Top 10 Banks in India Offering the Best Home Loans in 2022

October 31, 2022

We have compiled a list of the top 10 banks in India based on the home loan value it offers to the borrower. These banks offer a variety of home loan programs with numerous advantages and features. Some of the advantages of such home loans are higher eligibility, lower EMIs, EMI exemptions, mixed interest rates, overdraft capability, and balance transfer capability. The banks also offer other attractive features with their loan products to meet the housing finance needs of a wide customer base. Continue reading to know the top 10 banks in India in terms of who would offer the best home loans in 2022.

Table of Contents

1. SBI Home Loan

The government-run State Bank of India (SBI) is India’s largest mortgage lender With over 65 years of industry experience, SBI has supported over 30 lakh households in their home purchases so far. Founded in 1955, SBI now has over 24,000 branches in India and internationally. With a book size of Rs 5.05 trillion, it is the largest participant and is considered one of the best banks for home loans in India.

Types of SBI Home loans

  • SBI Home Loan
  • SBI Home Loan Balance Transfer
  • NRI Home Loan
  • Flexipay Home Loan
  • Privilege Home Loan
  • Shaurya Home Loan
  • Pre-approved Home Loan.
  • Realty Home Loan
  • Top-up Home Loan
  • YONO Insta Home Top-up Loan
  • Home Loan to Non-Salaried- Differential Offerings
  • SBI Tribal Plus

SBI Home Loan Interest Rate

Following are the interest rates on home loans from SBI Bank for salaried and self-employed individuals.

Rate of interest on home loans Best rate* Highest rate*
For salaried individuals 6.7% 7.05%
For self-employed individuals  6.7% 7.05%

SBI Home Loan Fees and Other Applicable Charges

Below mentioned are the interest rate structure and other applicable fees while availing of Home loans from SBI Bank.

Parameters Loan Details
Fixed Interest Rate None
Floating Interest Rate 7.0% – 7.35%
MaxGain interest rate

(Overdraft Loan interest rate)

7.35% – 7.70%
Processing Fees 0.35% of loan amount

Minimum – Rs. 2,000 and Maximum – Rs. 10,000

Maximum Tenure 3 years to 30 years
Pre-closure Charges Nil
LTV Up to 90%
Part-Payment Charges Nil

Advantages of Taking a Home Loan from SBI

  • Strict property evaluation
  • Charges are clear and transparent
  • Interest calculation on the daily-reducing balance
  • 05 percent interest rate reductions for female borrowers

2. Axis Bank Home Loan

Axis Bank, a significant private sector bank founded in 1993, now has over 4,500 branches in India and worldwide. Further, Axis Bank provides its high-value loan clients with EMI Holidays. Fast Forward Home Loan borrowers receive a 6-month EMI break after 10 and 15 years However, this is only applicable if they maintain a consistent payment record throughout the loan tenure.

Types of Axis Bank Home loans

  • Axis Bank Housing Loan
  • QuikPay Home Loan
  • Shubh Aarambh Home Loan
  • Fast Forward Home Loan
  • Asha Home Loan
  • Super Saver Home Loan
  • Power Advantage Home Loan
  • Top-Up Home Loan

Axis Bank Home Loan Interest Rate

Following are the Rate of interest on home loans from Axis Bank for salaried and self-employed individuals.

Rate of interest on home loans Best rate Highest rate
For salaried individuals 6.90% 8.40%
For self-employed individuals 7% 8.55%

Axis Bank Home Loan Fees and Other Applicable Charges

Below mentioned are the interest rate structure and other applicable fees while availing Home loans from Axis Bank.

Parameters Loan Details
Fixed Interest Rate 12% for all cases.
Floating Interest Rate 6.90% – 8.90%
Processing Fees Higher of – 1% of the loan amount or Rs. 10,000
Maximum Tenure 30 years
Pre-closure Charges Nil for floating rate loans and

2% for fixed-rate loans

LTV 90% for loan value less than Rs. 30 lakhs

80% for loan value more than 30 lakhs to Rs. 75 lakhs

75% for loans above Rs. 75 lakhs.

Penal interest rate 2% per month
Fixed Interest Rate 12% for all cases.

Advantages of Taking a Home Loan from Axis Bank

  • Loans available for as less as Rs.3 lakhs
  • Fixed and floating rate mortgages are available.

3. ICICI Bank Home Loan

ICICI Bank, the country’s second-largest private lender by market capitalization, was founded in 1994 as a wholly-owned subsidiary of ICICI Limited. ICICI Bank now has 5,288 branches across India and its affordable and amazing features cement its place firmly in the top 10 banks in India for home loans.

