Home loan rates are higher for borrowers without a monthly salary or with credit scores below 750. Here are the home loan rates offered by different banks:
SBI Home Loan Interest Rates
India’s largest lender to the public, SBI on June 15 raised the minimum interest rate on home loans to 7.55 percent. It has raised its External Benchmark-based Lending Rate (EBLR) from 7.05 percent to 7.55 percent.
Also, SBI has increased the one-year MCLR rate from 7.20 percent to 7.40 percent. It will come into effect from June 15, 2022.
HDFC Bank Home Loan Interest Rates
India’s largest private lender HDFC Bank has also hiked the All Lending Rate (MCLR) from July 7. Overnight, one-month and three-month HDFC Bank MCLR rates increased by 20 basis points to 7.70% respectively. 7.75% and 7.80% respectively.
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For the six-month and one-year periods, the MCLR rates have been raised to 7.90 percent and 8.05 percent, respectively. Interest rates for two and three years have increased by 20 bps to 8.15 percent and 8.25 percent, respectively.
ICICI Bank Home Loan Interest Rates
ICICI Bank offers home loans with substantial interest rates for tenures of up to 30 years. From June 8, 2022, ICICI Bank has revised its EBLR Lending Rate
Updated. Accordingly I-EBLR is 8.60 percent (papm).
BoB Home Loan Interest Rates
Bank of Baroda offers maximum loan tenure of 30 years. The interest rate on home loan for non-employee members ranges from 7.45 percent to 8.80 percent. Meanwhile, a lower interest rate of 7.45 percent applies to employees.
Axis Bank Home Loan Interest Rates
Axis Bank home loans start from Rs.3,00,000. And it includes many benefits like long term, attractive interest rates, easy application procedure, doorstep service etc.
It offers floating rate ranging from 7.60 percent to 7.95 percent per annum to monthly salary earners. And the fixed rate for home loan is also 12 percent. The floating rate for the self-employed is 7.70 percent to 8.05 percent per annum.
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