Home Loan Rates in 2015: Here’s Your Guide

 As soon as one starts looking out at properties to buy a house, banks start offering home loans. This can be overwhelming at times. Making a choice then largely depends on comparing what competitor banks have to offer. Here is a list, which compares home loan rates by different banks.

For a loan amount up to Rs 30 lakh and the tenure being 15-20 years, the following is on offering.

This rate is being offered by the following organizations:

    SBI ( State Bank of India)

    ICICI Bank

    HDFC Bank

    HSBC Bank

    Axis Bank

    PNB Housing Finance

    DHFL

    India Bulls ( Up to Rs 25 lakh)

    Citi Bank

    Tata Capital Housing Finance Ltd

EMI per lakh works out to be Rs 975.

SBI charges a processing fee of 0.25 per cent of the loan amount up to Rs 25 lakh or minimum Rs 1000. For a loan amount above Rs 25 lakh the processing fee is Rs 3,250. Citibank charges 0.25 per cent of the loan amount. ICICI, HDFC and PNB charge 0.5 per cent of the loan amount as processing fees. However, HDFC has capped the maximum amount to Rs. 10,000. Whereas, Axis Bank and HSBC charge a minimum processing fee of Rs 10,000 or 1 per cent of the total loan amount. DHFL charges Rs 5000 plus document charges and taxes and India Bulls charges Rs 7,500 plus taxes.

This rate is being offered by the following banks:

    Federal Bank

    Bank of India

    UCO Bank

    Canara Bank

The EMI per lakh works out to be Rs 978.

Federal Bank and UCO Bank both charge 0.5 per cent of the loan amount. The minimum amount charged is Rs 3000 and Rs 1500 whereas maximum is Rs 7500 and Rs 15,000 respectively by both the banks. Bank of India has decided to waive off processing fees on new loans sanctioned up to March 2015.

This rate is being offered by the following lenders:

    IDBI

    Punjab National Bank

    Allahabad Bank

    Central Bank of India

    Corporation Bank

    Union Bank of India

    United Bank of India

    Bank of Baroda

    Oriental Bank of Commerce

    Kotak Bank

    Dena Bank

    First Blue Home Finance

    Syndicate Bank

    Indian Overseas Bank

    State Bank of Travancore

    Indian Bank

The EMI per lakh works out to be Rs 982.

IDBI, Punjab National Bank and Oriental Bank of Commerce have NIL processing fees. State Bank of Travancore does not charge any processing fee up to a loan amount of Rs 25,000 and United Bank of India has waived off processing fee for a loan amount up to Rs 75 lakh. Processing fee ranges from 0.25 per cent to 0.5 per cent of the loan amount. Allahabad Bank charges 0.6 per cent of the loan amount with a cap of Rs 12,000 while India Overseas Bank charges 0.58 per cent of the loan amount with a cap of Rs 10,190.

Standard Chartered Bank offers 10.26 per cent on home loans with a processing fee of Rs 5500 plus service tax. The EMI works out to be Rs 982.

Vijaya Bank charges 10.30 per cent and the EMI works out to be Rs 985. The processing fee is 0.25 per cent of the loan amount with a cap of Rs 10,000.

    Deutsche Bank offers an interest rate of 10.5 per cent and a flat processing fee of Rs 12,000 plus taxes. EMI per lakh works out to be Rs 998.

    Bank of Maharashtra offers 10.55 per cent (up to 25 lakh) and 10.75 per cent above that. Accordingly the EMI works out to be Rs 1001 and Rs 1015 respectively. Processing fee is 0.25 per cent of the loan amount subject to maximum of Rs 25,000.

    ING Vysya offers 10.75 per cent, the EMI for which works out to Rs 1015. Processing fee is 0.5 per cent of the loan amount.

    Development Credit Bank and Dhanalakshmi Bank offer 11.50 per cent and charge a processing fee of 1 per cent. EMI per lakh works out to be Rs 1066.

    LIC Housing Finance offers 10.10 per cent (fixed for 2 years)

    HDFC Ltd offers 10.15-10.65 per cent (fixed for 2-3 years) and 10.25- 10.75 per cent (fixed for 10 years).

    Axis Bank offers 10.40 per cent (fixed for 20 years)

Look out for festive offers when processing fee is waived off and always negotiate for better rates. Request your bank official to share complete details so that there are no surprises in the form of hidden charges, pre-payment charges etc. Also, find out about special rates applicable for self-employed individuals and women.

Hope this compilation helps you in analysing what suits you best.

Data source: deal4loans.com