Check best interest rates offered in April by banks and housing finance companies

Taking a home loan is one of the most significant long-term financial decisions for any individual, where even a marginal difference in interest rates can translate into a substantial impact on overall repayment. Since lenders price loans differently based on factors such as credit score, income profile and loan size, comparing available options becomes essential to secure the most cost-effective deal.

The latest policy stance by the Reserve Bank of India further reinforces this need for careful evaluation. In its April 8 meeting, the Monetary Policy Committee (MPC) kept the repo rate unchanged at 5.25 percent, extending the pause after a series of rate cuts over the past year.

For home loan borrowers, this signals a period of stability, as most loans are linked to external benchmarks like the repo rate. With no immediate change in policy rates, EMIs are expected to remain steady in the near term, and lenders are likely to hold their lending rates unless broader liquidity conditions or the policy outlook shift.

Here’s a list of home loan rates being offered by various financial institutions:

Public Sector Banks

State Bank of India’s interest rate ranges from 7.25 percent to 8.70 percent.

Bank of Baroda’s interest rate ranges from 7.20 percent to 9 percent.

Union Bank of India’s interest rate ranges from 7.15 percent to 9.50 percent.

Punjab National Bank’s interest rate ranges from 7.30 percent to 9.30 percent.

Bank of India’s interest rate ranges from 7.10 percent to 10 percent.

Canara Bank’s interest rate ranges from 7.25 percent to 10 percent.

Private Sector Banks

Kotak Mahindra Bank’s interest rate starts from 7.70 percent onwards.

ICICI Bank’s interest rate starts from 7.45 percent onwards.

Axis Bank’s interest rate ranges from 8.00 percent to 11.90 percent.

HSBC Bank’s interest rate starts from 7.45 percent onwards.

South Indian Bank’s interest rate starts from 7.20 percent onwards.

HDFC Bank’s interest rate starts from 7.70 percent onwards.

Bandhan Bank’s interest rate ranges from 8.41 percent to 12.58 percent.

Housing Finance Companies (HFCs)

LIC Housing Finance’s interest rate starts from 7.15 percent onwards.

Bajaj Housing Finance’s interest rate starts from 7.15 percent onwards.

Tata Capital’s interest rate starts from 7.50 percent onwards.

PNB Housing Finance’s interest rate starts from 7.50 percent onwards.

GIC Housing Finance’s interest rate starts from 8.20 percent onwards.

SMFG India Home Finance’s interest rate starts from 10.00 percent onwards.

Sammaan Capital’s interest rate starts from 8.75 percent onwards.

Borrowers with high credit scores, usually 800 and above, are more likely to qualify for the lowest home loan interest rates. The applicable rate can also vary based on whether the applicant is salaried or self-employed.

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