When you take a home loan, you know that it is going to continue for a long long time maybe up to 30 years if you want. You are also aware that paying the EMIs is very important else your property will be sold by the lender. Thus, to avoid these unnecessary troubles, you can choose a lender which is offering a rate of interest that you can afford. Since the interest rate is the main factor in deciding the EMI, you have the choice to choose the lender according to your suitability or else there is an option to balance transfer.
A balance transfer facility is available in order to help you shift your loan to the lender which is offering a lower rate of interest as compared to the existing one. There are minimal charges on the transfer facility so that you can focus the difference between the rates. Below are the top banks offering lowest home loan rate where you can transfer your home loan.
Home loan rates at SBI
At SBI, the interest rates on housing loans are available at the starting rate 8.30% per annum for women applicants and 8.35% per annum for other applicants. The maximum interest rate on the loan if 8.60% per annum which is also within the budget of the mass.
Home loan rates at HDFC Ltd
The home loan is disbursed at the present rate of interest starting from 8.35% per annum and goes up to 8.95% per annum.
Home loan rates at LIC Housing Finance
The interest rate on a housing loan for variable loan amounts is mentioned below:
- Up to ₹1 lakh to 35 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others)
- From ₹30 lakhs and ₹2 crores – 8.50% p.a. (for all)
- From ₹2 crore to ₹5 crores- 8.70% p.a. (for all)
Home loan rates at Axis Bank
The home loan rate at Axis Bank is presently at 8.35% per annum onwards. The processing fee applicable to home loans is up to 1% of the loan amount plus applicable taxes that is GST.
Home loan rates at Bank of Baroda
Bank of Baroda is among the top banks when it comes to home loans as the rates offered are very low and one of the lowest rates available in the market. The interest rate on home loans starts from 8.30% per annum and goes up to 9.30% per annum.
What is the home loan rate at IDFC Bank?
The rates applicable on home loans is floating. The rate is spread over 6 Month Year MCLR which is subject to change with the loan amount. The minimum rate spread is MCLR + 0.20% which is applicable up to the loan amount of ₹30 lakhs.
How can you calculate your home loan EMI?
The calculation of EMI on a loan is done online through a loan EMI calculator. It is the easiest tool that helps you in calculating home loan EMIs in a few minutes. This tool takes into account the basic details of your home loan which are:
- Loan amount
- Interest rate
Suppose, your current home loan is of ₹40 lakhs with the tenure of 25 years. The rate of interest at the present lender is 9.50% p.a. The EMIs you are currently paying is as follows:
Total interest outgo: ₹64,84,360
Total amount: ₹1,04,84,360
However, if you transfer your home loan to a lender which might give you the rate of 8.30 % per annum if you match the eligibility criteria, you can save a lot of money.
Here is an example for your reference:
Total interest outgo: ₹ 55,01,530
Total amount: ₹95,01,530
As you can see, the total saving on the loan is ₹9,82,830 which is a big amount and can be used for many purposes such as paying home loan EMIs without any hassle or buying a brand new car or going on a trip. Thus, make sure you choose the lender the lowest rate possible as per your eligibility so that you can save your money and use it in a productive manner.