July-2015: Best home loan interest rates in India

Best home loan interest rates in India, Current home loan interest rates in India(Mar-13)5 Best home loan interest rates in India (Updated July-2015)

Home loans offer opportunity to buy home without the need of having 100% money in the pocket. Though the current home loan interest rates vary bank to bank, picking up a best home loan is critical as it is a long term debt. Small interest rates variances can make a huge difference in the payout. In this article we would compare the home loan interest rates, their features and pick-up best home loan interest rates.

Consider the following factors, before taking the home loan.

  • Prefer home loans with low interest.
  • Look at the interest rates trend, if they increasing quarter of quarter, or year on year, one should be ready for the increased EMI in coming years.
  • Low processing fee: Home loan institutions are charging 0.5% to 1% processing fees to process home loans. Pick up the home loan where there are low processing fees.
  • Look for zero pre-payment penalties: Earlier only a few banks used to waive pre-payment penalty. Currently almost all banks are waiving off the pre-payment penalty.

Also read: Why people are afraid of taking home loan.

Best Home loan interest rates in India  (Updated July-2015)

Let us look at some of the best home loan interest rates in India. We have picked-up these best home loans based on low interest rates, low processing fees and zero pre-payment charges (if the loans are paid either partially or fully during the tenure of the loan).

1) State Bank of India home loans

  • Home loan interest rate: 9.7% for Women and 9.75% for Others
  • EMI would be Rs 945 (Women) and Rs 948 (Others) for every 1 Lakh of home loan
  • Processing fees: Up to Rs 25 lakhs – 0.25% or Rs 1,000 minimum;     Rs 25 to Rs 75 lakhs – Rs 3,250;   Rs 75 lakhs and above – Rs 5,000
  • Prepayment charges: Nil

2) HDFC Limited home loans

  • Home loan interest rate: 9.95 to 10.45% (Fixed for 2-3 Yrs)
  • EMI would be Rs 961 to Rs 995 for every 1 Lakh of home loan
  • Processing fees            : 0.5% of loan amount or max of Rs 10,000+service tax
  • Prepayment charges    : Nil

3) Indian Bank home loans

  • Home loan interest rate : 9.95%
  • EMI would be Rs 962 for every 1 Lakh of home loan
  • Processing fees             : 0.25% on home loan amount and maximum of RS 20,000
  • Prepayment charges     : Nil

4) ICICI Bank home loans

  • Home loan interest rate: 9.85% (For Female),9.9% (For Others)
  • EMI would be Rs 955 (Women) and Rs 958 (for others) for every 1 Lakh of home loan.
  • Processing fees            : 0.5% of loan amount
  • Prepayment charges   : Nil

5) LIC Housing Finance Limited home loans

  • Home loan interest rate: Scheme I:9.9% (Fixed for 2 yrs);  Scheme II: 10.25% (Fixed for 5 yrs);  Scheme III: 10.5% onwards (Fixed for 10 years)
  • EMI would be Rs 972 (Scheme-1)
  • Processing fees            : Upto Rs 50 Lakhs – Rs 10,000+service tax and beyond Rs 50 Lakhs – Rs 15,000 + service tax
  • Prepayment charges    : Nil

Interest article: 10 Tips to be considered before taking home loan

Below are the current home loan interest rates in India / comparison of home loan interest rates in India

Comparison chart for interest rates, processing fees charged by them and prepayment penalty details (Updated July-2015)

Latest Home Loan Interest Rates in India-July-2015

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Suresh
Best home loan interest rates in India

 

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