Banks and Housing Finance Companies (HFCs) offer home loans at 8.40% p.a. onwards for tenures up to 30 years and loan amounts of up to 90% of property’s cost.
To cater to the housing finance requirements of a wider customer base, the banks/HFCs offer various home loan schemes aimed at offering higher home loan eligibility, reducing EMIs, EMI waivers, mixed interest rates, overdraft facility and balance transfer facility. Some lenders also offer home loan products for affordable housing and for customers with insufficient income documents.
List of Popular Indian Banks/HFCs Offering Best Home Loan Rates in 2024
| Name of Lender | Interest Rates (% p.a.) | ||
| Up to Rs 30 Lakh | Above Rs 30 Lakh & Up to Rs 75 Lakh | Above Rs 75 Lakh | |
| State Bank of India | 8.40-10.15 | 8.40-10.05 | 8.40-10.05 |
| HDFC Bank | 8.50 onwards | 8.50 onwards | 8.50 onwards |
| ICICI Bank | 9.00-9.80 | 9.00-9.95 | 9.00-10.05 |
| Kotak Mahindra Bank | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| Punjab National Bank | 8.55-10.25 | 8.50-10.15 | 8.50-10.15 |
| Bank of Baroda | 8.60-10.65 | 8.60-10.65 | 8.60-10.90 |
| Union Bank of India | 8.50-10.75 | 8.50-10.95 | 8.50-10.95 |
| IDFC First Bank | 8.85 onwards | 8.85 onwards | 8.85 onwards |
| Federal Bank | 8.80 onwards | 8.80 onwards | 8.80 onwards |
| Bajaj Housing Finance | 8.50% onwards | 8.50% onwards | 8.50% onwards |
The best bank for availing a home loan would be the one that offers the lowest home loan interest rates. However, besides the interest rates, factors such as the repayment period, LTV ratio, loan amount, processing fees and time taken for loan approval and disbursal must also be considered while searching the best home loan offer.
To make your search easier, visit online financial marketplaces like Paisabazaar.com to check and compare home loan interest rates along with tenure, processing fees and other associated costs from various banks and HFCs.