Home Loan Interest Rates 2024: There has been a drastic surge in property prices in India lately, making the dream of owning a home in Indian metropolitan cities for ordinary citizens a far-off reality. For more than a year now, homebuyers in India have been waiting for interest rates to come down, however, to no avail. Market experts believe that rates are not expected to cool off until the end of this year.
Most individuals usually opt for home loans whenever they buy a home, as it is certainly not easy for everyone to make the entire down payment all at once. Thus, borrowers depend on home loans to fund their home purchases.
While seeking home loans, the most important factor that comes into play is interest rates, which can drastically increase your final payable amount, thus increasing the EMI burden. Inflation and a country’s economic growth are crucial factors that RBI takes into consideration while determining policy rates.
Home Loan applicants are advised to compare interest rates of different banks or financial institutions such as NBFCs, while applying for home loans.
Home loan rates are subject to change, and banks usually update their latest rates on their official websites. It is always good to refer to the official websites of financial institutions rather than other sources while comparing Home loan interest rates offered by them.
With the current rise in property prices, aspiring home buyers must research banks offering the cheapest home loan rates to ease their financial burden. As a leading online marketplace, OneNDF ensures borrowers get the best deals from their lenders. In this article, we have brought you the latest home loan rates for July 2024.
Check the Latest Rates On Loan Against Property For July 2024
Banks Offering Cheapest Home Loan Rates In July 2024 And EMI Loan Calculator Home Loan:
- Kotak Mahindra Bank: The home loan rates of the lender start at 8.70% onwards. For Rs 1 crore home loan with a 20-year tenure, your monthly EMI will be Rs 88,052.
- HDFC Bank Ltd: The bank starts its home loan interest rate at 8.60% with which EMI can be Rs 66,278 for a 20-year loan.
- Axis Bank: The bank offers home loans worth over Rs 75 lakh at interest rates ranging between 8.75% and 9.65%. So your EMI for a 20-year loan will be in the range of Rs 66.278 and Rs 71,588.
- ICICI Bank: For loan amount worth over Rs 75 lakh, the bank’s home loan rates start at 8.70%.So your EMI for a 20-year loan will be around Rs 67,162.
- IDFC First Bank: The bank’s home loan rates for an amount above Rs 75 lakh, starts at 8.85% p.a. onwards. For Rs 1 crore home loan with a 20-year tenure, your monthly EMI will be Rs 89,010.
- Standard Chartered Bank: Standard Chartered Bank offers home loans at interest rates starting from 8.65% for loan amounts of up to Rs 35 crore and loan repayment tenures of up to 30 years. For a Rs 76 lakh home loan with 20 years of tenure, your monthly EMI payment would be Rs 68,134.97.
Check – Calculate Your Home Loan EMI in Free.
Interest Rates charged by other banks on Home loans above Rs 75 lakh:
| Name of the lender | Interest Rate (%) |
| HSBC Bank | 8.50% onwards |
| IndusInd | 8.65% |
| Federal Bank | 8.60% onwards |
| Standard Chartered Bank | 8.65% |
| KMB | 8.70% |
| ICICI Bank | 8.70% |
| City Union Bank | NA |
Home Loan Rates Of Housing Finance Companies On Home Loan Amount Above Rs 75 Lakh:
| Name of the HFC | Interest Rate (%) |
| LIC Housing Finance | 8.50-10.75% |
| Bajaj Housing Finance | 8.60% onwards |
| Tata Capital | 8.75% onwards |
| PNB Housing Finance | 8.50%-11.45% |
| Indiabulls Housing | 8.75% onwards |
