The interest charged on a home loan is the primary criterion based on which a borrower decides to pick a lender. To make this task easy for borrowers who plan to buy a home in 2023, we list the cheapest available home loans in Indian in September 2023.
Cheapest home loans in Indian in September 2023
| Bank | Interest rate for customers with best credit score | Lowest interest | Highest interest |
| HDFC Bank | 8.5% | 8.5% | 9.40% |
| LIC Housing Finance | 8.5% | 8.5% | 9.70% |
| Indian Bank | 8.5% | 8.5% | 9.90% |
| Punjab National Bank | 8.25% | 8.25% | 10.1% |
| Indusind Bank | 8.50% | 8.50% | 10.55% |
| Bank of India | 8.50% | 8.50% | 10.60% |
| IDBI Bank | 8.50% | 8.50% | 10.75% |
| ICICI Bank | 8.50 | 8.50% | 9.15% |
| Bank of Maharashtra | 8.60% | 8.60% | 10.30% |
| Bank of Baroda | 8.40% | 8.60% | 10.50% |
| State Bank of India | 8.70% | 8.70% | 9.65% |
| Union Bank of India | 8.70% | 8.70% | 10.80% |
| Kotak Mahindra Bank | 8.70% | 8.70% | 9.60% |
| Axis Bank | 9.0% | 9.0% | 9.40% |
| Canara Bank | 9.250% | 9.25% | 11.25% |
Can you get the bank’s best rate?
The lowest rate offered by a bank is provided to a customer meeting specific eligibility criterion. These include:
Women borrowers:Â Almost all banks in India offer some incentive to women borrowers. All factors being equal, a woman borrower will pay less than a man.
Your credit score:Â This is the single biggest criterion based on which banks decide to change interest rates.
Your income profile:Â Salaried customers are offered home loans at lower rates.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
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