Home Loan Interest Rate 2022: SBI vs HDFC vs ICICI vs PNB vs LIC rates compared; Check EMI calculator

Recently, large housing lenders have lowered house loan rates in an environment of rising interest rates in an effort to maintain the momentum of demand, which is being influenced by growing real estate prices, greater borrowing costs, and inflationary pressures.

Following the most recent 50 bps increase in the repo rate to 5.9 percent, many lenders have lowered the rates on their home loans by 15 to 30 basis points (bps) since mid-October. 

According to these lenders, the exceptional rates are being provided as part of exclusive holiday offers to high-caliber consumers with good credit ratings in order to maintain affordability during the peak season for home purchases and sustain the strong demand for housing loans.

After the festive offer, financial institutions make the loan costlier. Scroll ahead to find out the lowest interest rate on home loans offered by major financial bodies.

Depending on the credit score, person's employment profile, and kind of house loan, the Punjab National Bank (PNB) offers a range of interest rates from 8.20 percent to 9.35 percent.

Just like the other financial institutions, the ICICI Bank also offers different interest rates depending on the credit score of the applicant. The basic home loan interest rate is 8.4 percent and goes up to Rs 9.5 percent depending upon the profile of the borrower.

For instance, The ICICI bank website states that the interest rate on a home loan for professionals and salaried people with a Cibil score of 800 or higher will be 8.4 percent.

The interest rate on a house loan will be 8.40 percent for people with a Cibil score between 750 and 799. The self-employed people having the same Cibil score have to pay the loan with an interest rate of 8.5 percent.

The State Bank of India offers various home loan interest rates depending on the applicant's credit score. The interest rates for mortgage loans range from 8.4 percent to 9.05 percent.

For a loan up to Rs 30 lakhs, the HDFC Bank's house loan rates start at 8.6 percent for women and 8.65 percent for everyone else before rising to 9.1 percent. The interest rate varies between 8.85 percent and 9.40 percent for loans between Rs 30.01 lakhs and Rs 75 lakhs.

Home loans from GIC Housing Finance start at 8.1 percent per annum onward for loan amounts up to 90 percent of the value of the property and tenures up to 30 years. In order to meet the demands of low-income groups for housing financing, the housing finance organisation also provides affordable housing loans. Additionally, free property and accidental death insurance coverage are included with GIC house loans.

The LIC Housing website states that the interest rate on a home loan up to Rs 15 crore for professionals and salaried people with a Cibil score of 800 or higher will be 8 percent.

The interest rate on a house loan up to Rs 5 crore will be 8.05 percent for people with a Cibil score between 750 and 799. LIC Housing Finance would impose an additional 8.40 percent interest for borrowers of home loans who borrow more than Rs 5 crore but less than Rs 15 crore.

The house loan interest rate provided by LIC Housing Finance for Cibil Scores of 700 to 749 is 8.2 percent for loans up to Rs 50 lakhs and 8.4 percent for loans above Rs 50 lakhs and up to Rs 2 crore. The company would provide home loans at 8.55 percent for amounts greater than Rs 2 crore and up to Rs 15 crore.