Home loan interest rates and EMI in top 15 banks, in August 2019

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 August 2019, to help you make the right choice

The last few weeks had been eventful for the real estate sector. The Reserve Bank of India (RBI) has cut the repo rate by 35 basis points, which is the fourth time in a row in this calendar year, while also maintaining an ‘accommodative’ stance. The market was expecting a rate cut of 25 basis points and a higher cut of 35 basis points, has been welcomed by many in the realty sector. Earlier, the NHB directed HFCs to desist from extending loans under the subvention scheme. The move by the NHB, to withdraw the subvention scheme, has worsened the liquidity problem in the realty sector, which is already struggling with weak demand and high cost of funding. Indication from the international market is also not very promising, as the trade war between the US and China has intensified.

On the positive side, the monsoon has revived across India and the rain deficiency has shrunk considerably in the last few weeks, thereby, boosting the chances of economic revival. The RBI has also reiterated that this is a cyclical slowdown and not a deep structural slowdown.

Banks have reduced their interest rates significantly, in the last one month. With the 35 basis point repo rate cut, several banks could further reduce their home loan rates over the next few days. If you are looking to buy a home on loan, then, this is a good time, because property and interest rates remain low and you may get the benefit of several incentives being offered by the government.

See also: RBI slashes interest rate by 0.35%, making it the fourth cut in a row

To make the selection of home loan product more comfortable for the home buyers, 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 the 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 8.5% per annum and the corresponding EMI for Rs one lakh is Rs 868. Now, if you want to calculate the EMI for Rs 30 lakhs, then, simply multiply the EMI with 30, i.e., Rs 868 x 30 = Rs 26,040 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

8.45-9.45

865-929

0.25% to 0.5% of the loan amount (Rs 8,500 to Rs 25,000).

Bank of India

8.65-8.7

877-881

0.25% of the loan amount (Minimum of Rs 1,000 and maximum of Rs 20,000).

Canara Bank

8.5-8.75

868-884

0.50% (Minimum of Rs1,500 and maximum of Rs 10,000).

Central Bank

8.5

868

0.50% of the loan amount, subject to a maximum of Rs 20,000.

Corporation Bank

8.6-9.2

874-913

Up to 0.50% of the loan amount (Maximum of Rs 50,000).

HDFC Ltd

8.55-9.55

871-935

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

8.7-9.3

881-919

0.5%, plus applicable taxes.

IOB

8.65-8.9

877-893

0.5%, up to Rs 25,000.

PNB

8.5-8.6

868-874

0.35% of the loan amount (Minimum of Rs 2,500 and maximum of Rs 15,000).

SBI

8.35-9.05

858-903

0.35% of the loan amount (Minimum of Rs 2,000 and maximum of Rs 10,000, plus taxes).

Syndicate Bank

8.6

874

Minimum of Rs 500 and maximum of Rs 5,000.

UCO Bank

8.65-8.9

877-893

0.50% of the loan amount (Minimum of Rs 1,500 and maximum of Rs 15,000).

United Bank

8.55

871

0.59% (Minimum of Rs 1,180 and maximum of Rs 11,800).

Union Bank

8.6-8.75

874-884

0.50% of the loan amount, subject to a maximum of Rs 15,000 (plus applicable taxes).

Note:

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 August 8, 2019.

 


Home loan interest rates and EMI in top 15 banks, in July 2019

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 July 2019, to help you make the right choice

July 9, 2019: On July 5, 2019, the government presented the Union Budget 2019. The government announced measures to address the liquidity problem and focused on infrastructure and greater support to affordable housing. A new home loan borrower, with loan amount of up to Rs 45 lakhs, can get an additional tax deduction benefit of up to Rs 1.5 lakhs, over and above the Rs 2 lakhs deduction available under Section 24, on interest payment against the home loan. The government has also taken steps, to ease the funding problem of housing finance companies (HFCs). The government also reiterated its commitment towards the ‘Housing for All by 2022’ mission. In the coming months, the government has proposed to come up with a Model Tenancy Law. These moves are likely to boost investment in the real estate sector.

