Home Loans: Who's got the lowest rate on offer among these housing finance companies and NBFCs?
Lowest home loan rates: LIC Housing Finance, ICICI Home Finance and Aditya Birla Capital offer interest rates between 8.50 and 9 percent on a home loan of Rs 75 lakh for a tenure of 20 years.
In recent years, leading housing finance companies (HFCs) and non-banking financial companies (NBFCs) have made commendable enhancements to their loan products and services. This makes them a compelling option for borrowers seeking lenders with more flexible eligibility requirements. Unlike banks, housing finance companies’ home loans are not linked to an external benchmark, but competition in the market ensures comparable, and in some cases cheaper, rates. Whether you choose a bank, an NBFC or an HFC, selecting a trusted lender with extensive industry experience is crucial. Here are the 10 HFCs and NBFCs, which continue to offer below 10 percent interest rates on a Rs 75-lakh home loan with a tenure of 20 years, as per data compiled from Bankbazaar.com.
2/10
LIC Housing Finance, a public sector housing finance giant, levy an interest rate starting from 8.5 percent. Bajaj Housing Finance and PNB Housing Finance also offer home loans starting at the same rates. The EMI on a Rs 75-lakh home loan with a 20-year tenure works out to Rs 64,629.
3/10
Starting from 8.6 percent, ICICI Home Finance's offering is at par with those of bigger banking and housing finance majors. The EMI on a Rs 75-lakh home loan with a 20-year tenure works out to Rs 65,096.
4/10
Tata Capital charges an interest starting at 8.75 percent. The EMI on a home loan of Rs 75 lakh with a 20-year tenure will be Rs 65,799.
GIC Housing Finance charges an interest starting at 8.80 percent. The EMI on a home loan of Rs 75 lakh with a 20-year tenure will be Rs 66,034.
6/10
Starting at 9 percent, Aditya Birla Capital figures on the list of top 10 HFCs and NBFCs offering cheapest home loan schemes. The EMI on a home loan of Rs 75 lakh with a 20-year tenure will be Rs 66,977.
7/10
Godrej Housing Finance offers home loans starting at an interest rate of 9.19 percent. The EMI on a Rs 75-lakh loan with a tenure of 20 years will amount to Rs 67,879.
8/10
Indiabulls Housing Finance charges interest starting at 9.30 percent on home loans. The EMI on a home loan of Rs 75 lakh with a 20-year tenure will be Rs 68,403.
SMFG India Home Finance charges an interest starting at 10 percent. The EMI on a home loan of Rs 75 lakh with a 20-year tenure will be Rs 71,778.
10/10
Data was collected from respective HFCs and NBFCs website as of June 13. HFCs and NBFCs are listed in ascending order on the basis of interest rate — the lender offering the lowest interest rate on home loan (loan amount of Rs 75 lakh) is at the top and the highest at the bottom. The lowest rate offered by the HFCs and NBFCs on a home loan of Rs 75 lakh has been considered for this slideshow. EMI is calculated on the basis of the interest rate for a Rs 75-lakh loan with a tenure of 20 years (processing and other charges are assumed to be zero for EMI calculation).
Hiral Thanawala is a personal finance journalist with over 10 years of reporting experience. Based in Mumbai, he covers financial planning, banking and fintech segments from personal finance team for Moneycontrol.
