Home loan – Borrowers with excellent credit scores typically receive loans at cheap interest rates, while those with poor credit scores pay higher interest rates.
Obtaining a house loan could prove to be a difficult undertaking. Before choosing the “right” lender to give you the best price, any reputable wealth counselor would tell you to consider all of your options.
While interest rates on house loans vary among banks, generally speaking, borrowers with better credit scores receive lower interest rates, while those with worse credit scores pay higher interest rates.
Below is a summary of the house loans offered by leading lenders along with the interest rates they charge:
State Bank of India: Currently, the State Bank of India (SBI) is providing house loans with interest rates ranging from 8.6 percent to 9.65 percent annually as part of a special promotion.
As part of a special deal, the State Bank of India (SBI) is currently offering house loans with interest rates ranging from 8.6 percent to 9.65 percent yearly.
Home loan Lowest interest rates offered by lenders
| Bank | Lowest Interest rate (%) |
| State Bank of India | 8.6 |
| ICICI Bank | 9.25 |
| HDFC Bank | 8.5 |
| Kotak Mahindra Bank | 8.7 |
| Bank of Baroda | 8.4 |
| IDFC First Bank | 8.75 |
ICICI Bank home loan: This private bank provides home loans for properties up to ₹35 lakh for anywhere between 9.25 and 9.65 percent (for salaried individuals) and 9.40 to 9.80 percent (for self-employed individuals). The interest rates for home loans with a range of ₹35 to 75 lakh are as follows: 9.8–9.8% for salaried workers, and 9.65–9.95% for independent contractors.
The interest rate for loans beyond ₹75 lakh is between 9.6 and 9.9 percent (for salaried workers) and 9.75 and 10.05 percent (for independent contractors).
HDFC Bank home loan: The biggest private bank charges regular interest rates on home loans that vary from 8.75 to 9.40 percent annually. The APR for a customized house loan varies from 8.5 to 9.15 percent.
Kotak Mahindra Bank: This private lender provides house loans with interest rates that begin at 8.7 percent for those with salaries and 8.75 percent for those who work for themselves.
Bank of Baroda: The public lender provides both salaried and non-salaried individuals with housing loans at interest rates ranging from 8.4 to 10.60 percent.
IDFC First Bank: The private lender provides house loans at interest rates that begin at 8.75 percent for those with salaries and 8.85 percent for those who work for themselves.
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