Types of ICICI Bank Home loans

  • ICICI Housing Loan
  • Instant Home Loan
  • Express Home Loans
  • Extraa Home Loan
  • Pre-Approved (Instant) Balance Transfer
  • Balance Transfer and Top-up
  • Pratham Home Loans
  • Land Loan
  • NRI Home Loan
  • Insta Home Loan Overdraft
  • Insta Top-up Loan

ICICI Bank Home Loan Interest Rate

Following are the interest rates on home loans from ICICI Bank for salaried and self-employed individuals.

Rate of interest on home loans Best rate* Highest rate*
For salaried individuals 8.60% NA
For self-employed individuals 8.65% NA

ICICI Bank Home Loan Fees and Other Applicable Charges

Below mentioned are the interest rate structure and other applicable fees while availing Home loans from ICICI Bank.

Parameters Loan Details
Processing Fees 0.50% – 2% of the loan amount or

Rs. 1,500/- whichever is higher

(Rs. 2,000/- for Mumbai, Delhi & Bangalore)

Maximum Tenure 30 years
Pre-payment Charges Nil for floating rate loans

2% for fixed-rate loans.

LTV up to 90%
Late-Payment Charges 2% per month

Advantages of Taking a Home Loan from ICICI Bank

  • Can co-borrow with a non-working female partner and benefit from lower interest rates
  • Quick and seamless loan processing
  • There is no additional charge for door-to-door service.

4. Union Bank Home Loan

Union Bank of India, located in Mumbai, made headlines in 2020 when the government combined it with Andhra Bank and Corporation Bank. This public lender now operates a network of over 9,300 domestic branches and over 11,800 ATMs. Being one of the top 10 banks for home loans in India, it provides a number of home loan products designed to meet varying end-use

Types of Union Bank Home loans

  • Union Home Loan
  • Union Awas
  • Union Home-Smart Save
  • Pradhan Mantri Awas Yojna (PMAY)
  • Union Ashiyana Personal Loan Scheme
  • Union Ashiyana Overdraft Scheme

Union Bank Home Loan Interest Rate

Following are the Rate of interest on home loans from Union Bank for salaried and self-employed individuals.

Rate of interest on home loans Best rate* Highest rate**
For salaried individuals 6.40% 7.0%
For self-employed individuals 6.45% 6.80%

Union Bank Home Loan Fees and Other Applicable Charges

Below mentioned are the interest rate structure and other applicable fees while availing Home loans from Union Bank.

Parameters Loan Details
Fixed Interest Rate Up to Rs. 30 lakhs – 11.40%

Rs. 30 to 50 lakh – 12.40%

Rs. 50 lakh to Rs. 2 Crore – 12.65%

Floating Interest Rate Home Loan up to Rs. 30 lakh – 6.80% to 7.35%

Home Loan above Rs. 30 lakh – 6.90% to 7.40%

Processing Fees 0.50% of the loan amount. Maximum of Rs. 15,000
Maximum Tenure 30 years
Pre-closure Charges Nil for floating rate loans

Nil for a fixed-rate loan if repaid from own sources

2% – if the loan is being refinanced

Advantages of Taking a Home Loan from Union Bank

  • There are both floating and fixed-rate home loans available.
  • Starting home loan interest rate is as low as 6.8 percent

5. HDFC Home Loan

Housing Development Finance Corporation Limited (HDFC) is a Mumbai-based Indian financial services firm. It is a leading provider of housing financing in India. It was created in 1977 with the help of India’s business community as the country’s first specialized mortgage firm and the principal company in the HDFC group of enterprises. Since its inception, HDFC has assisted over 80 lakh individuals in purchasing houses and is known to be one of the best banks for housing loans.

Types of HDFC Home loans

  • Union Home Loan
  • Union Awas
  • Union Home-Smart Save
  • Pradhan Mantri Awas Yojna (PMAY)
  • Union Ashiyana Personal Loan Scheme
  • Union Ashiyana Overdraft Scheme

HDFC Home Loan Interest Rate

Following are the Rate of interest on home loans from HDFC for salaried and self-employed individuals.

Rate of interest on home loans Best rate* Highest rate*
For salaried individuals 6.70% 7.40%
For self-employed individuals 6.70% 7.85%

HDFC Home Loan Fees and Other Applicable Charges

Below mentioned are the interest rate structure and other applicable fees while availing Home loans from HDFC.

Parameters Loan Details
TruFixed Interest Rate 7.40% – 8.20%
Floating Interest Rate 6.95% – 7.85%
Processing Fees Up to 0.50% of the loan amount or Rs. 3,000/- whichever is higher.
Maximum Tenure 30 years
Pre-payment Nil for floating rate home loans

2% in case of fixed-rate or combination rate loan

LTV 90% for loan value less than Rs. 20 lakhs

80% for loan value more than 20 lakhs

75% for loans above Rs. 75 lakhs

Charges for delayed payment of EMI 24% per annum

Advantages of Taking a Home Loan from HDFC

  • Transparent loan processing charges and fees
  • Multiple options to choose for loan repayment

6. Kotak Mahindra Home Loan

Uday Kotak-led banks have over 100 branches in India and are fast-growing private lenders. Kotak Mahindra is now giving the market’s lowest interest rate on home loans. As of November 2021, it is India’s third-largest private sector bank in terms of assets and market capitalization. The bank has 1600 branches and 2519 ATMs and is popular for its low-interest rates, making it fall under the bracket of best banks for a home loan in India.

