Change in government policies & RBI rate cuts are prompting banks to slash their home loan interest rates.
Existing customers don’t benefit automatically.
Calculate your savings & switch to lower interest rates.
Home loan interest rate (updated on 30th January, 2023) :
Banks | ROI (Women) | ROI (Men) |
---|---|---|
SBI | ||
SBI (Term loan) | 8.60% | 8.65% |
SBI(Max-gain below Rs 1 crore) | 8.75% | 8.80% |
IDBI | ----- | 9.75% |
HDFC | 9.50% - 10.00% | 9.55% - 10.05% |
(Fixed Rate) for 10 Years | 9.70% - 10.20% | 9.75%-10.25% |
LIC HFL | ---- | 10.50% |
DHFL | ||
Salaried/SEP - Up to 30 Lacs | ---- | 9.75% |
Salaried/SEP - 30 - 75 Lacs | ---- | 9.75% |
Salaried/SEP - 75 lacs - 1Crore | ---- | 9.75% |
Salaried/SEP - 1Crore - 1.5Crore | ---- | 9.75% |
Salaried/SEP - 1.5Crore - 3Crore | ---- | 10% |
Salaried/SEP - Above 3 Crore | ---- | 10% |
SENP - Up to 30 Lacs | ---- | 10% |
SENP - 30 Lacs - 75 Lacs | ---- | 9.85% |
SENP - 75 Lacs - 1 Crore | ---- | 9.85% |
SENP - 1Crore - 1.5Crore | ---- | 9.85% |
SENP - 1.5Crore - 3Crore | ---- | 10.25% |
SENP - Above 3 Crore | ---- | 10.50% |
IndiaBulls (Fixed Rate) | ---- | 9.95% |
Up to 75 Lacs | ---- | 9.95% |
75 Lacs - 1.5 Crore | ---- | 10.10% |
Above 1.5 Crore | ---- | 10.40% |
IndiaBulls (Floating Rate) | ||
Up to 300 Lacs | ---- | 9.50% |
More than 300 Lacs | ---- | 10.25% |
ICICI (FLOATING RATE) SALARIED | ||
Upto 5 crore | 9.40% | 9.45% |
Above 5 crore | 9.65% | 9.70% |
ICICI (FIXED RATE) | ||
For 1year, 2 years, 3 years | ||
Upto 5 crore | ---- | 9.45% |
Above 5 crore | ---- | 9.70% |
For 5 years, 10 years: | ||
Upto 30 lakhs | 9.40% | 9.45% |
30 lakhs - 5 crore | 9.50% | 9.55% to 9.80% |
Above 5 crore | 9.75% | 9.55% to 9.80% |
Full tenure fixed rate | ||
Upto 30 lakhs | 9.70% | 9.75% |
30 lakhs - 5 crore | 9.80% | 9.85% to 10.10% |
Above 5 crore | 10.05% | 9.85% to 10.10% |
ICICI (FLOATING RATE) SELF-EMPLOYED | ||
Upto 1.5 crore | 9.45% | |
Above 1.5 crore | 9.55% to 9.70% | |
ICICI (FIXED RATE) | ||
For 1year, 2 years, 3 years | ||
Upto 1.5 crore | 9.45% | |
Above 1.5 crore | 9.55% to 9.70% | |
For 5 years, 10 years: | ||
Upto 30 lakhs | 9.45% | |
Above 30 lakhs | 9.55% to 9.80% | |
Full tenure fixed rate | ||
Upto 30 lakhs | 9.70% | 9.75% |
Above 30 lakhs | 9.80% | 9.85% to 10.10% |
Above 5 Crore | 10.05% | ---- |
Bank of Baroda Floating Rate | 9.65% | 9.65% |
Punjab National Bank Floating Rate | 9.45% | 9.45% |
Punjab National Bank Fixed Rate | 9.95% | 9.95% |
Dena Bank | ||
Upto 75 lakhs | 9.70% | |
More than 75 lakhs | 9.95% | |
Axis Bank (Floating Rate) | ||
Upto 28 Lacs | 9.60% | |
Above 28 Lacs | 9.65% | |
Axis Bank (Self-Employed) | ||
Upto 28 Lacs | 9.70% | |
Above 28 Lacs | 9.75% | |
Axis Bank (Fixed Rate) | 11.75% |
If you think you are on a floating rate loan (which is linked to the market rates) as opposed to a fixed rate loan (one that doesn’t change during the tenure of the loan), you will still have to formally switch to the lower interest rate within the same bank to get the benefit of the rate cut. Some banks charge some fees for such internal transfer. It may be a good idea for you to consider the other options available and switch to another bank which may turn out to be cheaper!
Some people may think that a small percentage cut in the home loan rates does not lead to a substantial savings. They come to such (wrong) conclusions by thinking that it may only lead to a savings of a few thousand rupees in EMI. However the same cut in the home loan rate could lead to savings of a few lakhs of rupees if you reduce your tenure. You should take advantage of the home loan rate cuts by keeping the EMI unchanged and reducing the tenure.