See also: Additional benefit of Rs 1.5 lakhs on home loans: Can home buyers truly get the full benefit of Rs 3.5 lakhs?

Several banks have reduced the interest rates and with the government infusing more liquidity into the PSU banks, interest rates may further reduce in the coming months. If you are looking to buy your own home, then, do it within current financial year, to get additional tax deduction benefit (for houses valued up to Rs 45 lakhs). The last date to avail of the extra tax deduction benefit, is March 21, 2020.

To make the selection of home loan product more comfortable for the home buyers, 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 the 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 8.5% per annum and the corresponding EMI for Rs one lakh is Rs 868. Now, if you want to calculate the EMI for Rs 30 lakhs, then, simply multiply the EMI with 30, i.e., Rs 868 x 30 = Rs 26,040 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

8.6-9.6

874-939

0.25% to 0.5% of the loan amount (Rs 8,500 to Rs 25,000).

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

8.7-8.95

881-897

0.50% (Minimum of Rs 1,500 and maximum of Rs 10,000).

Central Bank

8.5

868

0.50% of the loan amount, subject to a maximum of Rs 20,000.

Corporation Bank

8.6-9.2

874-913

Up to 0.50% of the loan amount (Maximum of Rs 50,000).

HDFC Ltd

8.6-9.6

874-939

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

8.7-9.3

881-919

0.5%, plus applicable taxes.

IOB

8.65-8.9

877-893

0.5%, up to Rs 25,000.

PNB

8.6-8.7

874-881

0.35% of the loan amount (Minimum of Rs 2,500 and maximum of Rs 15,000).

SBI

8.5-9.2

868-913

0.35% of the loan amount plus service tax (Minimum of Rs 2,000 plus service tax and maximum of Rs 10,000 plus service tax).

Syndicate Bank

8.65

877

Minimum of Rs 500 and maximum of Rs 5,000.

UCO Bank

8.65-8.9

877-893

0.50% of the loan amount (Minimum of Rs 1,500 and maximum of Rs 15,000).

United Bank

8.6

874

0.59% (Minimum of Rs 1,180 and maximum of Rs 11,800).

Union Bank

8.65-8.8

877-887

0.50% of the loan amount, subject to a maximum of Rs 15,000 (plus applicable taxes).

Note:

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 July 8, 2019.

 


Home loan interest rates and EMI in top 15 banks, in June 2019

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 June 2019, to help you make the right choice

June 8, 2019: On June 6, 2019, the RBI presented its bi-monthly monetary policy review, in which it announced a repo rate cut of 25 basis points. This was the third time in a row that the central bank cut policy rates. However, it is a matter of concern for many home buyers that despite the series of policy rate cuts, banks have not yet transmitted its entire benefit as the interest rates on home loans have not fallen to the same extent. Banks are taking up to four months to reduce the rates, after the announcement of the repo rate cut. In the last one month, some of the banks have reduced home loan interest in the range of 0.05% to 0.1%.

The RBI also reduced the GDP forecast for 2019-20. GDP growth is already at a low of 5.8% in the March quarter. At the same time, the monsoon is expected to be below average this year, which can further impact the real estate market negatively. One big reason for home buyers to cheer, is the RBI’s change in stance from neutral to accommodative, indicating a high chance of another rate cut. If you are looking to buy a home, then, choose a bank which is quickly transmitting the benefit of the repo rate cut to its customers.

To make the selection of home loan product more comfortable for the home buyers, 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 the loan amount (in Rs lakhs) with the EMI range corresponding to selected bank mentioned in the table. For example, the interest rate mentioned for Central Bank is 8.55% per annum and the corresponding EMI for Rs one lakh is Rs 871. Now, if you want to calculate the EMI for Rs 30 lakhs, then, simply multiply the EMI with 30, i.e., Rs 871 x 30 = Rs 26,100 per month (approximately), which would be the EMI for 20 years tenure.

