A home loan is a type of secured loan that a borrower gets in order to buy a home. When evaluating the eligibility of your home loan, you should also examine its cost. Interest payments, processing fees, administrative costs, prepayment penalties, and other expenses will all be included in the price. If your home loan has an adjustable or floating rate, it should ideally have no prepayment penalties. Additionally, you ought should be able to change the interest rate on your loan to a lesser one for a little cost.
Also read: HDFC Bank home loan interest rates in March 2024
Also read: Bank loan interest rates in April 2024 compared: SBI, HDFC Bank, ICICI Bank, IDBI Bank, Yes Bank, PNB, Bank of Baroda
Also don’t forget to check for any hidden fees when thinking about a house loan. Lenders are required by the regulation to openly and honestly provide information regarding fees and charges on their website.
Here is a list of banks’ home loan interest rates for April 2024 as per data by Paisabazaar.
| Loan amount (Rs) | Upto Rs 30 Lakh | Above Rs 30 Lakh & Up to Rs 75 Lakh | Above Rs 75 Lakh |
| Name of Lender | Interest rate (%) | Interest rate (%) | Interest rate (%) |
| PUBLIC SECTOR BANKS | |||
| State Bank of India | 8.50-9.85 | 8.50-9.85 | 8.50-9.85 |
| Bank of Baroda | 8.40-10.65 | 8.40-10.65 | 8.40-10.90 |
| Union Bank of India | 8.35-10.75 | 8.35-10.90 | 8.35-10.90 |
| Punjab National Bank | 8.45-10.25 | 8.40-10.15 | 8.40-10.15 |
| Bank of India | 8.40-10.85 | 8.40-10.85 | 8.40-10.85 |
| Canara Bank | 8.50-11.25 | 8.45-11.25 | 8.40-11.15 |
| UCO Bank | 8.45-10.30 | 8.45-10.30 | 8.45-10.30 |
| Bank of Maharashtra | 8.35-11.15 | 8.35-11.15 | 8.35-11.15 |
| Punjab and Sind Bank | 8.50-10.00 | 8.50-10.00 | 8.50-10.00 |
| Indian Overseas Bank | 8.40-10.60 | 8.40-10.60 | 8.40-10.60 |
| Central Bank of India | 8.45-9.80 | 8.45-9.80 | 8.45-9.80 |
| PRIVATE SECTOR BANKS | |||
| Kotak Mahindra Bank | 8.70 onwards | 8.70 onwards | 8.70 onwards |
| ICICI Bank | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| Axis Bank | 8.75-13.30 | 8.75-13.30 | 8.75-9.65 |
| HSBC Bank | 8.45 onwards | 8.45 onwards | 8.45 onwards |
| South Indian Bank | 9.84-11.24 | 9.84-11.04 | 9.84-11.69 |
| Karur Vysya Bank | 9.00-11.05 | 9.00-11.05 | 9.00-11.05 |
| Karnataka Bank | 8.50-10.62 | 8.50-10.62 | 8.50-10.62 |
| Federal Bank | 8.80 onwards | 8.80 onwards | 8.80 onwards |
| Dhanlaxmi Bank | 9.35-10.50 | 9.35-10.50 | 9.35-10.50 |
| Tamilnad Mercantile Bank | 8.60-9.95 | 8.60-9.95 | 8.60-9.95 |
| Bandhan Bank | 9.16-15.00 | 9.16-13.33 | 9.16-13.33 |
| RBL Bank | 8.90 onwards | 8.90 onwards | 8.90 onwards |
| CSB Bank | 10.73-12.58 | 10.73-12.58 | 10.73-12.58 |
| HDFC Bank Ltd. | 9.40 onwards | 9.40 onwards | 9.40 onwards |
| City Union Bank | 8.25-9.50 | 8.50-10.00 | 8.75-10.50 |
| HOUSING FINANCE COMPANIES (HFCs) | |||
| LIC Housing Finance | 8.35-10.35 | 8.35-10.55 | 8.35-10.75 |
| Bajaj Housing Finance | 8.50 onwards | 8.50 onwards | 8.50 onwards |
| Tata Capital | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| PNB Housing Finance | 8.50-14.50 | 8.50-14.50 | 8.50-11.45 |
| GIC Housing Finance | 8.80 onwards | 8.80 onwards | 8.80 onwards |
| SMFG India Home Finance | 10.00 onwards | 10.00 onwards | 10.00 onwards |
| Indiabulls Housing | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| Aditya Birla Capital | 8.80-14.75 | 8.80-14.75 | 8.80-14.75 |
| ICICI Home Finance | 9.20 onwards | 9.20 onwards | 9.20 onwards |
| Godrej Housing Finance | 8.55 onwards | 8.55 onwards | 8.55 onwards |
| Rates as of 9th April 2024 | |||
| Source: Paisabazaar.com | |||
Ideal CIBIL Score for home loan
CIBIL Score for Home Loan is a three-digit between 300 and 900. The higher the score, the greater the chances of a home loan.
Also read: 6 steps for borrowers to reduce home loan EMIs as RBI to keep higher interest rate for longer
What happens if you default home loan?
According to the HDFC Bank website, “It is best to be regular in paying your EMIs. If the customer misses more than 3 instalments, lenders have the power to take action against default directly without intervention of courts according to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). In case you are facing financial difficulties, it’s best to apprise your lender about your situation and check the possibility of an extension in the repayment tenure.”
Tax benefits on my housing loan
In accordance with sections 80C, 24(b), and 80EEA of the Income Tax Act of 1961, you will be qualified for tax advantages upon repaying the principle and interest components of your home loan. For the most recent information, please do visit your chartered accountant or tax professional, since the advantages may change annually.
