Home loan Interest rates from leading Primary Lending Institutions in India

Interest Rates for Home Loans are undoubtedly the most important parameter to factor into your calculations. And in most cases interest rate is the decisive factor for an investor to narrow down on a certain Primary Lending Institutions home loan offer. The interest on housing loans in India is usually calculated on monthly reducing balance basis.

Comparative Chart on Home Loan Interest Rates on offer from few leading Primary Lending Institutions is given below for the benefit of general public:
Home loan interest rate (20 year loan) as on 25 April, 2012* Home Loan Interest Rate(Below 20 lakhs) Reset clause Fixed(for Fixed(with Current Markup/Markdown Primary Lending after Floating the entire reset Benchmark Rate to Benchmark Institutions how tenure) clause) (for floating) Rates many months
Allahabad Bank 12.75% 12.25% Andhra Bank BR + 1.25% NA Axis Bank 11% 11.75% Bank of India 11% NA DHFL Vyasa Housing Finance 13.50% NA GIC Housing Finance 12.50% NA Gruh Finance Limited 10.75-16% 11.75-17.00% NA NA NA NA 12 NA Linked to the GPLR 10.75% 36 13.25-15% 36 13.25-15% 36 Base+0.5% 24 12.2536-60 13.25% NA NA NA NA NA NA 10.75 NA 10.7515.75% 10.75% 14.25% NA 14.25% 18.25% NA 16.25 BR: 10.2% NA BR-10% NA NA NA varied
th

HDFC Ltd. HSBC Bank HUDCO ICICI Home Finance Co. Ltd. IDBI Home Finance Ltd. India Infoline Housing Finance Ltd.

10.75% 11-13% 10.50-14.00% 10.50% 11.00% 12.5%

16.75% 11-14% Floating + 1.00% 14.50% NA NA

18.50% NA 17.75% 15.25% 16.25%

BR 10% NA BR 10.75% Dependent on individual rating of each customer, amount of loan, tenure, CIBIL scores etc. Markup NA Markdown 5.5% ( 14 -8.5 =5.5) BR:15.50% 2.50% NA 1-4% -

Indiabullls Housing Finance Ltd. Karnataka Bank LIC Housing Finance Manipal Housing Finance Syndicate Limited Micro Housing Finance Corporation National Trust Housing Finance Ltd

NA

NA

NA

NA

17%

11.75-14.75% 10.8% linked to PLR 12-15%

NA NA NA NA

NA 12.15% NA NA NA

NA 60 NA NA NA

15.75% 14.65% 15.25% 14% 15.75%

Rural -11% NA 13% General 14.5% 17.75% Orange City Housing Finance NA 10 50%* (ROI Ltd. 10-14% for home loans) PNB Housing Finance Ltd. 11.75% NA Reliance Home Finance 12.75% NA Private Limited Repco Home Finance Ltd. 12.50% NA

NA

NA

NA

NA

14.00% NA NA

36 NA NA

14.25% 17.75% 16.00%

BR:10.75% 5.50% 3.25%

Rose Valley Housing Development Finance Corporation Ltd. State Bank of India (SBI) Sundaram BNP Paribas Home Finance Ltd. Union Bank of India

11.50%

NA

NA%

--

---

NA

10.50% 12-14.25% 11.75%

NA NA

9.75-12% NA

12 NA

NA 15.50% 15.75%

BR:10% 3% NA

*Source: IL&FS Note: This is a sample list with no indication of a complete list of all the players in the field of Banking & Finance. Most of the banks and HFCs follow the daily or monthly reducing-balance method, by which the principal on which you pay interest reduces every month as you pay your EMI, resulting in a lower interest burden. Thereby, the EMI for the monthly reducing system is effectively lesser than the yearly reducing system of calculating interest.

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