Home Loan

Home Loan Interest Rates

Bank	Loan Rate	Benchmark Type	Processing Fee
SBI	6.70%	RLLR	From ₹ 10,000
HDFC	6.75%	PLR	3k - 10k
Citi Bank	6.65%	TBLR	NIL
Bank of Baroda	6.75%	RLLR	From ₹ 7,500
ICICI Bank	6.75%	RLLR	3k - 5k
Axis Bank	6.70%	RLLR	10k - 25k
PNB	7.35%	PLR	From ₹ 10,000
LIC Housing	6.90%	PLR	10k - 15k
Bajaj	6.75%	PLR	0.35%
Kotak Bank	6.65%	RLLR	Max ₹ 10,000
IDFC First Bank	8.50%	RLLR	₹ 5,000
Tata Capital	6.90%	PLR	From ₹ 999
DCB Bank	10.24%	1 Year MCLR	From ₹ 5,000
DBS Bank	7.30%	RLLR	Max ₹ 10,000
Indiabulls	8.65%	PLR	1.00%

Connect With Us

Trusted Clients

4. 1 /5

Customer Rating

Hrs

Processing Time

60 Sec

Response Time

10 + Years

Experience Team

90 %

Successful Cases

EMI CALCULATOR

emicalculator.net

12 Years of
Advisory Experience

.99 %

RATES AS LOW AS

Upto 20 Years

Long Term Loan

Upto 1 M

Amount of Credit Given

How to Calculate Housing Loan Interest Rate?

Home loan is a long term loan and it is important to estimate the EMI and interest on your loan before applying for one. You can calculate home loan interest rate using two methods:

EMI Calculator :- With the help of an EMI calculator, you can check the amount of EMI that you can comfortably service. To calculate the EMI, you have to enter following details:

Home loan amount | Interest rate | Loan tenure

You can also change the details to check the EMI for different amounts or tenure.

EMI Calculation Formula :- The another way to calculate the interest and EMI on home loan is using mathematical algorithm based on the formula, P x R x (1+R)^N]/[(1+R)^ (N-1). Here unit P is the principal amount, r is the rate of interest and n is tenure. Though the same formula can be used to drive a mathematical calculation yet using the online calculator is better, as it gives reliable results in no-time. These calculators are available at various online platforms, such as MyLoanCare.

Floating Rate Loans or Fixed Rate Loans

Fixed Rate Loans

Interest rate remains same throughout the year.
Offered by select banks, HFCs or NBFCs.
It is a popular choice among the people who want to plan their budget.
If you can foresee that interest rate are going to increase then you should opt for this.

Floating Rate Loans

Interest rate changes as benchmark rate changes.
Offered by all banks, HFCs or NBFCs.
EMIs may fluctuate which makes budget planning difficult.
If you expect that the rates will fall in future or you want to close the loan shortly, then you should opt for floating rate home loan

How is Home Loan Interest Rate Calculated?

Effective Interest rate=Base rate/External benchmark rate + Markup. In case of HFCs or NBFCs, the rate is linked with PLR and effective rate = PLR – Markup.

Base rate: Base rate is the standard lending rate decided by the lender for the lending of all retail products. The base rate is revised by the home loan lender from time to time.
Markup or spread: Markup or spread is the margin added by home loan lenders over and above the base rate. The Markup or spread may vary across home loan schemes.
External benchmark: As per RBI’s directives, lenders are bound to offer home loans linked to any of the external benchmarks such as RBI’s repo rate or three-month treasury bill rate, among others. The change in the external benchmark rate leads to a change in the home loan interest rate.
PLR : PLR or Prime Lending Rate is the internal benchmark of housing finance companies or NBFCs which they use to offer home loan at floating or fixed rates.

Factors that Affect Home Loan Interest Rate

Home loan interest rate is decided by the lender in accordance with the required terms and conditions to determine the home loan rate. However, there are certain factors taken into consideration to offer a home loan interest rate. These are listed as follows:

- Interest rate type: The type of interest rate is distinguished into two-fixed and floating. In general, fixed home loan interest rate is higher than floating home loan interest rate.
- Borrower’s credit score: A good credit score can help one grab a good home loan deal, while a lower credit score can force the home loan lender to charge a higher interest rate.
- Occupation: Salaried individuals are likely to get a lower interest rate when compared to other employee types because salaried employees have fixed source of income.
- Loan type: Home loan is an exclusive term that covers under its arm various home loan products such as home improvement loan, home renovation loan, and home purchase loan, among others.
- Loan amount: A higher home loan amount will attract a lower home loan rate, while a small home loan amount will attract a higher interest rate.
- Loan offers:In case one applies for a home loan with the applicable offers when the lender is offering various customer-centric promo offers, a negotiable home loan interest rate can be availed.

Personal Loan

Loan Against Property

Business Loan

Basic Eligibility Criteria

OUR
PARTNERS

OUR PARTNERS

LOAN PROCESS

Step 1

Fill Out The Form in the Website

Step 2

Submit The Required Documents

Step 3

Documents & Credit Score Verification

Step 4

Loan is Credited To Your Account

feedback

What our clients say

All the services provided by eMax at the time of applying for a loan against property were fantastic. Be its quick turnaround time, fast processing, excellent guidance, etc. The entire… Read more “1”

Mr Aaditya

The team of professionals that I interacted with during my loan application at eMaxloans had superb product knowledge and were very considerate of clarifying all my confusions and doubts instead… Read more “2”

Mr Udit

I sincerely appreciate all the efficiency and efficacy with which the team of financial experts at eMaxloans handled my case. From start to the very end, my loan application went… Read more “3”

Mr. Rahul

I would like to thanks the entire team of eMaxloans for the wonderful service experience accorded to me during my loan application procedures. I am incredibly pleased with the quick… Read more “4”

Mr. Gouri

Hiccups are part of every business and when they get linked to the crunching finances, finding a quick resolve becomes a necessity. There was a time when our organisation was… Read more “5”

Mr Razdan

I got the credit for my loan amount as requested for within the time promised by the team. Kudos to Avdesh and his entire team off financial experts at eMaxloans… Read more “6”

Mr. Bhushan