Banks Offering Low-Interest Home Loans from SBI to HDFC

Following  the central government's encouragement to obtain home loans at low rates under schemes like Pradhan Mantri Awas Yojana, India's largest public sector bank and other private banks have reduced interest rates on home loans.

Reduction in Interest Rates

Major  banks from State Bank of India (SBI) to ICICI Bank have reduced the interest rates on home loans by 15 to 30 basis points, i.e., 0.15% to 0.30%. As a result, home loans can now be availed at an interest rate as low as 8.35%. Here, we list the banks suitable for obtaining home loans at low-interest rates.

SBI Home Loan

India's  largest bank, State Bank of India (SBI), has reduced the interest rate on home loans up to 30 lakhs by 25 basis points, i.e., 0.25%, bringing it down to 8.35%. SBI announced that 8.35% is the lowest home loan interest rate in the market. Additionally, home loan borrowers can avail of a subsidy of up to 2.67 lakhs under the Pradhan Mantri Awas Yojana scheme. You can also transfer your existing home loan to SBI without any additional charges to benefit from SBI's low-interest rates.

ICICI Bank

India's  largest private sector bank, ICICI Bank, has reduced the interest rate on home loans up to 30 lakhs by 30 basis points, i.e., 0.30%. As a result, working women can avail of home loans at an interest rate of 8.35%, while others can get them at 8.4%. ICICI Bank offers this interest rate for both floating and fixed interest rate home loans for 24/36 months.

HDFC

HDFC Bank, renowned for its lending services in India, offers home loans at an interest rate of 8.35% for working women and 8.4% for others, similar to ICICI Bank, for loans up to 30 lakhs.

Axis Bank

Effective from May 16, Axis Bank has reduced the interest rate on home loans up to 30 lakhs by 30 basis points. Therefore, salaried individuals can obtain home loans at an interest rate of 8.35%, while self-employed individuals can avail them at 8.4%.