Check Home Loan Interest Rate 2023: Comparison between the Rates of SBI, HDFC, ICICI, PNB and LIC, Calculate Rates Using EMI Calculator

Home Loan interest rates of all banks like SBI, HDFC, ICICI, PNB and LIC updated in January 2023. Now you can compare the lowest home loans interest rate which is starting from 6.80% per annum and choose your best home loan.

Here you will get the complete list of most famous banks housing loan rate of interest in the country.

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Home Loan Interest Rate of Leading Banks

1. SBI housing Interest rate

The State Bank of India (SBI) proffers numerous home loan interest rates counting on the applicant’s credit card. The starting rate of interest of SBI is 8.75% per annum onwards and the processing fees is 0.35% onwards.

2. PNB housing Interest rate

Counting on the credit score of applicant’s profile and kind of house loan, the Punjab National Bank (PNB) proffers many types of interest rates starting from 8.75% per annum onwards and the processing fees is up to 0.50%.

3. ICICI housing Interest rate

Similar to the other financial institutions, the ICICI Bank also proffers various interest rates counting on the credit score of applicants. The basic home loan of ICICI Bank is 8.75% per annum and processing fees ranging from 0% – 0.50% (plus Applicable Taxes).

4. HDFC housing Interest rate 

The HDFC Bank’s housing Interest rates is starting from 8.60% per annum onwards and processing fees is 0.5% or Rs 3,000 whichever is higher.

5. LIC Housing Interest Rate

The LIC Housing Finance proffers many types of interest rates starting from 8.90% per annum onwards and processing fees is Rs 10,000- Rs 15,000.

Calculate Rates

Home loan are long- term loans and it is required to find out your total interest liability towards the loan at the first place. Calculate the rates using:

EMI Calculator – Firstly fill up the fields flashing on the calculator- mention Home loan Amount, loan repayment tenure, Rate of Interest then click ‘Calculate’ button to find breakup of your loan that will also include the amount payable towards interest.

EMI Calculation Formula –

Calculate your EMI liability for your home loan using the Formula:

EMI = P x R x (1+R) ^N / [(1+R) ^N-1]

Where P stands for Principle, R for rate of interest, and N for number of installments or loan period in months.