See also: RBI cuts interest rates for the third time this year, to boost growth

 

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

8.7-9.7

881-945

100% waiver of processing charges, subject to recovery of out of pocket expenses of Rs 7,500 plus GST.

Bank of India

8.8-9.7

887-945

0.25 % of the loan amount (Minimum of Rs 1,000 and maximum of Rs 20,000).

*Processing charges waived till June 30, 2019.

Canara Bank

8.7-8.95

881-897

0.50% (Minimum of Rs 1,500 and maximum of Rs 10,000).

0.50% of the loan amount, subject to a maximum of Rs 20,000.

Central Bank

8.55

871

Corporation Bank

8.6-9.25

874-916

Up to 0.50% of the loan amount (Maximum of Rs 50,000).

HDFC Ltd

8.6-9.6

874-939

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

8.8-9.2

887-913

0.5%, plus applicable taxes.

IOB

8.65-8.9

877-893

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

8.55-9.25

871-916

0.35% of the loan amount plus service tax (Minimum of Rs 2,000 plus service tax and maximum of Rs 10,000 plus service tax).

Syndicate Bank

8.65

877

Minimum of Rs 500 to maximum of Rs 5,000.

UCO Bank

8.65-8.9

877-893

0.50% of the loan amount (Minimum of Rs 1,500 and maximum of Rs 15,000).

United Bank

8.6

874

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).

Note:

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 June 7, 2019.


Home loan interest rates and EMI in top 15 banks, in May 2019

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 May 2019, to help you make the right choice

May 10, 2019: Several banks have not yet passed the benefit of the repo rate cut by the Reserve Bank of India (RBI) in the last month. The few banks that have done so, have reduced their home loan interest rates by 0.05% to 0.1%, although the repo rate was cut by 0.25%. However, with Akshaya Tritiya falling in the month of May, some banks have extended ‘zero processing fee’ offers, to attract the home buyers. As many housing finance companies (HFCs) are facing a liquidity crisis, with banks reluctant to allow easy money to them after the default by IL&FS, it may be better for home loan seekers to opt for private or PSU banks over the NBFCs, for a better deal.

The monsoon prediction for this financial year is not encouraging, as El Nino may cause rainfall deficit in many areas. A weak monsoon usually results in higher inflation and an increase in interest rates. However, for now, the interest rate trend over the next few weeks will largely depend on the results of the general election and the trade deal between the US and China. The RBI is expected to reveal its next move after the election result is declared and till then, no major change in home loan interest rates is likely.

To make the selection of home loan product more comfortable for the home buyers, 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 the loan amount (in Rs lakhs) with the EMI range corresponding to selected bank mentioned in the table. For example, the interest rate mentioned for Central Bank is 8.55% per annum and the corresponding EMI for Rs one lakh is Rs 871. Now, if you want to calculate the EMI for Rs 30 lakhs, then, simply multiply the EMI with 30, i.e., Rs 871 x 30 = Rs 26,100 per month (approximately), which would be the EMI for 20 years tenure.

See also: Akshaya Tritiya: Look beyond festive offers, while buying a home

 

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

8.7-9.7

881-945

100% waiver of processing charges, subject to recovery of out of pocket expenses of Rs 7,500 plus GST.

Bank of India

8.75-9.65

884-942

0.25 % of the loan amount (Minimum of Rs 1,000 and Maximum of Rs 20,000).

*Processing charges waived till June 30, 2019.

Canara Bank

8.75-8.95

884-897

0.50% (Minimum of Rs 1,500 and Maximum of Rs 10,000).

Central Bank

8.55

871

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

8.7-9.65

881-942

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

8.65-8.9

877-893

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

8.6-9.3

874-919

0.35% of the loan amount plus taxes (Minimum of Rs 2,000 plus taxes and maximum of Rs 10,000 plus taxes).

*Processing fee waived till May 31, 2019.

