Securing a home loan with a low interest rate can save you lakhs, making it a critical decision for homebuyers. With banks and financial institutions competing to offer attractive deals with the festival season around the corner, Moneycontrol helps you compare the best rates available.
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According to Bankbazaar.com data, as on September 9, interest rates for a Rs 50 lakh, 20-year home loan range from 7.3 to 9 percent. The rates are indicative and may vary based on individual factors such as credit score and income. For this list, top banks by aggregate advances, based on RBI data, have been considered.
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Canara Bank and Union Bank of India are offering the lowest home loan interest rates among public sector banks, starting at 7.3 percent, with an EMI of Rs 39,670 for a Rs 50-lakh loan over 20 years.
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Bank of Baroda offers home loans starting at 7.45 percent rate, with an EMI of Rs 40,127 for a Rs 50-lakh loan spanning 20 years.
State Bank of India and Punjab National Bank offer loans starting at 7.5 percent interest, with an EMI of Rs 40,280 for a Rs 50-lakh loan over 20 years.
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Among private banks, ICICI Bank offers home loans starting at 7.7 percent rate. The EMI for Rs 50-lakh, 20-year loan works out to Rs 40,893.
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HDFC Bank's home loan rate starts at 7.9 percent. The EMI for Rs 50-lakh, 20-year loan works out to Rs 41,511.
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Kotak Mahindra Bank’s home loan starts at 7.99 percent. The EMI on Rs 50-lakh, 20-year home loan works out to Rs 41,791.
