Housing finance companies (HFCs) are offering home loans at competitive interest rates starting from 7.45%, on par with leading banks. However, unlike banks, HFC interest rates are not directly linked to the RBI’s repo rate, which can make it harder to anticipate the impact of monetary policy changes. Nevertheless, intense competition in the home loan market is driving HFCs to offer attractive rates, particularly to borrowers with strong credit profiles.
According to Bankbazaar.com data as on September 29, interest rates for a Rs 50 lakh, 20-year home loan range from 7.45 to 9 percent. The rates are indicative and may vary based on individual factors such as credit score and income. For this list, only top HFCs have been considered.
Bajaj Finserv offers home loans at competitive interest rates starting from 7.45 percent with a monthly EMI of Rs 40,127 for a loan amount of Rs 50 lakhs over a tenure of 20 years.
LIC Housing Finance provides home loans at an interest rate of 7.50 percent onwards, with a monthly EMI of Rs 40,280 for a Rs 50 lakh loan over 20 years.
Tata Capital home loans start at 7.75 percent. The EMI for Rs 50-lakh, 20-year loan works out to Rs 41,047.
PNB Housing Finance provides home loans at 8.25 percent interest rate onwards, with a monthly EMI of Rs 42,603 for a Rs 50 lakh loan tenure of 20 years.
Piramal Capital & Housing Finance home loan rates start at 9 percent. The EMI for Rs 50-lakh, 20-year loan works out to Rs 44,986.
SOURCES :- Money Control