In case you are planning to buy a house and are on the lookout for a home loan, you should first compare the rates of interest offered by different banks and then apply for the one that suits you the most.
Interest rates on loans above ₹50 lakh
ICICI Bank: When the loan amount ranges between ₹35 to 75 lakh, the rate of interest charged by ICICI Bank varies between 9.5 to 9.8 percent for salaried persons and 9.65 percent to 9.95 percent for self-employed borrowers.
However, when the loan amount is higher than ₹75 lakh, the rate of interest rises marginally. It varies between 9.6 percent to 9.9 percent for salaried persons and 9.75 percent to 10.05 percent for self-employed.
HDFC Bank: HDFC Bank charges an interest rate that varies between 8.9 percent to 9.6 percent. This is the standard home loan interest rate whereas the special rate varies between 8.55 percent to 9.10 percent.
State Bank of India: SBI charges interest rate on the basis of the borrower’s credit score. To borrowers with a high score, the state lender offers loans at 9.15 percent to 9.55 percent.
When the credit score falls to anywhere between 700-749, the rate of interest rises to 9.35 to 9.75 percent.
It further rises to an interest rate range of 9.45 to 9.85 percent when the credit score is between 650 to 699. And when the score is even poorer than this, the rate of interest will vary between 9.65 to 10.05 percent.
| Bank | Interest rate (%) |
| ICICI Bank | 9.5 to 9.8 |
| HDFC Bank | 8.9 to 9.6 |
| SBI | 9.15 to 10.05* |
| PNB | 8.4 to 11 percent* |
| Bank of Baroda | 8.4 to 10.6 per cent |
* Based on credit score
PNB: For credit scores above 800, the state lender charges an interest rate of 8.40 percent for all loans above ₹30 lakh.
When the credit score falls to 750, the interest rate is 9.45 percent regardless of loan amount. For borrowers with a credit score of 700-749, interest rate rises to 9.90 and for even lower credit scores, the rate of interest is 11 percent.
Bank of Baroda: This state lender has a fixed range for all borrowers i.e., between 8.4 percent to 10.6 percent.
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Published: 01 Feb 2024, 05:39 PM IST
