Know these home loan interest rates and how to calculate rate of interest
In India, most of the home loans are offered by the banks and the interest rates offered vary from bank to bank. The normal range of home loan interest rates are from 8.35% to 14.00%. The front runners are SBI, ICICI, Standard chartered bank and LIC. Some banks such as SBI and ICICI bank give a privilege to its women borrowers. This encourages women o put a hand for buying her own house. There are many platforms for you in internet to compare the home loan interest rates offered by different banks and then to decide. Apart from this you can also calculate your EMI by just entering some particulars. This calculation will help you decide the loan amount and home loan interest rates that you can pay easily without compromising on your daily expenses. You must be careful enough to observe home loan interest rates before going for a home loan. There are two types of interest rates i.e. fixed and floating. Choose the best interest rate as per the mode of repayment you would choose.
How can you calculate the effective interest rate? The combination of base rate and mark up rate are the two components applicable on home loan interest rates. Base Rate: This rate is frequently changing on the basis of multiple inputs. Base rate is the standard lending rate of the bank which is applicable for all retail loans. You can find the base rate of any bank on their official website. Mark Up: Mark up is a component of a small percentage is added to the base rate to arrive at the EIR (Effective Interest Rate) for a specific type of home loan. Effective Interest Rate (EIR) = Base Rate + Mark Up. Check the home loan interest rates as of June 2017. Bank Name
Home loan interest rates
State Bank Of India
General Borrowers- 8.40% to 8.75% Women Borrowers – 8.35% to 8.75%
HDFC LTD
8.35% to 8.60%
Axis Bank
8.35% to 11.75%
Bank of Baroda
8.35% to 9.35%
Bank of India
Men : 8.60% Women : 8.55%
Canara Bank
Men : 8.50% to 8.65% Women : 8.45% to 8.60%
Punjab National Bank
8.65% to 8.75%
India Bulls
General Borrowers 8.40% to 10.05% Women Borrowers – 8.35%
ICICI Bank
General Borrowers – 8.40% to 8.85% Women Borrowers – 8.35% to 8.80%
Aditya Finance
Birla
Housing 8.55% to 8.99%
Indian Overseas Bank
8.55% to 9.05%
Aspire Home finance Corporation Limited
14.00%
Check list before applying for a home loan
If you go through the above link, you will be clearer in choosing a lender for your home loan with a low interest rate. Some unauthorized lenders may also attract you with low interest rates than an average margin in the market. If you encounter such situations, it is always recommended to take an expert opinion and enquire the back ground of the lender. Moreover get updated with the changing interest rate frequently which will help you pay better and save more depending on the type of interest you have chosen to pay.
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