Loans
Current home loan interest rates across major lenders
Compare current home loan rate cards, benchmarks, borrower bands and fees, then use the KFS APR and spread to judge your personalised offer.
Maintained rate table
Current home loan rate snapshot
Advertised new-home-loan card rates for the borrower and product scope stated in each row. Promotional floors, fixed-rate products and balance-transfer offers are not treated as equivalent to standard floating cards.
| Lender | Published rate | Benchmark and exact scope | Processing-fee note | Rate effective / validity |
|---|---|---|---|---|
| Canara Bank Current range page updated 25 Aug 2026. Fee source | 7.15%–10.00% | Floating · RLLR 8.00%; varies by amount, risk grade and borrower category | 0.50%, min ₹1,500, max ₹10,000 + GST; temporary waivers end 30 Sep 2026. | Grid 12 Mar 2026 |
| Union Bank of India Grid varies by CIBIL, occupation and qualifying female ownership. Fee source | 7.15%–9.35% | Floating · EBLR 8.00% = repo 5.25% + 2.75% | Formal schedule: 0.50%, capped ₹15,000 + GST; a live FAQ conflicts. | 24 Jul 2026 |
| Punjab National Bank Rate varies by CIBIL, LTV/loan slab and PNB Pride status. Fee source | 7.25%–9.15% | Floating · standard non-CRE home loan; combined RLLR+BSP 8.10% | 0.35%, min ₹2,500, max ₹15,000 + ₹1,350 documentation charge + GST. | Rate date not stated |
| HDFC Bank A separate 7.75%–13.20% Special Housing Loan Rate card is not treated as the standard card. Fee source | 8.50%–9.40% | Adjustable · standard housing-loan card; all loan slabs | Resident salaried/professional housing loans: up to 0.50% or ₹3,000, whichever higher, + tax. | Rate date not stated |
| ICICI Bank Pre-approved digital headline rates are not used as the standard card. The card's stated validity lapsed on 31 Aug 2026 and ICICI has not re-issued it: re-read on 3 Sep 2026 the page still carried the same slab grid (salaried 8.50%–9.40%/9.55%/9.65%, self-employed 8.50%–9.55%/9.70%/9.80%) under the same 'valid till 31st August 2026' line. The rates are unchanged and remain the only card ICICI publishes, which is consistent with the repo rate holding at 5.25% since 5 Dec 2025. No validThrough is recorded because ICICI has published no new expiry date, and inventing one would be worse than having none. Next RBI MPC is 5–7 Oct 2026 — the first event that can move a repo-linked card. Fee source | 8.50%–9.80% | Floating · standard repo-linked card by loan slab and employment type | Rate card says 0.50% + taxes; service schedule permits up to 2%. | Re-read 3 Sep 2026; card still stamped to 31 Aug 2026 |
| Kotak Mahindra Bank Same-page fee FAQs conflict, so the formal schedule and final KFS control. Fee source | From 7.60% | Floating · displayed repo 5.25%; no upper bound published | Formal schedule: up to 2% + taxes; ₹5,000 upfront, adjusted against final fee. | Not stated |
| Bajaj Housing Finance Do not infer this floor for other borrowers; the standard lower bound is not published on the cited pages. Offer terms | 7.25% limited offer | Floating offer · salaried/professional applicants with CIBIL 800+ | Current page gives no numeric processing fee; confirm in KFS/sanction letter. | Offer expiry not stated |
| LIC Housing Finance The 7.15% floor requires CIBIL 825+ and a loan up to ₹5 crore. Fee source | 7.15%–10.15% | LHPLR-linked · resident card by CIBIL and loan slab | Slab fee from ₹3,000 to ₹50,000 + GST; separate technical fees may apply. | Live card; no date |
| PNB Housing Finance The grid reaches 7.50%, but same-page FAQs state floors of 8.25% salaried and 8.55% non-salaried; obtain a written quote. Fee source | 7.50%–10.05% | Floating · new-home-loan grids; proprietary reference-rate framework | 1% of amount applied, minimum ₹10,000 + GST; fee schedule dated 1 May 2026. | Rate date not stated |
Rates and charges can change without notice. Every lender name links to the official rate page read on 27 August 2026; additional links identify separate source documents. Confirm the live quote, eligibility and product terms before acting.
