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Home Loan Interest Rate

There are many Banks and HFCs (Home Finance Companies) providing Home loans. Curranty Home Loan interest rates start at 8.40%. Banks and HFCs sanction a maximum of 75% to 90% of the property value as a home loan. Many banks and HFCs are offering existing Home loan balance transfer facilities at a lower interest rate.

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Home loan Interest Rate and Processing Fee...

Banks & HFC
Interest Rate
Processing Fees
Up 0.50%
Bajaj Finserv
Upto 1%
Tata Capital
Upto 1%
IIFL Finance
Kotak Mahindra Bank
Upto 1%
DCB Bank

Lowest Interest Rates

The lowest interest rate refers to the most favorable borrowing cost offered by Banks, usually on loans or credit products. A low interest rate can save borrowers money over time, reducing the overall cost of borrowing. We compare rates from various sources to find the best deal that suits your needs.

Affordable EMI Plans

Affordable EMI plans are designed to make purchases more manageable for borrowers. These plans allow borrower to pay loan amount in smaller, fixed monthly installments over a specific period. By spreading the cost over time, EMI plans can help borrower budget effectively and avoid the burden of lump-sum payments.

No Foreclosure Charge

Borrowers can repay their loans or credit accounts early without incurring any additional fees. This feature offers flexibility and financial freedom to individuals who wish to settle their debts ahead of schedule. It can be a significant advantage, allowing borrowers to save money on interest and achieve debt-free status faster.

Documents Required For Salaried Person

  • KYC documents: PAN card, Aadhaar card, voter ID, Passport, driving license
  • Income Proof: 3 months Salary slips, latest ITR/form-16, 6 months salary account statement
  • Property documents
  • Loan statement of existing loans (If any) 
  • Login Fee cheque

Documents Required For Self-Employed/Businessman

  • KYC documents: PAN card, Aadhaar card, voter ID, Passport, driving license
  • Income Proof: Income Tax Returns of last 2 years, Form 26AS, 1 year currant account statement 
  • Business registration proof
  • Property documents
  • Loan statement of existing loans (If any) 
  • Login Fee cheque

Additional Documents For Balance Transfer

  • 1 year loan statement
  • Sanction latter of loan
  • List of documents 
  • Foreclosure latter
Types of Home loan Interest Rates in India

When it comes to financing your dream home, understanding the various types of home loan interest rates in India is crucial. Home loan interest rates play a significant role in determining the overall cost of your home loan. There are different types of home loan interest rates offered by Indian financial institutions, helping you make an informed decision.

Fixed Interest Rate: Fixed interest rate provide stability and predictability to borrowers. The interest rate remains constant throughout the loan tenure, ensuring that your monthly payments remain unchanged. This type of interest rate is suitable for individuals who prefer a steady repayment plan and want to shield themselves from potential fluctuations in the market.

Floating Interest Rate: Floating interest rate, also known as variable interest rates, are subject to changes based on market conditions. These rates are typically linked to a benchmark rate, such as the Reserve Bank of India’s (RBI) repo rate. When the benchmark rate changes, your home loan interest rate also adjusts, affecting your monthly installments. Floating rates offer the potential for lower initial interest rates and savings if the market rates decrease.

Hybrid Interest Rate: A hybrid loan combines elements of both fixed and adjustable rate mortgages. It usually starts with an initial fixed-rate period, typically lasting for a specific number of years (e.g., 5, 7, or 10 years). After the fixed period ends, the interest rate transitions to an adjustable rate that can change periodically. Hybrid loans offer an initial period of rate stability followed by potential adjustments, making them suitable for borrowers who anticipate changes in their financial circumstances.

Frequently Asked Questions

Yes, you can often change your home loan tenure, but it depends on your lender and circumstances. Consider options like higher payments for a shorter loan or a lump sum payment to reduce the term. Talk to your lender to explore your best options.

The maximum home loan depends on your salary, credit score, and other factors. As a general rule, you may be eligible for up to 50 times your monthly salary. Check with lenders for personalized estimates!

"Reducing EMI" refers to a loan payment structure where the portion of your payment allocated to interest decreases over time, while the portion going towards the principal increases. This means your monthly payments stay the same, but more of your money goes towards actually paying off the loan, making it faster and cheaper in the long run.

Yes, retired people can get home loans, but often with shorter terms, higher rates, and specialized lenders. Consider co-signers, larger down payments, and fixed-rate loans for optimal terms.

Yes, it's still possible to get a home loan with bad credit, though your options and interest rates might be higher. Lenders consider factors like income, down payment, and employment history alongside credit score. Consider speaking to a credit counselor to improve your score and explore lenders specializing in bad credit loans.

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