Best Home Loan Interest Rates in 2018 in India

Best Home Loan Interest Rates in 2018 in India-newBest Home Loan Interest Rates in 2018 in India


RBI has not changed Repo rate in the last 2 quarterly reviews. Banks and financial institutions has reduced home loan rates to below 8.5% now. This is really good news for home loan seekers. However one should consider best home loan rates in 2018 along with lowest processing fees and zero pre-payment charges. This way they would be able to get lowest EMI for their home loan. Which banks are offering best home loan interest rates in May-2018. Which are the financial institutions or banks offering lowest home loan rates now in 2018? This article would provide top home loan rates being offered now.

Also Read: Best SIP Mutual Funds to invest in India

Best Home Loan Interest Rates in 2018 in India


While there are several banks and financial institutions offering home loans, few of them are offering with low interest rates and less processing fees. Let us look at top best home loan rates, which one can consider in 2018 if you are going to buy your dream home. Since small interest rate variance can save lakhs of interest, one need to be careful for this long term commitment. One should always check home loan calculator before opting for a home loan. You can also check home loan eligibility based on your salary + any other additional income you may get it. If you are not getting home loan based on home loan eligibility with one bank, you can check for another bank as others might compute in different methodology. You can pick-up lowest home loan interest rates from this list.

1) Bank of Baroda Home Loan


Home loan interest rates: 8.3% is the interest rate. EMI works out to be Rs 855 per Lakh of loan.

Processing fees: Till Mar end, they have been offering zero processing charges. Currently home loans are offered with 0.5% (on loan amount) as process fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

2) Union Bank of India Home Loan


Housing loan interest rates: 8.3% to 8.35% are the interest rate. EMI works out to be Rs 855 to Rs 858 per Lakh of loan.

Processing fees: Till Mar end, they have been offering zero processing charges. Currently home loans are offered with 0.5% (on loan amount) as process fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

3) Allahabad Home Loan


Home loan interest rates: 8.3% to 8.4% are the interest rate. EMI works out to be Rs 855 to Rs 861 per Lakh of loan.

Processing fees: Till Mar end, they have been offering zero processing charges. Currently home loans are offered with 0.5% (on loan amount) as process fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

4) Central Bank of India Home Loan


Home loan interest rates: 8.3% are the interest rate. As per home loan calculator, EMI works out to be Rs 855 per Lakh of loan.

Processing fees: Till Mar end, they have been offering zero processing charges. Currently home loans are offered with 0.5% (on loan amount) as process fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

Also Read: How to get Home Loan Subsidy of Rs 2.67 Lakhs under Pradhan Mantri Awas Yojana Scheme?

5) State Bank of Travoncore Home Loan


Home loan interest: 8.3% to 8.6% are the interest rate. EMI works out to be Rs 855 to Rs 874 per Lakh of loan.

Processing fees: Till Mar end, they have been offering zero processing charges. Currently home loans are offered with 0.35% (on loan amount) as process fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

6) Repco Home Finance Home Loan


Home loan interest rates: 8.3% are the interest rate. EMI works out to be Rs 855 per Lakh of loan.

Processing fees: Till Mar end, they have been offering zero processing charges. Currently home loans are offered with 1% (on loan amount) as process fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

7) Reliance Home Finance Home Loan


Housing loan interest rates: 8.35% are the interest rate. As per home loan calculator, EMI works out to be Rs 858 per Lakh of loan.

Processing fees: Till Mar end, they have been offering zero processing charges. Currently home loans are offered with 0.5% (on loan amount) as process fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

8) State Bank of India Home Loan


Home loan interest rate: 8.35% to 8.65% are the interest rate. EMI works out to be Rs 855 to Rs 874 per Lakh of loan.

Processing fees: Till Mar end, they have been offering zero processing charges. Currently home loans are offered with 0.35% (on loan amount) as process fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

9) ICICI Bank Home Loan


Housing loan interest rates: 8.35% to 8.8% are the interest rate. EMI works out to be Rs 858 to Rs 886 per Lakh of loan.

Processing fees: Till Mar end, they have been offering zero processing charges. Currently home loans are offered with 0.5% (on loan amount) as process fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

10) IDBI Home Loan


Home loan interest rates: 8.35% to 8.4% are the interest rate. As per home loan calculator, EMI works out to be Rs 858 to Rs 861 per Lakh of loan.

Processing fees: As per information available, there is no processing fees.

Pre payment charges: Prepayment charges are Zero. Means you can pay partial loan amount before the end of the tenure and there are no charges levied on this.

Also Read: Best Recurring Deposit Interest Rates in May 2018

Here is the complete list of Best Home Loan Interest Rates for 2018


Best Home Loan Interest Rates - May 2018

If you enjoyed this article, share it with your friends and colleagues through Facebook and Twitter.

Suresh

Best Home Loan Interest Rates in 2018 in India

7 comments

  • Danny

    Hi Suresh,

    Thats a great a bit of consolidation of all home loans info at one place.

    I would like to know about the home loan plans with current account where interest only calculated on the principle amount less amount parked in current account.

    how are they  beneficial  if we park very few amounts like 10k/20k.? could you plase share your  views on the same.

    Thanks

    Danny

    • Hi Danny, Why you want to go for such option. If you keep some money in current account that would earn you like an FD interest rates. If you invest similar amount in mutual funds, you can earn better returns. Either you should pay off the home loan or invest such money in high return investment option. That would be my advice.

      • Danny

        Hi Suresh,

        Thanks for coming back. for suppose , I am planning to park some amount in liquid mutual fund for a specific reason for about 6 months. So comparatively is it better to park the amount in those home saver plans do well or not ? which one would be better option in the cases where liquidity is needed .

        Thanks
        Danish

  • Hemanth

    Hi Suresh,
    Union bank of India is coming up two in the top 10 in this article. Please get this corrected.

    Keep up the good work. I enjoy reading your articles on this blog.

    Regards,
    Hemanth

Leave a Reply

Your email address will not be published. Required fields are marked *