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These banks and HFCs offer the cheapest home loans for non-salaried borrowers

The cheapest home loan offers range from 6.55-6.8 percent

October 13, 2021 / 10:58 AM IST
Salaried individuals constitute a highly-sought-after class of borrowers for banks and housing finance companies. They are seen as highly creditworthy borrowers, thanks to their regular, reliable source of income. Some banks charge slightly higher interest rates for the non-salaried class, but others do not differentiate between the two categories. With the Reserve Bank of India (RBI) holding policy rates and banks offering concessional rates, however, this category, too, enjoys lower interest rates at present. These are the banks and HFCs that offer the lowest interest rates to non-salaried borrowers, as per Bankbazaar.com.
Salaried individuals constitute a highly-sought-after class of borrowers for banks and housing finance companies (HFCs). They are seen as highly creditworthy borrowers, thanks to their regular, reliable source of income. Some banks charge slightly higher interest rates for the non-salaried class, but others do not differentiate between the two categories. With the Reserve Bank of India (RBI) holding policy rates and banks offering concessional rates, however, this category, too, enjoys lower interest rates at present. These are the banks and HFCs that offer the lowest interest rates to non-salaried borrowers, as per Bankbazaar.com.
This public sector major offers an interest rate of 6.55 percent for loans of over Rs 75 lakh with a 20-year tenure. The EMI works out to Rs 56,139.
This public sector major offers an interest rate of 6.55 percent for loans of over Rs 75 lakh with a 20-year tenure. The EMI works out to Rs 56,139.
This private sector bank consistently figures in the cheapest home loan lenders’ list since last year. Its interest rate for non-salaried borrowers is 6.6 percent at present. This is also the balance transfer rate. The EMI will amount to Rs 56,360.
This private sector bank consistently figures in the cheapest home loan lenders’ list since last year. Its interest rate for non-salaried borrowers is 6.6 percent at present. This is also the balance transfer rate. The EMI will amount to Rs 56,360.
This government-owned housing finance giant’s interest rate is 6.66 percent for home loans of over Rs 75 lakh with a tenure of 20 years. Your EMI will be 56,627.
This government-owned housing finance giant’s interest rate is 6.66 percent for home loans of over Rs 75 lakh with a tenure of 20 years. Your EMI will be 56,627.
The country’s largest lender charges its lowest interest rate of 6.7 percent to its non-salaried customers too. Mortgage lending major HDFC and Tata Capital also offer the same interest rates to their home loan borrowers, who will have to pay an EMI of Rs 56,805 every month.
The country’s largest lender charges its lowest interest rate of 6.7 percent to its non-salaried customers too. Mortgage lending major HDFC and Tata Capital also offer the same interest rates to their home loan borrowers, who will have to pay an EMI of Rs 56,805 every month.
This state-run lender charges similar interest rates for salaried as well as non-salaried individuals applying for home loans. With an interest rate of 6.75 percent for loans over Rs 75 lakh and tenure of 20 years, the EMI works out to Rs 57,027. IDBI Bank, too, offers the same interest rate.
This state-run lender charges similar interest rates for salaried as well as non-salaried individuals applying for home loans. With an interest rate of 6.75 percent for loans over Rs 75 lakh and tenure of 20 years, the EMI works out to Rs 57,027. IDBI Bank, too, offers the same interest rate.
This state-run lender charges similar interest rates for salaried as well as non-salaried individuals applying for home loans. With an interest rate of 6.75 percent for loans over Rs 75 lakh and tenure of 20 years, the EMI works out to Rs 57,027. IDBI Bank, too, offers the same interest rate.
This lender charges similar interest rates for salaried as well as non-salaried individuals applying for home loans. With an interest rate of 6.75 percent for loans over Rs 75 lakh and tenure of 20 years, the EMI works out to Rs 57,027. IDBI Bank, too, offers the same interest rate.
Interest rates on home loans for all listed (BSE) public and private sector banks and HFCs as listed on National Housing Bank's website and offer home loan of over Rs 75 lakh have been considered for the data compilation. Banks/HFCs for which data is not available on their websites have not been considered. Data collected from respective bank/HFCs’ websites for non-salaried individuals (including professionals, non-professionals and self-employed) as on October 7, 2021. In case of bank/HFC that doesn't separately show interest for salaried and non-salaried individuals, it's assumed that interest rates displayed on their websites are applicable for both types of borrowers. Banks and HFCs in their respective sections are listed in ascending order on the basis of interest rate i.e. bank/HFC offering lowest interest rate on home loan (loan amount>= Rs 75 Lac) is placed at top and highest at the bottom. Lowest rate offered by the bank/HFC on loan of Rs 75 lakh and above has been considered in the table. EMI is calculated on the basis of interest rate mentioned in the table for Rs 75-lakh loan with tenure of 20 years (processing and other charges are assumed to be zero for EMI calculation);*Interest may vary depending on factors such as credit score, tenure, amount and banks’ terms and conditions.
About the data: Interest rates on home loans for all listed (BSE) public and private sector banks and HFCs as listed on National Housing Bank's website and offer home loan of over Rs 75 lakh have been considered for the data compilation. Banks/HFCs for which data is not available on their websites have not been considered. Data collected from respective bank/HFCs’ websites for non-salaried individuals (including professionals, non-professionals and self-employed) as on October 7, 2021. In case of bank/HFC that doesn't separately show interest for salaried and non-salaried individuals, it's assumed that interest rates displayed on their websites are applicable for both types of borrowers. Banks and HFCs in their respective sections are listed in ascending order on the basis of interest rate i.e. bank/HFC offering lowest interest rate on home loan (loan amount>= Rs 75 lakh) is placed at top and highest at the bottom. Lowest rate offered by the bank/HFC on loan of Rs 75 lakh and above has been considered in the table. EMI is calculated on the basis of interest rate mentioned in the table for Rs 75-lakh loan with tenure of 20 years (processing and other charges are assumed to be zero for EMI calculation);*Interest may vary depending on factors such as credit score, tenure, amount and banks’ terms and conditions.
first published: Oct 13, 2021 10:58 am

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