Top 5 Home Finance Companies Offering the Cheapest Rates on Home Loans in 2021

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Investment

oi-Vipul Das

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A majority of Indian banks have started to cut interest rates on variable rate home loans due to the decision by the Reserve Bank of India (RBI) to keep the repo rate unchanged at 4.00% in its third bimonthly monetary policy for the year. 2021-22. Bank deposit rates and lending rates are generally influenced by repo rates and, following the latest RBI ruling, banks are now free to offer loans to their customers at rates of lower interest. When it comes to bank interest rates, the cheapest rates on home loans now start at 6.60% with the Kotak Mahindra Bank and 6.70% with the State Bank of India (SBI). On the other hand, some housing finance companies (HFCs) have also reduced their mortgage rates which are tied to the prime rate (PLR).

As a result, on HFC home loans, you cannot get an interest rate cut, resulting in your loan amount going down when the repo rate drops, which you should keep in mind. Currently, some HFCs offer mortgage interest rates from 6.66%, quite comparable to those of banks. But aside from weak eligibility criteria, faster loan approval, 24/7 customer support, you should keep in mind the processing fees, penalty rates, and applicable terms and conditions. to HFC mortgage loans. For readers who are considering buying their dream home, here we have compiled the top 5 HFCs that promise lower mortgage interest rates in 2021.

LIC Housing Finance Ltd.

LIC Housing Finance Ltd.

Here are the most recent interest rates on LIC HFL home loans based on CIBIL score and loan slab.

Loan slab CIBIL Note Employee & Professional Self-employed and non-professional
Up to Rs. 50 Lakhs CIBIL> = 700 6.66% 7.00%
CIBIL 650 – 699 7.10% 7.20%
CIBIL 600 – 649 7.30% 7.40%
CIBIL less than 600 7.50% 7.60%
Over 50 Lakhs and up to Rs. 1 Cr CIBIL> = 700 6.90% 7.00%
CIBIL 650 – 699 7.30% 7.40%
CIBIL 600 – 649 7.60% 7.70%
CIBIL less than 600 7.70% 7.80%
Over 1 Cr and up to Rs. 3 Cr CIBIL> = 700 6.90% 7.00%
CIBIL 650 – 699 7.40% 7.50%
CIBIL 600 – 649 7.70% 7.80%
CIBIL less than 600 7.70% 7.80%
More than Rs. 3 Crs & up to Rs 15 Cr CIBIL> = 700 6.90% 7.00%
CIBIL 650 – 699 7.50% 7.60%
CIBIL 600 – 649 7.70% 7.80%
CIBIL less than 600 7.80% 7.90%
Loan slab Employee & Professional Self-employed and non-professional
Up to Rs. 50 Lakhs (Cibil 7.40% 7.50%
Source: LIC HFL, Interest rate (Float – Linked to LHPLR) Current LHPLR – 14.70%
HDFC Ltd.

HDFC Ltd.

HDFC Ltd. offers the following interest rates on home loans based on the retail prime rate of 16.05%.

Special mortgage rates
Loan slab Mortgage interest rate (% pa)
For women (up to 30 Lakhs) 6.75 to 7.25
For others (up to 30 Lakhs) 6.80 to 7.30
For women (30.01 Lakhs to 75 Lakhs) 7.00 to 7.50
For others (30.01 Lakhs to 75 Lakhs) 7.05 to 7.55
For women (75.01 Lakhs and over) 7.10 to 7.60
For others (75.01 Lakhs and more) 7.15 to 7.65
Standard mortgage rate
Loan slab Mortgage interest rate (% pa)
For women (up to 30 Lakhs) 6.95 to 7.45
For others (up to 30 Lakhs) 7.00 to 7.50
For women (30.01 Lakhs to 75 Lakhs) 7.20 to 7.70
For others (30.01 Lakhs to 75 Lakhs) 7.25 to 7.75
For women (75.01 Lakhs and over) 7.30 to 7.80
For others (75.01 Lakhs and more) 7.35 to 7.85
Source: HDFC Ltd.
Bajaj Finserv Ltd.

Bajaj Finserv Ltd.

Bajaj Finserv offers home loans with a maximum term of 30 years. Here are the current mortgage rates based on the company’s various mortgage products.

Type of employment Product Mortgage rate
Employee Mortgage loan 6.75%
Home loan balance transfer 6.75%
Home loan recharge 6.75%
Self employed Mortgage loan 8.25%
Home loan balance transfer 8.25%
Home loan recharge 8.25%
Source: Bajaj Finserv Ltd.
TATA Capital Ltd.

TATA Capital Ltd.

Tata Capital currently offers the following rates on home loans starting at just 6.90% respectively.

Table of interest rates for employees and the self-employed
Customer profile Loan slab RSI (%)
Employee Any amount 6.90% from
Self employed Any amount 6.90% from
Home equity
Customer profile Loan slab RSI (%)
Employee / Self-employed Any amount 10.10% from
Source: tatacapital.com
PNB Housing Finance Ltd.

PNB Housing Finance Ltd.

Below are the floating interest rates on mortgage loans from PNB Housing Finance Ltd. which are in effect from February 25, 2021.

For the loan amount up to INR 35 lakhs
Credit score Salaried / self-employed professional Self-employed non-professional
> = 800 7.35% – 7.85% 7.55% – 8.05%
> 750 to 7.55% – 8.05% 7.65% – 8.15%
> 700 to 7.95% – 8.45% 8.35% – 8.85%
> 650 to 8.35% – 8.85% 8.60% – 9.10%
up to 650 8.55% – 9.05% 8.85% – 9.35%
less than zero 8.55% – 9.05% 8.85% – 9.35%
For a loan amount greater than INR 35 lakhs
Credit score Salaried / self-employed professional Self-employed non-professional
> = 800 7.70% – 8.20% 7.90% – 8.40%
> 750 to 7.85% – 8.35% 7.95% – 8.45%
> 700 to 8.05% – 8.55% 8.55% – 9.05%
> 650 to 8.55% – 9.05% 8.80% – 9.30%
up to 650 8.75% – 9.25% 9.05% – 9.55%
less than zero 8.75% – 9.25% 9.05% – 9.55%
Source: PNB Housing Finance Limited


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