Home loan interest rates and EMIs in top 15 banks, in November 2018

Looking for the best home loan product, to fund the purchase of your dream home? Housing.com News looks at the interest rates, EMI and processing fees offered by the major banks in November 2018, to help you make the right choice

Home loan interest rates are gradually escalating across banks. In the last monetary policy meet, on October 5, 2018, the RBI had maintained a status quo on key rates but indicated that it might hike rates soon. Banks have already started increasing the underlying marginal cost of funds-based lending rates (MCLR).

Therefore, home loan interest rates are expected to increase, in the coming days. Presently, interest rates range between 8.5 per cent and 9.7 per cent per annum, depending upon the loan amount and tenure.

To make it easier for home buyers to select a home loan product, we have presented the interest rate range, EMI and processing fees by various banks, in the table given below.

The EMI has been calculated based on a loan of Rs one lakh for a tenure of 20 years. You can easily calculate the EMI for the desired amount, by multiplying loan amount (in Rs lakhs) with the EMI range corresponding to the selected bank mentioned in the table. For example, the interest rate mentioned for Central Bank is 8.6 per cent per annum and the corresponding EMI for Rs one lakhs 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) would be the EMI for 20 years tenure.


See also: How are home loan rates charged by banks and housing finance companies


Interest rates and processing charges on home loan by banks (with indicative EMI)


Lender’s nameFloating interest rate (Per cent, per annum)EMI per Rs one lakh (in Rs)Processing fee
Axis Bank8.8-9.05887-903Up to one per cent of the loan amount, subject to a minimum of Rs 10,000.
Bank of Baroda8.55-9.55871-935100 per cent waiver of processing charges, subject to recovery of out of pocket expenses of Rs 7,500 plus GST.
Bank of India8.75-8.8884-8870.25 per cent of loan amount (Minimum of Rs 1,000 and maximum of Rs 20,000).
Canara Bank8.75-8.95884-8970.50 per cent (Minimum of Rs 1,500 and maximum of Rs 10,000).
Central Bank8.68740.50 per cent of the loan amount, subject to a maximum of Rs 20,000.
Corporation Bank8.5-9.3868-919No processing charge till December 31, 2018.
HDFC Ltd8.8-9.7887-945Up to 0.50 per cent of the loan amount or Rs 3,000, whichever is higher, plus applicable taxes.
ICICI Bank8.95-9.2897-9130.5 per cent, plus applicable taxes.
IOB8.7-8.95881-8970.5 per cent, up to Rs 25,000.
PNB8.7-8.8881-8870.35 per cent of the loan amount (Minimum of Rs 2,500 and maximum of Rs 15,000); *Fully waived till December 31, 2018.
SBI8.7-9.3881-919Zero till December 31, 2018, plus applicable taxes.
Syndicate Bank8.8887Minimum of Rs 500 and maximum of Rs 5,000.
UCO Bank8.65-8.9877-8930.50 per cent of the loan amount (Minimum of Rs 1,500 and maximum of Rs 15,000).
United Bank8.658770.59 per cent (Minimum of Rs 1,180 and maximum of Rs 11,800) *Waived from October 1, 2018 to November 30, 2018.
Union Bank8.75-8.9884-8930.50 per cent of the loan amount, subject to a maximum of Rs 15,000 (plus applicable taxes). Note: 50 per cent concession in processing charges based on CIBIL score, till March 31, 2019.


The EMI is based on a loan amount of Rs one lakh for a tenure of 20 years.

Interest rates are based on the floating rate system. Rates may be subject to revision after a specified tenure, depending on the bank’s terms and conditions. The EMI range is indicative and is calculated, based on the interest rates given in the table. In an actual situation, it may include other charges and fees, as per the bank’s terms and conditions. The actual interest rate may vary, based on the credit profile of the loan applicant. Data in the table is only for illustration purpose.

Data taken from the respective bank’s websites, as on November 1, 2018.


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