Think about it you purchase your dream home Exactly as you like: big, bright, and ready for occupancy. However, it all boils down to finding the right home loan before you can start choosing curtains. Navigating through the maze to homeownership, interest rates in 2024 are quite a mixed bag. Not to fret, because we will break it down for you.
Interest rates might not seem like a big deal in the broad scope of buying a home, but they can make or break your budget. That may sound like a minimal difference, but over the life of your loan that can add up to thousands. Not only is it a good idea to compare rates between banks, but you also need to do so.
So, who’s got the best deal? Read on to find out the best 20 banks offering the highest interest rates in the year 2024. These banks provide services that suit everyone whether you are borrowing light or heavy.
- For loans up to Rs 30 lakh: 8.35-10.75%
- Rs 30 lakh to Rs 75 lakh: 8.35-10.90%
- Above Rs 75 lakh: 8.35-10.90%
Why It’s Great: Ideal for those seeking consistency across different loan sizes.
- For loans up to Rs 30 lakh: 8.35-11.15%
- Rs 30 lakh to Rs 75 lakh: 8.35-11.15%
- Above Rs 75 lakh: 8.35-11.15%
Why It’s Great: Offers stability with a slight edge on larger loans.
- For loans up to Rs 30 lakh: 8.40-10.65%
- Rs 30 lakh to Rs 75 lakh: 8.40-10.65%
- Above Rs 75 lakh: 8.40-10.90%
Why It’s Great: Balanced and dependable, Bank of Baroda offers solid rates across the board, making it a strong contender for a variety of loan needs.
- For loans up to Rs 30 lakh: 8.40-10.85%
- Rs 30 lakh to Rs 75 lakh: 8.40-10.85%
- Above Rs 75 lakh: 8.40-10.85%
Why It’s Great: Consistency is key, and the Bank of India delivers just that with uniform rates that keep your budgeting simple.
- For loans up to Rs 30 lakh: 8.40-10.60%
- Rs 30 lakh to Rs 75 lakh: 8.40-10.60%
- Above Rs 75 lakh: 8.40-10.60%
Why It’s Great: Offering competitive rates, this bank keeps things smooth and straightforward, making it easier to navigate your loan journey.
- For loans up to Rs 30 lakh: 8.45-10.25%
- Rs 30 lakh to Rs 75 lakh: 8.40-10.15%
- Above Rs 75 lakh: 8.40-10.15%
Why It’s Great: With rates that cater to different financial needs, Punjab National Bank is a reliable choice for the average borrower.
- For loans up to Rs 30 lakh: 8.45-9.80%
- Rs 30 lakh to Rs 75 lakh: 8.45-9.80%
- Above Rs 75 lakh: 8.45-9.80%
Why It’s Great: Offering one of the most affordable ranges, this bank is perfect for those looking to get the best value for their money.
- For loans up to Rs 30 lakh: 8.45-10.30%
- Rs 30 lakh to Rs 75 lakh: 8.45-10.30%
- Above Rs 75 lakh: 8.45-10.30%
Why It’s Great: Flexibility is UCO Bank’s forte, giving you a range of options to suit your specific borrowing needs.
- For loans up to Rs 30 lakh: 8.70% onwards
- Rs 30 lakh to Rs 75 lakh: 8.70% onwards
- Above Rs 75 lakh: 8.70% onwards
Why It’s Great: Known for its premium services, Kotak Mahindra is the go-to for borrowers looking for a touch of class with competitive rates.
- For loans up to Rs 30 lakh: 8.70-11.70%
- Rs 30 lakh to Rs 75 lakh: 8.70-11.70%
- Above Rs 75 lakh: 8.70-11.70%
Why It’s Great: Offering a wide range of rates, South Indian Bank brings the warmth of southern hospitality to your loan experience.
- For loans up to Rs 30 lakh: 8.50% onwards
- Rs 30 lakh to Rs 75 lakh: 8.50% onwards
- Above Rs 75 lakh: 8.50% onwards
Why It’s Great: With its global presence, HSBC offers stability and trust, perfect for those who want a bank with an international reputation.
- For loans up to Rs 30 lakh: 8.50-10.35%
- Rs 30 lakh to Rs 75 lakh: 8.50-10.55%
- Above Rs 75 lakh: 8.50-10.75%
Why It’s Great: Backed by LIC, this option is for those who value trust and reliability above all.
- For loans up to Rs 30 lakh: 8.50% onwards
- Rs 30 lakh to Rs 75 lakh: 8.50% onwards
- Above Rs 75 lakh: 8.50% onwards
Why It’s Great: Known for its competitive edge, Bajaj Housing Finance is ideal for the savvy borrower who wants to maximize every rupee.
- For loans up to Rs 30 lakh: 8.50-10.00%
- Rs 30 lakh to Rs 75 lakh: 8.50-10.00%
- Above Rs 75 lakh: 8.50-10.00%
Why It’s Great: Punjab and Sind Bank offer solid rates with a community-driven approach, making you feel like part of the family.
- For loans up to Rs 30 lakh: 8.25-9.50%
- Rs 30 lakh to Rs 75 lakh: 8.50-10.00%
- Above Rs 75 lakh: 8.75-10.50%
Why It’s Great: Known for its customer service, City Union Bank provides a personal touch with competitive rates that cater to your needs.
- For loans up to Rs 30 lakh: 8.60-9.95%
- Rs 30 lakh to Rs 75 lakh: 8.60-9.95%
- Above Rs 75 lakh: 8.60-9.95%
Why It’s Great: Consistent and dependable, Tamilnad Mercantile Bank is a go-to for those who want reliable service with no surprises.
- For loans up to Rs 30 lakh: 8.60% onwards
- Rs 30 lakh to Rs 75 lakh: 8.60% onwards
- Above Rs 75 lakh: 8.60% onwards
Why It’s Great: A newer player in the market, Aditya Birla Capital brings innovation and fresh perspectives to home financing.
- For loans up to Rs 30 lakh: 8.55% onwards
- Rs 30 lakh to Rs 75 lakh: 8.55% onwards
- Above Rs 75 lakh: 8.55% onwards
Why It’s Great: Known for quality and trust, Godrej Housing Finance combines traditional values with modern solutions.
- For loans up to Rs 30 lakh: 8.75% onwards
- Rs 30 lakh to Rs 75 lakh: 8.75% onwards
- Above Rs 75 lakh: 8.75% onwards
Why It’s Great: As one of the largest private banks in India, ICICI Bank offers robust services and reliable rates, making it a top choice for many borrowers.
- For loans up to Rs 30 lakh: 8.75% onwards
- Rs 30 lakh to Rs 75 lakh: 8.75% onwards
- Above Rs 75 lakh: 8.75% onwards
Why It’s Great: With a new name but the same commitment to service, Sammaan Capital is ready to compete with competitive rates and a renewed focus on customer satisfaction.
The Big Picture: Wrap It Up – A Home Sweet Home
Looking for home loans can be a difficult task, but know that without the right information, you are halfway to opening up your new front door. When you compare among the top 20 banks, you are prepared to save on a decision that could cost thousands in the long run.
Does that inspire you to start now? You might be surprised at how close you are to your dream home, backed by the right loan.