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The term Interest Rate on a Home Loan or Mortgage Loan may be defined as an amount a lender charges you as a borrower in terms of a percentage of the Home Loan Principal Amount or Home Loan Value.
Also termed as Rate of Interest or ROI, this charge applies to the Principal Amount on an annual basis over the specified home loan tenure.
| Bank Name | Interest Rate | Lowest EMI(per lack) |
|---|---|---|
| Kotak Bank | 8.65% | 11800/- |
| HDFC Home Loan | 8.35% | 3540/- |
| Central Bank OF India | 8.6% | 0.5%+GST |
| Axis Bank | 8.75% | 0.40% |
| Standard Chartered Bank | 8.75% | 0.10% |
| Tata Housing Finance | 10.5% | 1.00% |
| IDFC First Bank | 8.65% | 0.20% |
| Yes Bank | 9.9% | 1.00% |
| Bajaj Home Finance | 9.25% | 10000+GST |
| Federal Bank | 8.8% | 11800/- |
| DBS Bank | 8.7% | 11800/- |
| Fullerton Grahshakti | 10.5% | 1% |
| DCB Bank | 9.99% | 0.50% |
| Priamal Housing Finance | 10% | 0.75% |
| Adhar Housing Finance | 10.5% | 1.50% |
| Vastu Housing Finance | 12% | 1.00% |
| Aditya Birla Housing | 9% | 0.50% |
| Hero Housing | 9.99% | 0.50% |
| L & T Housing | 8.6% | 5900/- |
| HSBC Bank | 8.9% | 11800/- |
| PNB Housing Finance | 8.5% | 0.25% |
| RBL Bank | 8.75% | 10000+GST |
| Indiabulls | 9.4% | 1% |
| Edelwessis | 12.1% | 1% |
| Capri Housing | 9.5% | 1.00% |
| Shriram Housing | 12.5% | 1% |
| ICICI HFC | 9.7% | 1% |
| Ujjivan Housing | 10.75% | 1.50% |
| Chola Madalam | 11.6% | 1.25% |
Banks, and NBFCs while processing your home loan application at Ruloans may charge fees and charges apart from interest rates applicable. These charges may differ from lender to lender and are of the following types.
Lenders charge a one-time non-refundable charge for processing your home loan application as Processing Fees. These fees can either be a specified percentage of the principal amount or a fixed sum.
Almost all lenders charge a Delayed or Late EMI Payment in case you miss or default on your home loan EMI.
Lending Institutions generally offer two types of interest rates, which are fixed or floating. You may be charged a conversion charge when you choose to switch from one interest rate type to another. These are typically a percentage of your principal loan amount.
When you choose to repay your home loan before time using funds borrowed from another lender, your existing lender may charge you a prepayment charge as a penalty for prepayment. However, if you choose to pay off your home loan with your own funds, these charges will not apply.
Banks and NBFC hire third-party legal services to complete the task of verification of property and related documents for a Legal Charge. These charges depending on the lending institutions are typically based on the actually incurred expense.
Some institutions may charge you an Administrative Fees for your Home Loan to pay for the back-end administrative processes related to processing your home loan application.
Depending on the lender you select, other charges such as PDC or Post Dated Cheque Charges, Loan Cancellation Charges, Cheque Dishonour Charges or Cheque Bounce Charges, Rejection of Electronic Clearance Charges and more may be charged by your lender.
You may calculate your Home Loan Interest Rate or Rate of Interest manually by using the following formula -
Where:
You may however choose to use Ruloans Home Loan EMI Calculator as the simplest option for easy, quick, and accurate results. Follow the instructions below.
You will find different types of Home Loan Interest Rates offered by Ruloans Partner Banks and NBFCs. Let's take a brief look at both to plan accordingly for the cheapest home loan interest rate.
Fixed Home Loan Rates of Interest are those rates that remain constant for the entire term of your home loan. This type of rate allows you to arrive at the total repayment sum along with the interest sum payable at the time of estimation.
Floating Home Loan Interest Rates are likely to vary and change over the period of your home loan, and these interest rates increase or decrease according to changes to Housing Finance Benchmark Rates. This type of rate suits a changing market scenario where you expect falling rates.
When you opt for a Mixed Rate Interest Home Loan, you go for a fixed rate of interest at the beginning of your home loan period. During the tenure when you convert to a floating rate after a set loan period, you opt for a Mixed Rate of Interest.
You may, however, depending on your financial situation opt for an interest rate conversion from fixed to floating, or from floating to fixed during your home loan tenure at a conversion charge.
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Read MoreI got home loan offer from HDFC Limited through Ruloans. Earlier I was choosing some other bank but Ruloans facility of comparison helped me with a better choice. The amount was sufficient with tenure period of 15 years. The rate of interest is moderate. I took this loan to buy an apartment. EMI need to pay 36K. Pre closure is applicable but there is locking period of 6 months. Their service is good.
I took a Home Loan for 20,00,000 from SBI via Ruloans. I received a Home loan at a sparkling rate of 6.90%. Being a government employee I was offered low processing fees and other charges were minimal. I am very happy and suggest you check Ruloans for the best home loan options.
I have taken home a loan via Ruloans, my loan was sanction on time and it's going to be disbursed soon. The amount of the loan is 18 lakh. The bank informed me that for the construction plan I have to pay 3 lakh. The interest rate is 8.65% but the bank will be reducing the rate by 1.5% from next month. I compared the loan rates and the company helped me select the best one.