In June 2024, homebuyers in India are actively searching for the most appealing interest rates on home loans, especially for amounts over Rs 75 lakh. With so many banks, carefully evaluating which financial institutions offer the best deals is essential. This article thoroughly analyses the lowest home loan interest rate offered by leading banks, helping you decide when selecting from the available options. With a comprehensive understanding of the current market trends and the various options, you can discover a home loan tailor-made to suit your financial needs and long-term goals. Top 15 Banks Offering Lowest Home Loan Interest Rate for Loans Above Rs 75 Lakh
15 Best Banks for Home Loan Above Rs 75 Lakh: June 2024 Lowest Interest Rate Comparison
Public Sector Banks with Lowest Home Loan Interest Rate:
State Bank of India (8.50-9.85%)
- Competitive Interest Rate: SBI provides competitive interest rates, ranging from 8.50% to 9.85% for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Select a repayment tenure that best fits your requirements, with options available for up to 30 years.
- Low Processing Fees: Enjoy low processing fees, with rates as low as 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Take advantage of tax benefits on interest repayment under Section 24(b) and enjoy tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through SBI’s website
- Branch Visit: Visit your nearest SBI branch
- Call: Call SBI’s customer care
Bank of Baroda (8.40-10.90%)
- Competitive Interest Rate: Bank of Baroda provides competitive interest rates, ranging from 8.40% to 10.90%, for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Select a repayment tenure that best fits your requirements, with options available for up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans exist.
- Tax Benefits: Maximise your tax savings by utilising the available benefits on interest repayment under Section 24(b) and enjoy the added advantage of tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through the Bank of Baroda’s website
- Branch Visit: Visit your nearest Bank of Baroda branch
- Call: Call Bank of Baroda’s customer care
Union Bank of India (8.35-10.90%)
- Competitive Interest Rate: Union Bank of India provides highly competitive interest rates, ranging from 8.35% to 10.90% for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your needs, up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at a mere 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans exist.
- Tax Benefits: Optimize your tax savings by taking advantage of the tax benefits offered on interest repayment under Section 24(b) and enjoy the added perk of tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through Union Bank of India’s website
- Branch Visit: Visit your nearest Union Bank of India branch
- Call: Call Union Bank of India’s customer care
Punjab National Bank (8.40-10.15%)
- Competitive Interest Rate: PNB provides a variety of interest rates for loans above Rs 75 lakh, ranging from 8.40% to 10.15%, ensuring competitive options for borrowers.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your specific needs, with options available for up to 30 years.
- Low Processing Fees: Discover the advantage of minimal processing fees, beginning at a mere 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Maximise your tax savings by utilising the available benefits on interest repayment under Section 24(b) and enjoy the added advantage of tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through PNB’s website
- Branch Visit: Visit your nearest PNB branch
- Call: Call PNB’s customer care
Bank of India (8.40-10.85%)
- Competitive Interest Rate: The Bank of India offers competitive interest rates for loans above Rs 75 lakh, ranging from 8.40% to 10.85%.
- Flexible Repayment Tenure: Select a repayment tenure that aligns with your specific requirements, with options available for up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at just 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Maximise your tax savings by utilising the available benefits on interest repayment under Section 24(b) and enjoy the added advantage of tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through the Bank of India’s website
- Branch Visit: Visit your nearest Bank of India branch
- Call: Call Bank of India’s customer care.
Private Sector Banks with Lowest Home Loan Interest Rate:
HSBC Bank (8.50 onwards)
- Competitive Interest Rate: The Bank of India provides attractive interest rates for loans above Rs 75 lakh, ranging from 8.40% to 10.85%.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your specific needs, with options available for up to 30 years.
- Low Processing Fees: Discover the advantages of our remarkably competitive processing fees, starting at a mere 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Maximise your tax savings by utilising the available benefits on interest repayment under Section 24(b) and enjoy the added advantage of tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through the Bank of India’s website
- Branch Visit: Visit your nearest Bank of India branch
- Call: Call Bank of India’s customer care.
Kotak Mahindra Bank (8.70 onwards)
- Competitive Interest Rate: Kotak Mahindra Bank offers attractive interest rates, beginning at 8.70% for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your needs, with options available for up to 30 years.
- Low Processing Fees: Enjoy low processing fees, which start at just 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Optimize your tax savings by taking full advantage of the available benefits on interest repayment under Section 24(b) and enjoy the bonus of tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through Kotak Mahindra Bank’s website
- Branch Visit: Visit your nearest Kotak Mahindra Bank branch
- Call: Call Kotak Mahindra Bank’s customer care
ICICI Bank (8.75 onwards)
- Competitive Interest Rate: ICICI Bank offers attractive interest rates, beginning at 8.75% for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Select a repayment tenure that aligns with your specific requirements, with options available for up to 30 years.
