subject: Home loan interest rates in India [print this page] People needs a finance to purchase their dream home. To fulfill their dream, home loan is the medium available for them. But, the very first thing boggles in their mind about interest rate which banks charged on home loan. Generally, banks offer fixed rate and floating rate on home loan. There are large number of banks and financial institutions offer home loans to the customer. The leading players in India such as ICICI Bank, HDFC Bank, SBI Bank, IDBI Bank, PNB, LIC Housing Finance, GIC Housing Finance, Bank of India, Axis Bank, Deutsche Bank, Bank of Baroda, Union Bank of India, Canara Bank and more. Due to the large sources of home loans in the market, the competition is very high and every one is trying to flourish the business. This is why, the interest rate on home loan have fallen to a very affordable rate. Additionally, the most of companies are also comes up with attractive schemes of home loan in which the rates are very lower with other benefits. Such competition is very beneficial for the people as earlier they were not in position to apply due to higher interest rate in the market. Today, most of banks comes up with fixed and floating rate scheme. Under theses schemes, the rate is fixed for initial 2 or 3 years and at the end of the fixed term, the rate is adjusted to prevailing interest rate in the market. The customer get the security of fixed rate and also the benefit of the floating rate. Generally, the interest rate offered by the companies are similar to the prevailing interest rate in the market. The fixed rate is up to 15% and floating rate is up to 13% on home loan in the current scenario. To take a view on the current interest rate, go online to check it for best interest rate in the market.
Home loan interest rates in India
By: Habibulla Antule
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