Buying a home has become more expensive as property prices continue to rise. For most people, a home loan is the easiest way to own or build a house.
Many private banks in India offer home loans with competitive interest rates, making it easier for eligible customers to finance their dream home.
Here’s a look at seven private banks and the home loan interest rates they currently offer.
Home loan interest rates offered by private banks
Federal Bank offers home loans with interest rates ranging from 7.35% to 9.25%, making it one of the banks with the lowest starting rates.
IDBI Bank provides home loans at interest rates between 7.40% and 10% for eligible borrowers.
J&K Bank offers home loans with interest rates starting from 7.50% and going up to 8.20%.
Kotak Mahindra Bank offers home loans at an interest rate starting from 7.60%.
IDFC FIRST Bank provides home loans with interest rates starting at 7.75% per year.
Axis Bank offers home loans with interest rates ranging from 8% to 9%, depending on the applicant’s profile.
HDFC Bank home loan details
HDFC Bank also offers home loans to eligible customers. Its interest rates start at 7.75% and can go up to 13.20%, depending on factors such as the borrower’s credit profile, loan amount, and tenure.
Documents you may need for a home loan
The required documents may vary from one bank to another, but most lenders ask for a common set of documents during the application process.
These usually include:
Aadhaar Card
PAN Card
Voter ID or Passport
Address proof (such as an electricity bill)
Salary slips
Bank statements
Income Tax Returns (ITR)
Property-related documents