Types of Kotak Mahindra Home loans

  • Kotak Housing Loan
  • Home Loan Balance Transfer
  • Home Improvement Loan
  • NRI Home Loan
  • NRI Home Improvement Loan

Kotak Mahindra Home Loan Interest Rate

Following are the Rate of interest on home loans from Kotak Mahindra for salaried and self-employed individuals.

Rate of interest on home loans Best rate* Highest rate**
For salaried individuals 6.55% 7.10%
For self-employed individuals 6.55% 7.45%

Kotak Mahindra Loan Fees and Other Applicable Charges

Below mentioned are the interest rate structure and other applicable fees while availing Home loans from Kotak Mahindra.

Parameters Loan Details
Commitment Fee 2% of the undisbursed amount of the loan
Cheque Dishonor Charges Rs. 750 (inclusive of GST and other applicable statutory levies) per instance)
Charges for Copy of Documents Rs. 500 per instance
Repayment Mode I Account Swap Charges Rs. 500 per instance
Charges for Duplicate NOC I No Dues Certificate Rs. 500 per instance
Charges for Copy of CIBIL Report Rs. 50 per instance
Processing Fees Up to 1% of the approved loan amount + GST

0 processing fees for online application

Maximum Tenure 20 years
Pre-payment NIL for Term Loans given to Individual Borrowers for non-business end-use.
LTV Up to 75% – 80% of property value
Documentation Charges Up to Rs. 10,000

Advantages of Taking a Home Loan from Kotak Mahindra

  • Quick approval for your loan by Kotak Digi home services
  • Sustained benefits due to low rates

7. Bank of Baroda Home Loan

After a merger with Dena Bank and Vijaya Bank in April 2019, the Vadodara-based Bank of Baroda became India’s third-largest bank after SBI and provides the best home loans. Founded in 1908 by the Maharaja of Baroda, the bank, along with 13 other major commercial banks in India, was nationalized by the government on July 19, 1969, and now has over 10,000 branches in India and internationally.

Types of Bank of Baroda Home loans

  • Baroda Housing Loan
  • Baroda Home Loan Advantage
  • Baroda Home Loan Takeover Scheme
  • Home Improvement Loan
  • Baroda Pre-Approved Home Loan
  • Baroda Top-up Loan
  • Pradhan Mantri Awas Yojna

Bank of Baroda Home Loan Interest Rate

Following are the Rate of interest on home loans from Bank of Baroda for salaried and self-employed individuals.

Rate of interest on home loans Best rate Highest rate
For salaried individuals 7.40% NA
For self-employed individuals 8.10% NA

Bank of Baroda Home Loan Fees and Other Applicable Charges

Below mentioned are the interest rate structure and other applicable fees while availing Home loans from Bank of Baroda.

Parameters Loan Details
Fixed Interest Rate Not offered
Floating Interest Rate 6.85% – 8.70%
Processing Fees For loan up to Rs. 50 lakhs

Processing fee- 0.50% of the loan amount. Minimum – Rs. 8,500 and Maximum – Rs. 15,000

For loan above Rs. 50 lakhs

Processing fee- 0.25% of the loan amount. Minimum – Rs. 8,500 and Maximum – Rs. 25,000

Maximum Tenure 30 years
Pre-closure Charges Nil
LTV 90% for loan of less than Rs. 30 lakhs

80% for loans of more than 30 lakhs and up to Rs. 75 lakhs

75% for loans of value more than Rs. 75 lakhs

Part-Payment Charges Nil

Advantages of Taking a Home Loan from Bank of Baroda

  • No hidden fees or charges
  • Multiple loan repayment options are available

8. PNB Home Loan

Punjab National Bank (PNB), India’s second-largest public sector bank, is also providing low home loan interest rates making it one of the best banks for a home loan in India. The state-owned bank, headquartered in New Delhi, was formed in 1894 and has over 80 million clients and 6,937 branches in 764 cities.

Types of PNB Home loans

  • Housing Loan for Public
  • PNB Max Saver
  • PNB Pride Housing Loan for Government Employees
  • PNB Gen-Next Housing Finance Scheme for Public

PNB  Home Loan Interest Rate

Following are the Rate of interest on home loans from PNB for salaried and self-employed individuals.