The lender table above shows advertised card rates available from official lender pages on the checked date shown above. It is a shortlisting tool, not a promise of approval or pricing. Your personalised sanction letter and Key Facts Statement (KFS)—especially the annual percentage rate (APR), fees and benchmark spread—control the actual cost of your loan.
Obtain a KFS for the same loan amount, property value and tenure from every shortlisted lender. Compare those documents side by side before paying a non-refundable fee. Our guide to the loan KFS and APR explains the fields that matter.
How to read the home-loan rate table
A lender was included only when its official website showed an exact rate range or an identifiable “from” rate, together with enough information to understand the product or borrower scope. The table does not combine rates from aggregators, advertisements or media reports.
Where a lender publishes several cards, the comparison uses the standard new-home-loan card rather than a balance-transfer, top-up, affordable-housing or pre-approved digital offer. If an official site exposes only a limited-offer floor, the row labels it as an offer and does not infer an ordinary range. A low rate for one narrow group—such as a high-score salaried borrower taking a loan above ₹1 crore—should not be read as that lender’s universal starting rate.
The source review also found conflicts within current lender websites. Examples include an SEO title that differs from the rate table, a processing-fee FAQ that conflicts with the formal schedule of charges, and benchmark wording that does not match the arithmetic in the rate grid. In such cases, the table uses the detailed rate card or formal charge schedule and flags the disagreement. Your KFS remains decisive.
SBI, Bank of India, Bank of Baroda, Axis Bank and Tata Capital were not included in the main comparison because their available official pages lacked a sufficiently current comparable grid, displayed broken effective-rate fields or contained unresolved rate and benchmark contradictions. Exclusion does not mean their eventual personalised offer will be uncompetitive.
Rates and promotions also expire — and a lapsed date does not always mean a changed rate. ICICI Bank’s cited card was stamped valid only through 31 August 2026; re-read on 3 September 2026 it still carried the same rates under the same lapsed validity line, which is what you would expect while the repo rate itself has not moved. Treat that as a card the bank has not yet re-issued rather than as a current guarantee, and confirm it in your sanction letter. Canara Bank’s current processing-fee concessions expire on 30 September 2026. An old campaign page should never be used merely because it remains indexed in search.
How floating home-loan rates are built
A floating rate is generally expressed as:
Applicable rate = benchmark + spread − eligible concession
For banks, a new floating-rate retail loan is generally linked to an external benchmark, commonly the RBI policy repo rate. The benchmark can change, while the spread reflects factors such as the lender’s mark-up, credit-risk assessment and product pricing. Some cards also show a business strategy premium or a temporary concession.
Housing finance companies may instead use a published internal reference rate or prime lending rate. A 25-basis-point change in one lender’s benchmark therefore does not necessarily produce the same final rate or reset timing as it does at another lender.
Ask each lender to identify in writing:
- The benchmark and its current value
- Your exact spread and any concession
- Whether the spread can change, and under what conditions
- The reset frequency and next reset date
- Whether a reset changes the EMI, tenure or both
- The process and fee for converting to another rate or benchmark
External-benchmark bank loans normally reset at least quarterly, but that does not mean every EMI changes on the day the RBI announces a policy decision. The loan agreement’s reset date and method matter. If rates rise, keeping the EMI unchanged can extend the tenure significantly; if rates fall, a lender may reduce the EMI, the tenure or both. State your preference rather than accepting the default without checking its long-term cost.
Why your offered rate may differ from the headline
The lowest advertised rate usually belongs to a narrowly defined borrower. Your quote may depend on the credit score, loan amount, loan-to-value ratio (LTV), income stability, occupation, property, tenure and the lender’s internal risk grade.
Check your report before applying and correct errors early. You can use this guide to check your CIBIL score for free. A high score can improve pricing, but it does not override income eligibility, existing EMIs or the property’s legal and technical assessment.
LTV is the loan divided by the lender-accepted property value. A larger down payment reduces LTV and may place the application in a better pricing band. However, do not exhaust the emergency fund merely to cross a slab. Retaining liquidity for registration, furnishing and unexpected repairs can be more valuable than a small rate concession.
