Home Loan Rates June 2024: Property prices have skyrocketed in various Indian cities recently. According to the Economic Times report citing Housing.com, Property prices in tier 2 cities have risen by 10-15% on the back of economic growth, infrastructure development, and reverse migration. Premium locations in Goa, Chandigarh, and Kochi are now comparable to major markets in Delhi and Mumbai.
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. Here, we bring you the list of Indian banks offering the most affordable home loan rates in June 2024.
Banks Offering Cheapest Home Loan Rates In June 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.
- SBI: The public sector lender charges interest rates ranging from 8.50% to 9.85% on home loans worth over Rs 75 lakh. Thus, if you take a home loan of Rs 80 lakh from SBI, your monthly EMI payments for 20-year tenure will range from Rs 69426 to Rs 76408, depending on the amount.
- 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.
Calculate your Home Loan EMI Here.
Interest Rates charged by other banks on Home loans above Rs 75 lakh:
| Name of the lender | Interest Rate (%) |
| HSBC Bank | 8.50% onwards |
| South Indian Bank | 8.65% |
| Federal Bank | 8.60% onwards |
| Standard Chartered Bank | 8.65% |
| Bandhan Bank | 8.70% |
| RBL Bank | 8.60% |
| City Union Bank | NA |
Also Read: Tax Benefits on Home Loan
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% |
| Tata Capital | 8.75% onwards |
| PNB Housing Finance | 8.50-11.45% |
| Indiabulls Housing | 8.75% onwards |
