Affordable home loans from the leading banks
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Best Offers
Various loan offers of leading Banks and NBFCs.
Flexible tenure
Flexible tenure for repayment of the loan.
Special Offers
Special offers for selected professionals
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Home Loan Interest Rates
Home loan interest rates depend on an applicant’s credit score, loan amount, LTV ratio, monthly income, job stability, and employer profile.
Top Banks & Home Finance Company Offering the Best Home Loan Rates
| Name of Lender | Loans up to ₹30 Lakh | Loans ₹30 Lakh – ₹75 Lakh | Loans Above ₹75 Lakh |
|---|---|---|---|
| Bank of India | 7.35%–10.10% p.a. | 7.35%–10.10% p.a. | 7.35%–10.35% p.a. |
| State Bank of India | 7.50%–8.95% p.a. | 7.50%–8.95% p.a. | 7.50%–8.95% p.a. |
| Punjab National Bank | 7.50%–9.35% p.a. | 7.45%–9.25% p.a. | 7.45%–9.25% p.a. |
| Canara Bank | 7.50%–10.25% p.a. | 7.45%–10.25% p.a. | 7.40%–10.15% p.a. |
| HDFC Bank | 7.90% p.a. onwards | 7.90% p.a. onwards | 7.90% p.a. onwards |
| Bajaj Housing Finance | 7.35% p.a. onwards | 7.35% p.a. onwards | 7.35% p.a. onwards |
| ICICI Bank | 7.70% p.a. onwards | 7.70% p.a. onwards | 7.70% p.a. onwards |
| Axis Bank | 8.35%–11.90% p.a. | 8.35%–11.90% p.a. | 8.35%–9.35% p.a. |
| Federal Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 7.99% p.a. onwards | 7.99% p.a. onwards | 7.99% p.a. onwards |
| IDFC FIRST Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
| IDBI Bank | 7.65% p.a. onwards | 7.65% p.a. onwards | 7.65% p.a. onwards |
| RBL Bank | 8.20% p.a. onwards | 8.20% p.a. onwards | 8.20% p.a. onwards |
| Tata Capital Housing Finance | 7.75% p.a. onwards | 7.75% p.a. onwards | 7.75% p.a. onwards |
| PNB Housing Finance | 8.25%–11.50% p.a. | 8.25%–11.50% p.a. | 8.25%–12.35% p.a. |
| Sammaan Capital (Indiabulls HF) | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| India Shelter Home Loan | 10.00%–24.00% p.a. | 10.00%–24.00% p.a. | 10.00%–24.00% p.a. |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards |
| Home First Finance | 11.90%–15.00% p.a. | 11.90%–15.00% p.a. | 11.90%–15.00% p.a. |
| Easy Home Finance | 8.99%–18.00% p.a. | 8.99%–18.00% p.a. | 8.99%–18.00% p.a. |
| Piramal Capital Housing Finance | 9.50% p.a. onwards | 9.50% p.a. onwards | 9.50% p.a. onwards |
Note: Interest rates as of 10 September 2025
Home Loan Processing Fees and Other Charges
Banks and housing finance companies usually levy a few additional costs along with the interest rate. These charges can differ depending on the lender and your credit profile. Here’s a quick overview of the common ones:
| Particulars | Charges |
|---|---|
| Processing Fee | 1% – 2% of the loan amount |
| Foreclosure / Prepayment Charges | Floating rate: Nil Fixed rate: 2% – 4% of the outstanding principal |
| Overdue EMI Charges | 2% per month on the unpaid EMI |
| EMI Bounce Charges | Around ₹400 per bounce |
| Legal Fee | As per actuals |
Features of Home Loan
Tax Benefits
Balance Transfer Facility
No Prepayment Penalty
Due Diligence of Property
Logn Repayment Tenure
Lower Interest Rates
Documents Required to Apply for a Home Loan
| Document Category | Examples / Accepted Documents |
|---|---|
| Proof of Identity | PAN Card, Aadhaar Card, Passport, Voter ID Card, Driving License |
| Proof of Residence | Bank Passbook, Voter ID Card, Ration Card, Passport, Utility Bills, LIC Policy Receipt |
| Income Proof (Salaried) | Form 16, Latest Salary Slips, Income Tax Returns (last 3 years), Investment Proofs (if applicable) |
| Income Proof (Self-Employed) | Business License/Registration, Proof of Business Address, ITR (last 3 years), Balance Sheet & Profit & Loss Statement |
| Property-Related Documents | NOC from Builder/Society, House Construction Cost Estimate, Registered Sale Deed, Allotment Letter, Approved Building Plan |
| Other/Additional Documents | Loan account statement of existing/previous loans (last 12 months) |
Different Types of Home Loans in India
Banks and Housing Finance Companies (HFCs) in India offer a variety of home loan schemes to meet the unique needs of different customers. Here is an overview of some common types of home loans available.
| Type of Home Loan | Description |
|---|---|
| Home Purchase Loan | Offered for buying ready-to-move-in, under-construction, resale properties, or residential plots (with a condition to build within a set time). |
| Home Construction Loan | Also called a self-construction loan, it allows borrowers to build a house on a plot they already own. |
| Plot Purchase Loan | Helps finance the purchase of residential plots with a requirement to construct a house within a specified timeframe. |
| Home Renovation Loan | Covers expenses for renovation, structural repairs, expansion, or improvements of an existing home. |
| Home Extension Loan | Designed for homeowners who want to add extra rooms, floors, or space to their existing property. |
| Overdraft Facility | A flexible home loan option where surplus funds deposited in the OD account reduce interest liability; withdrawals are allowed when needed. |
| Step-Up / Flexi Home Loan | Lets borrowers pay only the interest component during the initial pre-EMI period, followed by regular EMI repayments. |
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Key Features and Benefits of a Home Loan
Own Your Home Sooner
Homes in India often cost several times an individual’s annual income, making it difficult to buy one with savings alone. A home loan lets you move into your dream home without waiting years to save the full amount. It also prevents you from tying up all your savings, allowing you to continue working towards other financial goals.
