In Search Of A Home Loan? Here Are The Current Home Loan Interest Rates In 2022

Home Loan

Buying a house in the current market is thrilling, and yet, it can even be terrifying. However, your ultimate goal is to find a home that meets your needs and is within your price range. Use the information in the following section to narrow down your options and find the one that best suits your needs. 

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One of the crucial factors to consider is the current home loan interest rates. We have compiled the most up-to-date data on some prominent banks’ current home loan interest rates

Home Loan Interest Rate of other Banks 2022

Please note the interest rates offered here are subject to change. You must reach out to the lending institution of your choice to know the applicable interest rate and other charges. 

Bank NameStarting Interest RateProcessing Fees
Kotak Mahindra Bank7.50% p.a. onwards0.50%
Citibank6.65% p.a. onwardsRs. 10,000
Union Bank of India7.90% p.a. onwards
Bank of Baroda7.45% p.a. onwards
Central Bank of India7.20% p.a. to 7.65% p.aRs. 20,000
Bank of India7.30% p.a. onwards
State Bank of India8.05% p.a. onwards0.35% onwards
HDFC LTD8.10% p.a. onwards0.5% or Rs.3,000 whichever is higher
LIC Housing Finance7.55% p.a. onwardsRs. 10,000 -Rs. 15,000
Axis Bank7.60% p.a. onwardsRs. 10,000

Kotak Mahindra Bank Offers the Most Competitive Interest Rates

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  • Zero prepayment charges
  • Low current home loan interest rates starting from 7.50% p.a.
  • Timeframes for loan repayments of up to 20 years
  • Balance transfer with top-up loan available
  • Fees associated with processing the loan could reach 0.50% of the total loan amount

How Can You Get A Lower Interest Rate?

The rates mentioned are an indication, and we can all agree these are important to consider. However, the final interest rate is directly essential; we have also compiled the steps to take to get the lowest interest rate. worldplaners

  1. Compare the interest rate – Comparing the interest rates of different lenders will give you a clear idea of which banks offer the lowest interest rate. 
  2. Do not forget to factor in other costs – The interest rate is the most critical factor, but other factors, such as processing fees and additional charges, also add to the overall cost of the loan. Consider these also to get a clear idea of what to expect. 
  3. Apply with a high credit score – The credit score is given by credit bureaus such as CIBIL and Experian. Remember that the higher the score, the higher the chances of a lower interest rate. Check out the minimum credit score eligibility before applying for a loan. 

Now that you know how to aim for a low-interest rate let us look at the type of home loans you can get. 

Types Of Home Loans In India

There is a wide variety of housing loans available from Indian banks. Below is a list of the most common kinds of land loans in India:

  • Pre-approved Home Loan: They are made available by banks to qualified borrowers after they have evaluated the borrower’s creditworthiness, income, and financial situation and given their in-principle approval for the loan.
  • New Home Loans: Homebuyers who have never owned a home before may apply for a New Home Loan.
  • Home Purchase Loans: Homebuyers can apply for a home loan to help finance the purchase of a house or apartment. newfashionlamp
  • Home Loan for Construction: Customers who want to build their own homes on already-owned land can apply for a land loan for construction.
  • Plot Loans: Loans for purchasing a plot of land to build a home are known as “plot loans.”
  • Home Extension/Renovation Loans: Borrowers who already own a home but want to improve it by adding on or renovating it can apply for a loan specifically for this purpose.
  • Balance Transfer Home Loan: People unhappy with their current home loan provider can switch to another lender by choosing to “balance transfer” their loan. People typically go this route since it gives them access to more favourable current home loan interest rates.

Home Loan Top Up Most banks and NBFCs provide a service called “Home Loan Top Up,” which enables current borrowers to borrow an additional sum on top of their existing mortgage.

Do remember that the interest rate varies for different home loan types. Take time out to understand the details before applying for a home loan.

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By Christopher

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