Compare Interest Rates on Home Loan- 2018
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Compare Interest Rates On Home Loan- 2018

Compare Interest Rates on Home Loan- 2018

Home loan

Either you want to buy a new home or construct it the way you want, a home loan is the best solution to manage your finances. A home loan is one of the highest selling financial services served by banks and Non-Banking Financial Institutions (NBFCs).

However, the cost involved in buying a home or constructing one for yourself requires management on your part. You can take a home loan against 70% - 80% of your legally owned property, and pay the borrowed money back in the form of Equated Monthly Instalments (EMIs) within the given loan tenure.

In case you don’t have any legal property worth pledging for a home loan, you can apply for a home renovation loan. It is a personal loan which does not require any collaterals to be submitted. It depends on the creditworthiness (calculated on the basis of credit history / CIBIL score) of the borrower and his monthly income.

Besides, the loan amount that you want to borrow depends on various other factors such as the interest rate, your monthly income, loan tenure, processing fees, prepayment charges and pre-closure charges.

Home Loan Interest Rates in India

Getting the best home loan was never that easy until banks and NBFCs started offering online tools for comparing the interest rates, processing fees and other charges. Hence, you can be careful well enough with all the alternatives on hand before you pledge your property to get a home loan.

Since interest rate is the most important factor to determine home loan eligibility, finding a loan with best interest rate is the first step towards applying for a home loan. The average home loan interest rate in India ranges between 8.35% to 12.75%.

Check out the Interest Rates provided by major home loan providers


Interest Rate

Processing Fee


8.35% onwards

Min. Rs. 3000, Max. Rs. 10,000

RBL Bank

10.20% onwards

Min. Rs. 5000, Max. Rs. 15,000

Kotak Mahindra Bank

8.35% onwards

1.25% of loan amount

IndusInd Bank

8.65% onwards

Up to 1.25%

Capital First

9.95% onwards

1% of loan amount


13.5% onwards

3% of loan amount

Aditya Birla Finance

8.55% onwards

Min. Rs. 5000, Max. Rs. 10,000

Home Loan EMI Calculator

You can also use the home loan EMI calculator which is available on almost all the online platforms of financial institutions.

EMI for a home loan is determined on the basis of 3 factors: loan amount, interest rate and loan tenure. Higher the loan amount, higher will be the EMI. Similarly, higher the interest rate, higher will be the amount of EMI. Conversely, longer loan tenure will lead to lower EMIs and vice versa.

What’s trending in home loans interest rates?

RBI keeps home loan interest rates unchanged in Dec Bimonthly Monetary Policy

  • Following this, RBI expects inflation to be in the range of 4.3 – 4.7 percent for Q3 and Q4 respectively.
  • Slow-down for real estate sector.
  • Not much of a relief for new home loan borrowers.
  • Short term benefit for senior citizens relying on fixed income.

Dena Bank offers cheapest home loan rates

  • On Nov 15, 2017, Dena Bank announced the cheapest home loan rate at 8.25%.
  • Gives tough competition to SBI, the leading bank for cheapest home loan rates, that recently announced home loan rate at 8.3% so far.
  • Dena Bank launched ‘Dena Retail Loan Carnival’ to promote housing and vehicle loans.
  • The Bank also declared that it won’t charge any processing fee or documentation fee for those carnival loans.

IndoStar Capital Finance launched Home and Vehicle loans


  • Mumbai based NBFC IndoStar Capital Finance announced its business expansion in home loans and vehicle loans on Dec 1, 2017.
  • According to R Sridhar, Executive Vice-Chairman & CEO, the company will be focusing on financing new and used commercial vehicles, passenger vehicles and few segments of 2-wheelers.
  • Recently in September, IndoStar launched its housing finance scheme ‘IndoStar Home Finance’ in Mumbai to provide affordable home loans.





Keywords: home renovation loan,personal loan for home renovation,instant personal loan


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