Also check the exact rate slab around your required amount. Some cards change at ₹35 lakh, ₹50 lakh, ₹75 lakh or ₹1 crore. Salaried and self-employed applicants may receive different pricing. A concession for a woman borrower may require her to be an owner or co-owner, not merely a co-applicant. “New to credit” borrowers and applicants without a scorable history may have separate rows.
Illustration: ₹50 lakh for 20 years at 8% versus 9%
This is an illustration, not a forecast or lender quote. It assumes a ₹50 lakh loan, 240 monthly instalments, monthly reducing-balance calculation, an unchanged rate for the full 20 years, no prepayment and no fees.
| Illustration | At 8% p.a. | At 9% p.a. |
|---|---|---|
| Monthly EMI | ₹41,822 | ₹44,986 |
| Total repayment | ₹1,00,37,281 | ₹1,07,96,711 |
| Total interest | ₹50,37,281 | ₹57,96,711 |
A one-percentage-point difference increases the EMI by about ₹3,164 and total interest by about ₹7.59 lakh under these assumptions. The effect changes with the outstanding balance, remaining tenure and future resets, so model your own numbers with the home-loan EMI calculator.
A lower EMI is not automatically a cheaper loan. Extending the tenure can lower the monthly instalment while increasing total interest. When comparing quotes, keep the loan amount and tenure constant first. You can then test whether a shorter tenure remains affordable.
Compare APR, fees and upfront cash—not only the rate
The processing fee is only one part of the borrowing cost. A home-loan application can also involve legal scrutiny, technical valuation, administrative or documentation fees, CERSAI charges, mortgage or MODT costs, state stamp duty and taxes. Some charges are fixed; others are a percentage of the amount applied for or sanctioned.
Ask whether an application fee is refundable if the lender declines the loan or rejects the property. Some lenders retain a minimum amount for work already completed. Also ask whether GST is additional, whether legal and valuation costs are included, and whether another property assessment triggers another charge.
The KFS APR is designed to make the loan’s interest and specified charges more comparable as one annualised cost. Still record statutory and property-related cash outflows separately, particularly where they vary by state or are paid directly to a third party. Optional insurance should be quoted separately rather than silently added to the loan principal.
A lender’s website may say “nil fee” while its formal schedule shows a charge, or an FAQ may quote a lower fee than the main tariff. Do not resolve that conflict verbally. Request the waiver, amount and conditions in the KFS or sanction letter before paying.
Fixed, floating or hybrid: identify what is actually fixed
A floating loan can become cheaper after benchmark reductions, but the EMI or tenure can also increase after rate rises. A fixed loan provides greater repayment certainty, usually at a higher starting rate or with less flexibility.
Many products described as fixed are actually hybrid or “trufixed”: the rate is fixed for an initial period and then converts to floating. Before choosing one, ask for the fixed-period end date, the post-conversion benchmark and spread, and the conversion or prepayment charge during each phase.
A full-tenure fixed rate, a five-year fixed rate and a three-year hybrid loan are not comparable products. Compare the possible cost after the fixed period, not merely the first EMI. The detailed trade-offs are covered in fixed versus floating home loans.
For a qualifying individual, non-business floating-rate loan, the current RBI protection applies to part or full prepayment from any source and without a minimum lock-in. Fixed, hybrid, business-purpose and non-individual cases can be treated differently, so confirm the loan’s status on the prepayment date and read the disclosed terms in the KFS.
Build a like-for-like quote matrix
Collect at least three written quotes using the same loan amount, property value, LTV and tenure. A simple matrix prevents a persuasive headline from hiding a higher spread or fee.
| Comparison field | Lender A | Lender B | Lender C |
|---|---|---|---|
| Sanctioned interest rate | |||
| Benchmark + exact spread | |||
| Reset frequency and next date | |||
| EMI and sanctioned tenure | |||
| KFS APR | |||
| Processing/login fee and refund rule | |||
| Legal, technical and administrative costs | |||
| Total cash payable before disbursement | |||
| Conversion and prepayment terms | |||
| Quote validity or promotion expiry |
Attach the source page, dated quote, KFS and fee receipt to each column. If a relationship manager promises a waiver, rate reduction or fixed spread, ask for it in the sanction documents.
