Is HDFC Home Loan Interest Rate the Best in Today’s Times?

HDFC Limited ranks amongst the leading home loan provider in India by offering loans to buy, construct, renovate or extend a housing unit. But the key remains the interest rate as it can decide to a great extent the amount of repayment you need to do over the tenure that can be as long as 30 years. Does HDFC provide the loan at the lowest rates? Well, to answer the same, one has to compare HDFC Home Loan Interest Rate with that of others. Let’s begin by comparing the rates. 

HDFC Home Loan Interest Rate

HDFC offers home loans at competitive interest rates according to the loan amount you apply for as well as the profession you are in. Loans are benchmarked to the Retail Prime Lending Rate (RPLR) of 16.65%. Loans upto ₹30 lakh are offered at 8.25%-8.75% to salaried and 8.40%-8.95% to self-employed individuals. As the loan goes past ₹30 lakh and remains upto ₹75 lakh, salaried will have to pay at 8.50%-9.05%. Self-employed, on the other hand, will need to service the loan quantum at 8.65%-9.20% per annum. Loans above ₹75 lakh will be available to salaried and self-employed individuals at 8.60%-9.15% and 8.75%-9.30%, respectively. 

How Much is SBI Home Loan Interest Rate?

State Bank of India (SBI) is arguably the largest lender in India with a massive 25,000 odd branches across the country. Like HDFC, SBI also segregates the home loan interest rate based on the loan amount and profession. Loans worth upto ₹30 lakh are sanctioned at 8.15%-8.30% to salaried and 8.30%-8.45% to self-employed. The loan amount when above ₹30 lakh and remain upto ₹75 lakh is available at 8.40%-8.55% and 8.55%-8.70% to salaried and self-employed, respectively. Loans above ₹75 lakh come at 8.50%-8.65% and 8.65%-8.80%, respectively. 

A Take on ICICI Home Loan Interest Rate

ICICI Bank is also a prolific lender offering home loans at attractive interest rates. Loans upto ₹35 lakh are available to salaried and self-employed at 8.65%-8.95% and 8.80%-9.10%, respectively. Loans above ₹35 lakh to ₹75 lakh come at an interest rate of 9.05%-9.20% to salaried and 9.20%-9.35% to self-employed, respectively. As the loan goes above 75 lakh, the bank will charge 9.10%-9.25% and 9.25%-9.40% from salaried and self-employed, respectively. 

What is Axis Bank Home Loan Interest Rate at the Moment?

Axis Bank gives a competition of sorts to the earlier lending institutions by introducing customized home loan offers. The bank charges an interest rate of 8.85%-9.30% and 8.90%-9.50% to salaried and self-employed, respectively. 

Use Home Loan EMI Calculator to Figure Out the Rate Differences Better

You could see a difference in the interest rates charged by different lenders on home loans. To gauge the difference better, you need to use the home loan EMI calculator, which is available online. The calculator charts out the indicative repayment so that you can plan better. It tells you the Equated Monthly Installment (EMI), a combination of interest and principal, you must be ready to pay every month. You can also figure out the interest you’ll pay to the lender over the loan period.