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Checkout the Home Loan interest rates and EMI offered by top 15 banks in India – April 2019.
By Abhay Harish Shah , Realty Quarter
In the first fiscal policy of FY 2019-20, the Reserve Bank of India (RBI) cut its benchmark repo rate by 25 basis points.
At Present, the repo rate remains at 6%. It kept the strategy position at nonpartisan, flagging that financing costs would stay in the stable to negative zone. In this way, more rate cuts may follow in the coming months. The RBI additionally brought down the GDP projection for FY 2019-20 to 7.2% from 7.4% prior. In another critical advancement, the RBI deferred the usage of the outside benchmark framework. With banks not passing on the advantage of decreases in the key arrangement rates to borrowers, a postponement in the reception of an outside benchmark isn’t agreeable to credit borrowers.
It is said that this is the best time to buy a house, because of the upcoming elections and also builders are sitting on a huge pile of inventory. A buyer may see to get an attractive interest rate, which might not be possible after some months and have a difference with a few basis points. As the prevalent market scenario is going builders/developers are offering a great price.
We have evaluated some data regarding different interest rate offered by various banks and their EMI and processing fees. For this evaluation, we have calculated with Rs.1 lakh and tenure of 20 years with numerous EMI range. For example, the interest rate mentioned for Central Bank is 8.6% per annum and the corresponding EMI for Rs one lakh is Rs 874. Now, if you want to calculate the EMI for Rs 30 lakhs, then, simply multiply the EMI with 30, i.e., Rs 874 x 30 = Rs 26,220 per month (approximately), which would be the EMI for 20 years tenure.
Interest rate and processing charge on home loan by banks (with indicative EMI)
| Lender’s name | Floating interest rate (Per cent, per annum) | EMI per Rs one lakh (in Rs) | Processing fee |
| Axis Bank | 8.9-9.15 | 893-909 | Up to 1% of the loan amount, subject to a minimum of Rs 10,000. |
| Bank of Baroda | 8.65-9.65 | 877-942 | 100% waiver of processing charges, subject to recovery of out of pocket expenses of Rs 7,500 plus GST. |
| Bank of India | 8.8-8.85 | 887-890 | 0.25% of the loan amount (Minimum of Rs 1,000 and maximum of Rs 20,000). |
| Canara Bank | 8.7-8.9 | 881-893 | 0.50% (Minimum of Rs 1,500 and maximum of Rs 10,000). |
| Central Bank | 8.6 | 874 | 0.50% of the loan amount, subject to a maximum of Rs 20,000. |
| Corporation Bank | 8.6-9.25 | 874-916 | Up to 0.50% of the loan amount (Maximum of Rs 50,000). |
| HDFC Ltd | 8.8-9.8 | 887-952 | For salaried individuals and self-employed professionals: Up to 0.50% of the loan amount or Rs 3,000, whichever is higher.
Self-employed non-professionals: Up to 1.50% of the loan amount or Rs 4,500, whichever is higher. (Taxes extra) |
| ICICI Bank | 9.05-9.25 | 903-916 | 0.5%, plus applicable taxes. |
| IOB | 8.7-8.95 | 881-897 | 0.5%, up to Rs 25,000. |
| PNB | 8.65-8.75 | 877-884 | 0.35% of the loan amount (Minimum of Rs 2,500 and maximum of Rs 15,000). |
| SBI | 8.7-9.35 | 881-922 | Not available. |
| Syndicate Bank | 8.65 | 877 | Minimum of Rs 500 to a maximum of Rs 5,000. |
| UCO Bank | 8.7-8.95 | 881-897 | 0.50% of the loan amount (Minimum of Rs 1,500 and maximum of Rs 15,000). |
| United Bank | 8.65 | 877 | 0.59% (Minimum of Rs 1,180 and maximum of Rs 11,800). |
| Union Bank | 8.7-8.85 | 881-890 | 0.50% of the loan amount subject to a maximum of Rs 15,000 (plus applicable taxes). |
Interest rates are based on the floating rate system. Rates might be liable to amendment after a predefined tenure, contingent upon the bank’s terms and conditions. The EMI go is characteristic and is determined, in view of the financing costs given in the table. In a real circumstance, it might incorporate different charges and expenses, according to the bank’s terms and conditions. The real interest rate may fluctuate, in light of the credit profile of the advance candidate. Information in the table is just for delineation reason.
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