Syndicate Bank

8.6

874

Minimum of Rs 500 to 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

8.6

874

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).

Note:

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 May 8, 2019.


Home loan interest rates and EMI in top 15 banks, in April 2019

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 April 2019, to help you make the right choice

April 10, 2019: As anticipated, the Reserve Bank of India (RBI) cut its benchmark repo rate by 25 basis points, in its first monetary policy meet of FY 2019-20. Now, the repo rate stands at 6%. It kept the policy stance at neutral, signalling that interest rates would remain in the stable to negative zone. Therefore, more rate cuts may follow in the coming months. The RBI also lowered the GDP projection for FY 2019-20 to 7.2% from 7.4% earlier. In another significant development, the RBI delayed the implementation of the external benchmark system. With banks not passing on the benefit of reductions in the key policy rates to borrowers, a delay in the adoption of an external benchmark, is not in favour of loan borrowers.

However, with the upcoming elections and builders sitting on a huge pile of inventory, this may be the best period to buy a home. With attractive interest rates, which may fall further in the next few months by a few basis points, you may not get a similar price deal from the developers, which they are offering in the prevalent market scenario.

To make the selection of home loan product more comfortable for the home buyers, 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 the loan amount (in Rs lakhs) with the EMI range corresponding to selected bank mentioned in the table. 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.

See also: Following smaller peers, SBI cuts loan rates by a nominal 5 bps

 

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).

Note:

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 April 5, 2019.


Home loan interest rates and EMI in top 15 banks, in March 2019

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 March 2019, to help you make the right choice

March 11, 2019: After the Reserve Bank of India (RBI) reduced its repo rate, in February 2019, the interest rates on home loans have now started softening. Banks like PNB, HDFC, Union Bank, etc., have slashed their interest rate by up to 0.1%. Moreover, with the GST rate on under-construction housing being cut from 12% (with the input tax credit) to 5% (without an input tax credit), sentiments in the real estate market have turned positive and there could be a jump in demand. However, the upcoming general elections and expected trade deal between the US and China, are some macro events that may impact the real estate market in the coming weeks.

Banks have already put a pause on the trend of hike in the interest rate on FDs and this indicates that the interest rates on home loans may also remain subdued, or witness little downward correction.

If you are looking to buy a home, this could be a very good time, with interest rates below the 9% level, along with the reduction in GST rate to 5% and builders ready to offer under-construction properties at attractive rates. For people looking to apply for a home loan, it is important to select the right product.

To make the selection of home loan product more comfortable for the home buyers, 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 selected bank mentioned in the table. For example, the interest rate mentioned for Central Bank is 8.65 per cent per annum and the corresponding EMI for Rs one lakh is Rs 877. Now, if you want to calculate the EMI for Rs 30 lakhs, then, simply multiply the EMI with 30, i.e., Rs 877 x 30 = Rs 26,310 per month (approximately), which would be the EMI for 20 years tenure.

See also: Why the recent reduction in repo rate by the RBI will not result in a reduction in home loan rates

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 Rs7,500 plus GST.
Bank of India 8.7-9.6 881-939 0.25% of the loan amount (Minimum of Rs 1,000 and maximum of Rs 20,000) **Processing charges waived up to March 31, 2019.
Canara Bank 8.7-8.9 881-893 0.50% (Minimum of Rs 1,500 and maximum of Rs 10,000).
Central Bank 8.65 877 0.50% of the loan amount, subject to a maximum of Rs 20,000.
Corporation Bank 8.65-9.3 877-919 Up to 0.50% of the loan amount (Maximum of Rs 50,000).
HDFC Ltd 8.8-9.2 887-913 For salaried individual 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 9.1-9.3 906-919 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)

 

 

 

 

*Fully waived till March 31, 2019.

SBI 8.7-9.35 881-922 Not available
Syndicate Bank 8.75 884 Minimum of Rs 500 to 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). Note: 50% concession in processing charges based on CIBIL score, March 31, 2019.

Note:

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 March 8, 2019.

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