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Public Sector Banks Updated on 24-02-2025
Public sector banks are a favorite among the majority of borrowers due to their low rates of interest and low processing fees. Some of the leading banks and their new home loan rates of interest are:
| Banks | Starting Interest Rate (p.a.) | Processing Fees |
| State Bank of India (SBI) | 8.25% – 8.65% | ₹0 – ₹5,900 |
| Bank of Baroda | 8.15% – 10.35% | ₹5,900 – ₹10,080 |
| Bank of India | 8.40% – 9.55% | ₹2,500 – ₹20,000 |
| Union Bank of India | 8.10% – 10.50% | ₹0 – ₹15,000 |
| Bank of Maharashtra | 8.10% – 10.65% | ₹0 – ₹11,800 |
| Punjab National Bank (PNB) | 8.15% – 9.10% | ₹0 – ₹5,900 |
| Canara Bank | 8.20% – 10.70% | ₹11,800 – ₹15,000 |
| Central Bank of India | 8.25% – 9.25% | Nil |
| IDBI Bank | 8.50% – 10.85% | ₹5,900 – ₹11,800 |
| UCO Bank | 8.30% – 10.00% | ₹1,500 – ₹15,000 |
| Indian Overseas Bank | 8.25% – 8.75% | ₹5,900 – ₹15,000 |
Private Banks
Private banks tend to offer competitive home loan interest rates but slightly higher processing charges. Some of the recent housing interest rates today from top private banks are as follows:
| Banks | Starting Interest Rate | Processing Fee |
| HDFC Bank | 8.75% – 9.65% | ₹0 – ₹3,300 |
| ICICI Bank | 8.75% – 9.10% | ₹5,900 – ₹11,800 |
| Axis Bank | 8.75% – 9.65% | ₹5,900 – ₹11,800 |
| Kotak Mahindra Bank | 8.75% – 9.50%, | ₹5,000 – ₹11,800 |
| Federal Bank | 8.80% – 10.25% | ₹5,900 – ₹15,000 |
| IDFC First Bank | 8.85% – 12.00% | Up to 3% of loan amount |
| Yes Bank | 9.00% – 12.00% | Up to 1% of loan amount |
| RBL Bank | 9.00% – 12.00% | Up to 1.25% of loan amount |
| IndusInd Bank | 8.35% – 9.90% | ₹5,900 – ₹10,000 |
| AU Small Finance Bank | 11.00% – 22.00%, | Up to 2% of loan amount |
| Bandhan Bank | 9.15% – 13.25% | Up to 2% of loan amount |
| South Indian Bank | 8.50% – 11.20% | ₹10,000 – ₹15,000 |
| Karur Vysya Bank | 8.75% – 11.70% | Up to 0.5% of loan amount |
Non-Banking Financial Companies (NBFCs)
NBFCs provide home loans with flexible repayment terms but with slightly higher interest rates. Some of the recent home loan interest rates provided by NBFCs are as follows:
| NBFCs | Starting Interest Rate | Processing Fee |
| Bajaj Finserv | 8.50% – 15.00% | Up to 4% of loan amount |
| LIC Housing Finance | 8.50% – 10.50% | ₹5,900 – ₹11,800 |
| PNB Housing Finance | 8.50% – 15.00% | Up to 1% of loan amount |
| Tata Capital | 8.75% – 10.55% | Up to 0.5% of loan amount |
| Godrej Housing Finance | 8.55% – 13.00% | Up to 0.5% of loan amount |
| L&T Finance | 8.65% – 15.00% | Up to 3% of loan amount |
| IIFL Home Loan | 8.75% – 12.00%, | Up to 1.75% of loan amount |
| Piramal Finance | 9.50% – 16.00% | Up to 4% of loan amount |
| Aadhar Housing Finance | 11.75% – 16.50% | Up to 1% of loan amount |
Factors Influencing Housing Interest Rates
Different parameters determine home loan interest rates, including:
- Credit Score: People with good credit scores are provided with lower interest rates.
- Loan Amount & Tenure: Large loan sizes and longer periods may impact interest rates.
- Market Conditions: RBI repo rate fluctuations dictate lending rates.
- Type of Interest Rate: Fixed rates and floating rates vary according to lender policies.
- Employment Profile: Salaried employees may be provided with better rates than self-employed employees.
How to Get the Best Home Loan Rates Today
To obtain optimum interest rates on a house loan, keep in mind the following:
- Improve Your Credit Score: Keep your credit score up to date and improve it by making timely bill payments and settling dues.
- Compare Different Lenders: Compare and know the current interest rates provided in house loans by government sector banks, private sector banks, and non-banking finance companies.
- Select a Floating Rate: Although fixed interest rates are cushioned, floating rates may be beneficial in the event of a decline in market interest rates.
- Negotiate with Banks: Negotiate with the bank if you have a good financial record and good credit history for the low rate of interest
- Special Offers: Some banks provide low interest rates to women borrowers, first-time home buyers, and repeat customers.
Conclusion
Knowing the latest home loan interest rates in February 2025 will help you choose the best lender. It doesn’t matter whether you want to go with a public sector bank, private bank, or NBFC because proper research and correct comparison will make you fetch the best home loan rates for today. Never forget to go through the terms and conditions, processing fee charges, and interest rates available before opting for a loan so that one can make a rational economic decision.
