Are HDFC Home Loan Interest Rates Attractive in the Rate Cut War?

Since the beginning of the year, the interest rates are on a downward spiral. The Reserve Bank of India (RBI) has eased the key policy rate i.e. Repo Rate. the rate at which the central bank lends to commercial banks, for the fifth straight time, with the latest being the 25 basis points in its October monetary policy meet. The constant cut in the policy rate has kicked off a rate cut war amongst the lenders, particularly on home loans. HDFC Home Loan Interest Rates are also going down, largely mirroring the cut in the home loan space. But are the rates attractive enough? Well, you will know it only when you compare the rates of different lenders. So, what are you waiting for? Just read out the comparison here.

HDFC Home Loan Interest Rates

HDFC offers home loans at varied interest rates based on the loan amount, profession and the individual’s gender. Women applying for loans upto ₹30 lakh must be ready to pay at 8.35%-8.85%. Whereas, male counterparts will pay at a slightly higher 8.40%-8.90%. This was all about salaried. self-employed women will need to pay at 8.50%-9.00%. Whereas, self-employed men will have to pay at 8.55%-9.05%. Loan amount above ₹30 lakh-75 lakh comes at an interest rate of 8.65%-9.15% and 8.70%-9.20% for salaried female and male, respectively. On the other hand, self-employed female and male get the loan at 8.80%-9.30% and 8.85%-9.35% per annum, respectively. Loans exceeding ₹75 lakh will come at 8.70%-9.20% and 8.75%-9.25% for salaried women and men, respectively. For self-employed, the loan comes at 8.90%-9.40% (women) and 8.95%-9.45% (men).

What About SBI Home Loan Interest Rate?

The public lender i.e. State Bank of India (SBI) is in direct competition to HDFC in the home loan segment. Like the private biggie, it also looks to help customers buy their homes at the lowest rate possible. As of now, SBI charges an interest of 8.15%-8.70% for customers across the loan amounts. Loans up to ₹30 lakh are given to salaried female and male at 8.15% and 8.20%, respectively. Self-employed counterparts will have to pay 8.30% (female) and 8.35% (male), respectively. Loans above ₹30 lakh to ₹75 lakh come at 8.40%-8.45% for salaried and 8.55%-8.60% for self-employed. Whereas, loans above 75 lakh come at 8.50%-8.55% (salaried) and 8.65%-8.70% for self-employed.

ICICI Home Loan Interest Rate

HDFC’s competition is not only with SBI but also with another big private lender i.e. ICICI Bank, which offers home loans at 8.65%-9.40% per annum. Loans upto ₹30 lakh, above ₹30 lakh to ₹75 lakh and above ₹75 lakh are disbursed to salaried at 8.65%-8.95%, 9.05%-9.20% and 9.10%-9.25%, respectively. Self-employed counterparts need to pay at 8.80%-9.10%, 9.20%-9.35% and 9.25%-9.40% for loan amounts in the same order as shown above.

HDFC Home Loan EMI Calculator

To know whether HDFC home loans are attractive or not, you need to get an idea of the repayment. Thankfully, you can use the HDFC Home Loan EMI Calculator to know the repayment. The calculator just requires you to enter the loan amount, interest rate and tenure at the prescribed space. Once that’s done, you’ll get to know the Equated Monthly Installment (EMI) and interest outgo over the course of a loan.