Rate of interest on home loans Best rate Highest rate
For salaried individuals 7.40% NA
For self-employed individuals 7.45% NA

PNB  Home Loan Fees and Other Applicable Charges

Below mentioned are the interest rate structure and other applicable fees while availing Home loans from PNB.

Parameters Loan Details
Floating Interest Rate Loan amount up to Rs. 35 lakhs – 7.35% to 9.45%

Loam amount greater than Rs. 35 lakhs –  7.70% to 9.60%

Processing Fees 1% of the loan amount. Minimum fees – Rs. 10,000

If the loan is approved then PNBHF keeps all the fee.

In case the loan is not approved then PNBHF retains Rs. 3,000 per property.

Maximum Tenure 30 years
Pre-payment Charges Nil for floating rate loans
LTV 90% for loan of less than Rs. 30 lakhs

80% for loans of more than 30 lakhs and up to Rs. 75 lakhs

75% for loans of value more than Rs. 75 lakhs

Late-Payment Charges 2% per month
Floating Interest Rate Loan amount up to Rs. 35 lakhs – 7.35% to 9.45%

Loam amount greater than Rs. 35 lakhs –  7.70% to 9.60%

 Advantages of Taking a Home Loan from PNB

  • If you take out a loan to build a house, you can request that the loan be increased if the cost of the building rises./
  • Quick and hassle-free loan approval and disbursal process

9. LIC Housing Finance Home Loan

LIC Housing Finance Limited (LIC HFL) is one of India’s leading housing finance mortgage lending organizations, with headquarters in Mumbai. The company was formed on June 19, 1989, in accordance with the Companies Act of 1956. The organization, a subsidiary of LIC, has authorized over 3.35 lakh house loans so far.

Types of LIC Housing Finance Home loans

  • LIC Housing Loan for purchase.
  • LIC Housing Loan for construction.
  • LIC Housing Loan for an extension.
  • LIC Housing Loan for repairs and renovations.
  • LIC Housing Loan for plot purchase

LIC Housing Finance Home Loan Interest Rate

Following are the Rate of interest on home loans from LIC Housing Finance for salaried and self-employed individuals.

Rate of interest on home loans Best rate Highest rate
For salaried individuals 6.66%* 7.80%
For self-employed individuals 6.66%* 7.90%

LIC Housing Finance Home Loan Fees and Other Applicable Charges

Below mentioned is the interest rate structure and other applicable fees while availing Home loans from LIC Housing Finance.

Parameters Loan Details
Fixed Interest Rate 10.05% to 10.15%
Floating Interest Rate 6.90% – 7.90%
Processing Fees Rs. 10,000 for loans up to 50 Lakhs

Rs. 15,000 for loans above Rs. 50 Lakhs

Maximum Tenure up to 30 years
Pre-payment Charges Nil
LTV 90% for loans up to 30 Lakhs

80% for loans above 30 Lakhs and up to 75 Lakhs

75% for loans above 75 lakhs

Advantages of Taking a Home Loan from LIC Housing Finance

  • Lower interest rates, for both, fixed and floating.
  • There are no fees for prepayment.

10. Aditya Birla Home Loan

Aditya Birla Capital (ABC) is the umbrella brand for Aditya Birla Group’s financial services sector and provider of one of the best home loans. Ajay Srinivasan leads the group’s financial services division. Existing home loan borrowers of other home loan lenders can also take use of the housing finance company’s best home loan balance transfer service at cheaper interest rates. It also provides a specific house financing plan for low-cost homes in chosen Indian towns.

Types of Aditya Birla Home loans

  • Home loan
  • Home extension loan
  • Home improvement loan
  • Plot and home construction loan
  • Home construction loan

Aditya Birla Capital Home Loan Interest Rate

Following are the rate of interest on home loans from Aditya Birla Capital for salaried and self-employed individuals.

Rate of interest on home loans Best rate Highest rate
For salaried individuals 9.00% 9.75%
For self-employed individuals 9.00% 12.50%

Aditya Birla Capital Home Loan Fees and Other Applicable Charges

Below mentioned are the interest rate structure and other applicable fees while availing Home loans from Aditya Birla Capital.

Parameters Loan Details
Floating Interest Rate 9.0% -12.5%
Processing Fees Up to 1% of the loan amount
Maximum Tenure 30 years
Pre-closure Charges Nil for floating rate loans

2% for fixed-rate loans

LTV 90% for loan value less than Rs. 30 lakhs

80% for loan value between 30 lakhs – 75 lakhs

75% for a loan value above Rs. 75 lakhs.

Late-Payment Charges 24% p.a.

Advantages of Taking a Home Loan from Aditya Birla Capital

  • Services at your doorstep
  • Cheap interest rates
  • Fast application process and quick loan approval.
Related Resource
Home Loans For Women
Plot Loans for Land Purchase
Top Housing Finance Companies in India
Home Buying Tips for 2022 
Top Home Loans for 2022

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