Home Loan Interest Rates And EMI In Top 15 Banks (May 2019)

Interest rate and processing charge 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 Bank8.9-9.15893-909Up to 1% of the loan amount, subject to a minimum of Rs 10,000.
Bank of Baroda8.7-9.7881-945100% waiver of processing charges, subject to recovery of out of pocket expenses of Rs 7,500 plus GST.
Bank of India8.75-9.65884-9420.25 % of the loan amount (Minimum of Rs 1,000 and Maximum of Rs 20,000).

*Processing charges waived till June 30, 2019.

Canara Bank8.75-8.95884-8970.50% (Minimum of Rs 1,500 and Maximum of Rs 10,000).
Central Bank8.558710.50% of the loan amount, subject to a maximum of Rs 20,000.
Corporation Bank8.6-9.25874-916Up to 0.50% of the loan amount (Maximum of Rs 50,000).
HDFC Ltd8.7-9.65881-942For 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 Bank9.05-9.25903-9160.5%, plus applicable taxes.
IOB8.65-8.9877-8930.5%, up to Rs 25,000.
PNB8.65-8.75877-8840.35% of the loan amount (Minimum of Rs 2,500 and maximum of Rs 15,000).
SBI8.6-9.3874-9190.35% 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 Bank8.6874Minimum of Rs 500 to maximum of Rs 5,000.
UCO Bank8.7-8.95881-8970.50% of the loan amount (Minimum of Rs 1,500 and maximum of Rs 15,000).
United Bank8.68740.59% (Minimum of Rs 1,180 and maximum of Rs 11,800).
Union Bank8.7-8.85881-8900.50% 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 6, 2019.

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