, interest rates for a Rs 50 lakh, 20-year home loan range from 7.45 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 7.45 percent interest, with a monthly EMI of Rs 40,127 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.
