Homeownership is a significant aspiration for many Indians, and home loans play a crucial role in enabling individuals to achieve this dream. Home loan interest rates directly impact the affordability of homeownership. Lower interest rates make home loans more attractive, encouraging individuals to purchase homes and stimulating demand in the real estate sector. On the other hand, higher interest rates increase the cost of borrowing, making homeownership less affordable and potentially dampening demand.
This article explores interest rates of four leading banks in India, based on floating rates of interest, also known as a variable or adjustable rate. A floating home loan rate of interest in India refers to the interest rate on a home loan that can fluctuate over time based on a benchmark rate (repo rate). This benchmark rate is typically set by the Reserve Bank of India, and it can change in response to various economic factors, such as inflation and monetary policy.
Check home loan interest rates of 4 banks here;
State Bank Of India
SBI home loan interest rate: As of today, November 22, 2023, the home loan interest rate range offered by SBI is between 8.60% and 9.45% per annum. The exact rate depends on various factors, including the loan amount, tenure, borrower’s credit score, and the type of home loan selected.
Punjab National Bank
PNB home loan interest rate: As of today, November 22, 2023, the latest home loan interest rate range offered by Punjab National Bank ranges from 8.40% to 10.60% per annum. Like any other bank, the exact rate depends on various factors, including the loan amount, tenure, borrower’s credit score, and the type of home loan selected offered by the bank.
HDFC Bank
HDFC home loan interest rate: As of November 22, 2023, the latest home loan interest rate range offered by HDFC Bank ranges from 8.50% to 9.40% per annum. This rate of interest is applicable to home loans, balance transfer loans, house renovation and home extensions loans.
- Special rates for salaried & self employed (professionals & non-professionals): 8.50% to 9.15% per annum
- Standard rates for salaried & self employed (professionals & non-professionals): 8.75% to 9.40% per annum.
ICICI Bank
ICICI Bank home loan interest rate: As of today, November 22, 2023, the latest home loan interest rate range offered by ICICI Bank ranges 9% to 10.05% per annum. Like any other bank, the exact rate depends on various factors, including the loan amount, tenure and borrower’s credit score.
RBI Repo Rate
Home loan interest rates are indirectly linked to inflation and monetary policy. The Reserve Bank of India (RBI) sets the repo rate, which is the benchmark interest rate at which banks borrow from the central bank. Changes in the repo rate often lead to corresponding adjustments in home loan interest rates.
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