Interest rate and processing charge on home loan by banks (with indicative EMI)
The EMI is based on a loan amount of Rs one lakh for a tenure of 20 years.
Interest rates are based on the floating rate system. Rates may be subject to revision after a specified tenure, depending on the bank’s terms and conditions. The EMI range is indicative and is calculated, based on the interest rates given in the table. In an actual situation, it may include other charges and fees, as per the bank’s terms and conditions. The actual interest rate may vary, based on the credit profile of the loan applicant. Data in the table is only for illustration purposes.
Data taken from respective bank’s website, as on October 9, 2020.
|Lender’s name||Floating interest rate (Per cent, per annum)||EMI per Rs one lakh (in Rs)||Processing fee|
|Axis Bank||7.75-8.55||821-871||Up to 1% of the loan amount, subject to a minimum of Rs 10,000.|
|Bank of Baroda||7.0-8.35||775-858||0.25% to 0.5% of the loan amount (Rs 8,500 to Rs 25,000).|
|Bank of India||6.85-7.75||766-821||0.25% of the loan amount (Minimum of Rs 1,500 and maximum of Rs 20,000).|
|Canara Bank||6.9-8.9||769-893||0.50% (Minimum of Rs 1,500 and maximum of Rs 10,000).|
|Central Bank||6.85-7.3||766-793||0.50% of the loan amount, subject to a maximum of Rs 20,000.|
|Indian Bank||7.15-7.5||784-806||0.230% of the loan amount, with a maximum of Rs 20470.|
|HDFC Ltd||6.90-7.85||769-827||For salaried individuals and self-employed professionals: Up to 0.50% of the loan amount or Rs 3,000, whichever is higher.|
Self-employed non-professionals: Up to 1.50% of the loan amount or Rs 4,500. whichever is higher.
|ICICI Bank||6.90-8.05||769-840||0.50% of the loan amount, plus applicable taxes.|
|IOB||7.05-7.3||778-793||0.5%, up to Rs 25,000.|
|PNB||7.10-7.75||781-821||Full waiver of upfront / processing fees and documentation charges during the Festival Bonanza Period from September 7, 2020 to December 31, 2020.|
|SBI||6.95-7.6||772-812||0.40% of the loan amount plus applicable GST, subject to a minimum of Rs 10,000 and a maximum of Rs 30,000, plus GST.|
|South Indian Bank||7.90-9.40||830-926||0.50% of the loan amount (Minimum of Rs 5,000 and maximum of Rs 10,000).|
|UCO Bank||7.15-7.25||784-790||0.50% of the loan amount (Minimum of Rs 1,500 and maximum of Rs 15,000).|
|Kotak Mahindra Bank||7.10-9.3||781-919||Up to 0.5%, plus GST.|
|Union Bank||6.7-7.15||757-784||0.50% of the loan amount, subject to a maximum of Rs 15,000 (plus applicable tax).|