- Low Processing Fees: Enjoy low processing fees, with rates as low as 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Maximise your tax savings by utilising the tax advantages offered for interest repayment under Section 24(b) and benefit from the additional advantage of tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through ICICI Bank’s website
- Branch Visit: Visit your nearest ICICI Bank branch
- Call: Call ICICI Bank’s customer care
Axis Bank (8.75-9.65%)
- Competitive Interest Rate: Axis Bank provides competitive interest rates, ranging from 8.75% to 9.65% for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Select a repayment tenure that aligns with your specific requirements, with the flexibility to choose up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Take advantage of tax benefits on interest repayment under Section 24(b) and enjoy tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through Axis Bank’s website
- Branch Visit: Visit your nearest Axis Bank branch
- Call: Call Axis Bank’s customer care
HDFC Bank Ltd. (8.75 onwards)
- Competitive Interest Rate: HDFC Bank Ltd. offers one of the lowest interest rates in the market, starting at 8.75% onwards for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your needs, up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Enjoy tax benefits on interest repayment under Section 24(b) and tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through HDFC Bank Ltd.’s website
- Branch Visit: Visit your nearest HDFC Bank Ltd. branch
- Call: Call HDFC Bank Ltd.’s customer care
Housing Finance Companies (HFCs) with Lowest Home Loan Interest Rate:
LIC Housing Finance (8.50-10.75%)
- Competitive Interest Rate: LIC Housing Finance offers one of the lowest interest rates, from 8.50% to 10.75%, for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your needs, up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Enjoy tax benefits on interest repayment under Section 24(b) and tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through LIC Housing Finance’s website
- Branch Visit: Visit your nearest LIC Housing Finance branch
- Call: Call LIC Housing Finance’s customer care
Bajaj Housing Finance (8.50% onwards)
- Competitive Interest Rate: Bajaj Housing Finance offers one of the lowest interest rates in the market, starting at 8.50% onwards for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your needs, up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Enjoy tax benefits on interest repayment under Section 24(b) and tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through Bajaj Housing Finance’s website
- Branch Visit: Visit your nearest Bajaj Housing Finance branch
- Call: Call Bajaj Housing Finance’s customer care
Tata Capital (8.75% onwards)
- Competitive Interest Rate: Tata Capital offers one of the lowest interest rates in the market, starting at 8.75% for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your needs, up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Enjoy tax benefits on interest repayment under Section 24(b) and tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through Tata Capital’s website
- Branch Visit: Visit your nearest Tata Capital branch
- Call: Call Tata Capital’s customer care
PNB Housing Finance (8.50-11.45%)
- Competitive Interest Rate: TPNB Housing Finance offers one of the lowest interest rates, starting at 8.50% to 11.45% for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your needs, up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Enjoy tax benefits on interest repayment under Section 24(b) and tax exemption on principal repayment under Section 80C.
Eligibility Criteria
- Age: 18-70 years
- Income: Minimum income of Rs 15,000 per month
- Credit Score: Minimum credit score of 650
- Property Value: Minimum property value of Rs 75 lakh
How to Apply
- Online Application: Apply online through TPNB Housing Finance’s website
- Branch Visit: Visit your nearest TPNB Housing Finance branch
- Call: Call TPNB Housing Finance’s customer care
GIC Housing Finance (8.80% onwards)
- Competitive Interest Rate: GIC Housing Finance offers one of the lowest interest rates in the market, starting at 8.80% onwards for loans above Rs 75 lakh.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your needs, up to 30 years.
- Low Processing Fees: Enjoy low processing fees, starting at 0.35% of the loan amount.
- No Pre-Payment Charges: No pre-payment charges for floating rate loans.
- Tax Benefits: Enjoy tax benefits on interest repayment under Section 24(b) and tax exemption on principal repayment under Section 80C.
Eligibility Criteria
Age: 18-70 years
Income: Minimum income of Rs 15,000 per month
Credit Score: Minimum credit score of 650
Property Value: Minimum property value of Rs 75 lakh
How to Apply
Online Application: Apply online through GIC Housing Finance’s website
Branch Visit: Visit your nearest GIC Housing Finance branch
Call: Call GIC Housing Finance’s customer care
Conclusion
For home loans exceeding Rs 75 lakh, a deep understanding of the lowest interest rates and options offered by various banks is crucial. In June 2024, several banks offer enticing rates, underscoring the importance of borrowers meticulously evaluating and selecting their options. Choosing a bank that provides competitive interest rates and favourable terms can significantly improve the affordability and manageability of your home loan journey. By gaining a solid understanding and taking the initiative in your research, you can save substantially and ensure a smoother path to homeownership.
Lowest Home Loan Interest Rate in July 2024 for Amounts Over Rs 75 Lakh!