Flexible and Longer Repayment Periods
Home loans usually offer repayment terms of up to 30 years, unlike personal loans. This longer period spreads out your payments, reducing monthly EMIs and making it easier to manage your finances.
Lower Interest Rates
Home loans generally have lower interest rates compared to personal loans, starting from around 8.25% per annum. Lower rates reduce the overall cost of the loan. Some banks even provide small concessions, such as a 0.05% lower rate for women borrowers.
Tax Benefits
Home loan borrowers can claim tax deductions under the Income Tax Act. You can get up to Rs. 1.5 lakh on principal repayments (Section 80C) and up to Rs. 2 lakh on interest payments (Section 24b) each financial year. These benefits are not available if you opt for the new tax regime.
No Prepayment Charges
Most banks and housing finance companies do not charge prepayment or foreclosure fees for floating-rate home loans. Even some fixed-rate loans waive these charges if prepayment is made from your own funds.
Interest-Only Home Loans
Some lenders offer interest-only loans where you pay just the interest in the initial years, switching to regular EMIs later. This is useful for those currently renting, planning to buy an under-construction property, or expecting an income increase soon.
Top Reasons Why Home Loan Applications Get Rejected
Low Credit Score
Your credit score reflects how responsibly you have managed credit in the past. A low score indicates poor financial discipline, making lenders view you as a higher risk. Generally, applicants with a credit score of 730 or above have a much higher chance of loan approval.
Low Loan Repayment Capacity
Lenders typically prefer borrowers whose total loan EMIs, including the proposed home loan, do not exceed 50–55% of their monthly income. If your EMIs surpass this limit, your chances of approval decrease significantly.
Property-Related Issues
If the property does not meet the lender’s requirements or local regulations, your loan application can be rejected. Examples include properties in legal disputes, lacking a clear title, being too old, or not authorised by local authorities.
Multiple Loan or Credit Applications in a Short Period
Every lender-initiated credit inquiry, known as a hard enquiry, slightly reduces your credit score. Multiple applications within a short span can significantly lower your score, reducing your chances of loan approval.
Ineligible Occupation Profile
Some lenders have a list of preferred occupations or employers. If your occupation or employer does not fall within this list, your home loan application may not be approved.
Tax Benefits Available on Home Loans in India
Home loan borrowers in India can claim tax benefits under different sections of the Income Tax Act. These deductions help reduce your taxable income, allowing you to save money each year. Here’s a breakdown of the main tax benefits:
| Section | What You Can Claim | Maximum Deduction |
|---|---|---|
| Section 24(b) | Interest paid on the home loan | Rs. 2 lakh per financial year |
| Section 80C | Principal repayment (including stamp duty and registration fees) | Rs. 1.5 lakh per financial year |
Dos and Don’ts to Get Your Home Loan Approved Faster
| Dos | Don’ts |
|---|---|
| Keep your credit score at 730 or above | Apply for a home loan without checking your credit score |
| Limit your total EMI obligations within 50–60% of your net monthly income | Use your emergency fund to make a higher down payment |
| Compare home loan offers from multiple lenders | Apply with multiple lenders within a short period |
| Make a larger down payment to reduce your loan-to-value (LTV) ratio | Forgo existing investments just to make a higher down payment |
| Add a co-applicant to increase loan eligibility | Plan EMI payments without considering your monthly contributions to other financial goals |
Difference Between Fixed Rate and Floating Rate Home Loans
When choosing a home loan, it’s important to understand the difference between fixed and floating interest rates. Each has its own advantages and considerations:
| Fixed Interest Rate | Floating Interest Rate |
|---|---|
| EMIs remain the same throughout the loan tenure, regardless of interest rate changes. | EMIs fluctuate with changes in the linked benchmark rates. |
| Offers higher certainty for financial planning. | Sudden increases in EMIs may affect household finances. |
| Suitable when current interest rates are low and an upward trend is expected. | Suitable when current rates are high and a downward trend is anticipated. |
| Does not benefit from falling interest rates. | Benefits if the underlying benchmark rate decreases. |
| Lenders usually charge higher rates compared to floating-rate loans. | Generally has lower interest rates than fixed-rate loans. |
| Lenders may levy prepayment or foreclosure charges. | Prepayment and foreclosure charges are not allowed for individuals under RBI guidelines. |
Is Balance Transfer a Good Idea for Your Home Loan?
A home loan balance transfer can be a smart financial move in certain situations. Here’s why you might consider it:
Lower Interest Rates
If your credit profile has improved since you first took the loan, you may now qualify for lower interest rates. Transferring your loan to a lender offering better rates can reduce your EMIs and the total interest paid over the loan tenure.
Longer Loan Tenure
Some lenders allow you to extend your loan tenure beyond the remaining term of your current loan. This can lower your monthly EMIs, though it may increase the total interest paid over the entire loan period.
Top-Up Loan Facility
Balance transfer applicants may become eligible for a top-up loan, which can be used for personal or professional purposes without restrictions. This is especially useful if your current lender either doesn’t offer a top-up loan or charges a higher interest rate on it.
Additional Benefits
Switching lenders may also come with perks like zero processing fees, EMI waivers, or better customer service, improving your overall loan experience.
Important Considerations : Balance transfers may not be ideal if you are in the later stages of your home loan or if the net savings after deducting processing and foreclosure fees are minimal. Always calculate the total cost-benefit before deciding to transfer your home loan.
