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Updated February 5th, 2024 at 10:32 IST

Seeking a home loan above Rs 50 lakh? Experts urge diligent bank rate comparison

The State Bank of India (SBI) tailors its interest rates based on the borrower's credit score, offering rates between 9.15% to 9.55% for those with high scores.

Business Desk
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Home loan | Image:Freepik

Crucial loan comparison: Considering a home loan exceeding Rs 50 lakh? It's crucial to explore the interest rates offered by various banks before settling on a lender, say experts. The State Bank of India (SBI) tailors its interest rates based on the borrower's credit score, offering rates between 9.15 per cent to 9.55 per cent for those with high credit scores.

For loans ranging between Rs 35 to 75 lakh, ICICI Bank charges 9.5 per cent to 9.8 per cent for salaried individuals and 9.65 per cent to 9.95 per cent for self-employed borrowers. For amounts exceeding Rs 75 lakh, the rates increase slightly from 9.6 per cent to 9.9 per cent for salaried people and 9.75 per cent to 10.05 per cent for self-employed individuals.

HDFC Bank provides a standard home loan interest rate of 8.9 per cent to 9.6 per cent, with a special rate ranging from 8.55 per cent to 9.10 per cent. SBI, in addition to its credit score-dependent rates, offers loans at 9.15 per cent to 10.05 per cent.

Punjab National Bank (PNB) adjusts its rates based on credit scores. For scores above 800, the interest rate is 8.40 per cent for loans exceeding Rs 30 lakh. As the credit score decreases to 750, the rate becomes a fixed 9.45 per cent, rising to 9.90 per cent for scores between 700-749, and reaching 11 per cent for lower credit scores.

Bank of Baroda maintains a fixed range for all borrowers, with interest rates varying from 8.4 per cent to 10.6 per cent. When considering a home loan, experts advise carefully comparing these interest rates to make an informed decision.

Published February 5th, 2024 at 10:32 IST

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