Home Loan Interest Rate in All Banks Post Repo Rate-linked Benchmarking Almost every bank has followed the mandate of the Reserve Bank of India (RBI) asking lenders to price their floating rate loans such as home loans to external benchmarks such as Repo Rate, treasury bills or any other benchmark. Banks have adopted Repo Rate as the benchmark to price home loans. With that in place, the loan pricing is expected to be a lot more transparent than was the case before. So, whatever stance the RBI takes in its monetary policy meeting, it will be accepted by banks in the same proportion. With internal benchmarks such as the Marginal Cost of Lending Rate (MCLR), banks could not pass on the exact benefits of policy rate cuts to borrowers. But all that has changed with the introduction of Repo Rate-linked Lending Rate. Let’s see the Home Loan Interest Rate in All Banks post this development. SBI Home Loan Interest Rate 2019 The largest public lender i.s. State Bank of India (SBI) is a force in India’s home loan space by offering a customized suite of products. It is offering loans at 2.65% over the external benchmark rate of 5.40%. Loans up to 30 lakh, above 30-75 lakh and above 75 lakh are financed at 8.15%-8.35%, 8.40%-8.60% and 8.50%-8.70%, respectively. ICICI Bank Home Loan Interest Rate ICICI Bank is also a prolific home loan player with its reach across every square of India with a massive branch presence. It offers home loans up to 35 lakh, above 35 lakh-75 lakh and above 75 lakh at 8.65%-9.10%, 9.05%-9.35% and 9.10%-9.40%, respectively. Axis Bank Home Loan Interest Rate Axis Bank home loan interest rates are also benchmarked to the repo rate. The effective rate of interest, including the repo rate comes out as 8.85%-9.30% for salaried individuals and 8.90%-9.50% for self-employed individuals. How Much Interest Rate Does Bank of Baroda Charge on Your Home Loan? Bank of Baroda (BoB), like its public lending giant SBI, has been a powerful player in the home loan circuit. The home loan offers are based on the repo rate as well as the credit score of an individual. If the individual has a credit score of more than 760, you will get the lowest rate of 8.10% to service the loan. The maximum rate of interest is 9.10% per annum.
Punjab National Bank Home Loan Interest Rate Punjab National Bank (PNB) also keeps its eyes on the home loan market by offering competitive rates. Loan up to 30 lakh, above 30 lakh-75 lakh and above 75 lakh comes at 7.95%-8.10%, 8.20%-8.35% and 8.30%-8.45%, respectively. Compare All Bank Home Loan Interest Rates You must compare the interest rates of all banks and see which offers the loan at the lowest rate. A good loan deal would ensure you save a lot on your repayment. For a better comparison, you can also take the help of the home loan EMI calculator. The calculator computes the EMI taking into account the loan amount, tenure and rate of interest.