Repricing versus a balance transfer
Existing borrowers should first request repricing from their current lender. A conversion fee may be cheaper and faster than transferring the mortgage, repeating the legal assessment and paying a new processing fee.
Compare both choices at the same remaining tenure. Include the new lender’s processing, legal, technical, documentation, mortgage and statutory costs, along with the current lender’s conversion or closure-related costs. Do not extend a 12-year remaining loan back to 20 years merely to create a lower EMI.
A quick break-even estimate is:
Break-even months = total switching cost ÷ monthly EMI saving
This is only a first filter. A stronger comparison models the outstanding balance month by month, accounts for any rate reset and measures total interest over the remaining tenure. See home-loan prepayment versus balance transfer for the full decision method.
Home-loan rate decision checklist
Before selecting a lender:
- Shortlist only rates for which your score, employment type, loan slab and LTV appear eligible.
- Request written KFS documents for the same amount and tenure.
- Compare the personalised rate, benchmark, spread, reset rule and APR.
- Add processing, legal, technical, administrative and statutory cash costs.
- Confirm which fees are non-refundable and get every waiver in writing.
- Test affordability at the quoted rate and at least two percentage points higher.
- Check whether “fixed” means full-term fixed or only an introductory period.
- Record the quote’s validity date and recheck any rate card before paying.
- For an existing loan, compare repricing, prepayment and transfer at the same remaining tenure.
The best home loan is not necessarily the one with the lowest visible starting rate. It is the eligible offer with a transparent spread, manageable reset risk, competitive APR, reasonable upfront costs and terms you can sustain throughout the loan.
Common questions
Which lender has the lowest home loan rate?
The smallest published number is usually attached to a narrow borrower, score, loan or promotional band, so it cannot identify the cheapest lender for you. Request written quotes for the same property value, amount, LTV and tenure. Compare the personalised rate, benchmark spread, KFS APR, upfront cash costs and reset terms before choosing.
Why is my home loan rate higher than the website rate?
Public floors normally assume a particular credit score, income profile, employment type, loan slab, LTV and property assessment. Your lender applies its own risk grade and spread after underwriting. Ask which published row you fall into and have the benchmark, spread, concession and final rate written in the KFS or sanction letter.
Does a repo-rate cut reduce my EMI immediately?
Not necessarily. The effect follows the benchmark and reset terms in your agreement. A bank loan linked to the repo rate may reset on a scheduled date rather than the announcement date, and the lender may adjust EMI, tenure or both. Ask for the next reset date and a revised amortisation schedule after the reset is applied.
Should I choose a fixed or floating home loan?
Fixed suits a borrower who values payment certainty and can justify its price; floating suits someone who can absorb EMI or tenure changes and values benchmark transparency and prepayment flexibility. Confirm whether “fixed” lasts for the full tenure or only an introductory period. Compare both through the KFS APR and stress-test the floating EMI at higher rates.
Is a lower rate enough reason to transfer my home loan?
No. First ask the existing lender for repricing. For a transfer, add the new processing, legal, technical, mortgage and statutory costs, then compare both options at the same remaining tenure. A lower EMI created by extending the loan can increase total interest. Calculate the break-even period and model the remaining balance before switching.
Sources
Rates and rules on this page were read directly from the following sources on the dates shown. Figures change — if you are about to act on one, confirm it at the source.
- RBI (Commercial Banks — Interest Rates on Advances) Directions, 2025
- RBI Responsible Business Conduct Directions, 2025
- Monetary Policy Committee decision, August 2026
- Retail lending rates linked to RLLR
- Housing loan product and processing fee
- Retail lending interest-rate schedule
- Domestic rupee advances service-charge schedule
- Retail advances interest-rate grid
- Retail advances service charges
- Standard housing loan rates
- Special housing loan rates
- Home loan documents and charges
- Home loan interest rates
- Home loan service charges
- Home loan interest rates
- Home loan fees and charges
- Home loan interest rates
- Limited-period home loan offer terms
- Home loan interest-rate card
- Housing loan fees and charges, January 2026
- Home loan interest-rate card
- Home loan fee schedule, version 32