Home loans: Top NBFCs that offer the lowest interest rates
Bajaj Finserv and LIC Housing Finance top the list of non-banking companies that currently offer the cheapest home loans, with interest rates starting at 7.35-7.5 percent.
Interest rates on home loans offered by housing finance companies and financial institutions start from 7.35 percent, at par with those of some of the larger banks. However, their rates are not pegged to an external benchmark like the Reserve Bank of India's (RBI) repo rate, which most banks have adopted. Therefore, the transmission of policy rates may not be as straightforward and predictable as that of banks. However, competition in the home loan space does compel most big HFCs to offer comparable rates, especially to borrowers with higher credit scores.
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According to Bankbazaar.com data as on August 15, interest rates for a Rs 50 lakh, 20-year home loan range from 7.35 to 9.50 percent. The rates are indicative and may vary based on individual factors such as credit score and income. For this list, top housing finance companies have been considered.
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Bajaj Finserv offers the lowest home loan interest rate among all housing finance companies, starting at 7.35 percent. The EMI for a Rs 50-lakh, 20-year loan works out to Rs 39,822.
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LIC Housing Finance Limited home loan starts at 7.50 percent. The EMI on Rs 50-lakh, 20-year loan works out to Rs 40,280.
