LIC Housing vs HDFC Vs PNB housing: Who is offering best interest rates on home loans?

Rate this post

Several banks have raised their home loan lending rates immediately after the Reserve Bank of India (RBI) had hiked the repo rate by 25 basis points (bps) to 6.50% in February Monetary Policy.After October 1, 2019, all floating-rate retail house loans approved by banks are linked to external benchmarks. So, all banks generally pass on the entire rate hike to existing and new home loan borrowers. While choosing a home loan, you can compare interest rates, duration and processing fees offered by various banks and housing finance companies.
Take a look at top housing finance companies such as LIC, HDFC and PNB housing and their latest home loan interest rates.

LIC Housing Finance home loan rates

LIC Housing’s prime lending rate (LHPLR) as per its website is 16.45%. The new interest rates on home loans will now start from 8.65%. For salaried maximum repayment period is up to 30 years. For self-employed maximum repayment period up to 25 years.

According to the LIC Housing website, home loan interest rates start from 8.65% for salaried and professional borrowers for credit score equal or above 800 for loans up to Rs 15 crore. For salaried and professional individuals with credit score between 750-799, interest rate will be 8.75% up to 5 crore and 8.95% and more than Rs 5 crores & up to 15 crores. For CIBIL Score between 700 -749, interest rate offered is 9.05% up to Rs 5 crore, 9.25% for amounts more than Rs 5 cr & up to 15 crs.

For CIBIL Score between 600-699, interest rate offered is 9.30% up to Rs 50 lakhs, 9.50% for amounts more than Rs 50 lakhs & up to 2 crore and 9.65% for loan amounts more than Rs 2 crore & up to Rs 15 crores. The above rates are applicable from December 26, 2023.

Also read: These banks have increased loan interest rates after the latest RBI repo rate hikeHDFC home loan rates

HDFC Retail Prime Lending Rate as per the website is 18.30%. HDFC Adjustable home loan interest rates are linked to HDFC’s Bench Mark Rate (“RPLR”) and are variable throughout the tenor of the loan.

Interest rates for women on home loan amount up to Rs 30 lakhs range between 8.95% and 9.45%, while interest rates for others range between 9.00% and 9.50%. For home loan amounts ranging from Rs 30.01 Lakhs to Rs75 Lakhs, the interest rate offered is between 9.20 – 9.70% for women borrowers and 9.25 – 9.75% for others. For amounts greater than Rs 75.01 lakhs, HDFC offers interest rates ranging from 9.30 to 9.80% for women, and 9.35 to 9.85% for others.

According to the HDFC website, “The above interest rates / EMI are applicable for loans under the Adjustable Rate Home Loan Scheme, and subject to change at the timeof disbursement. The rates are linked to HDFC’s Bench Mark Rate (i.e. the RPLR) and are variable through the tenor of the loan.”

Loan SlabHome Loan Interest Rates (% p.a.)
For Women* (upto 30 Lakhs)8.95 – 9.45
For Others* (upto 30 Lakhs)9.00 – 9.50
For Women* (30.01 Lakhs to 75 Lakhs)9.20 – 9.70
For Others* (30.01 Lakhs to 75 Lakhs)9.25 – 9.75
For Women* (75.01 Lakhs & Above)9.30 – 9.80
For Others*(75.01 Lakhs & Above)9.35 – 9.85

Source: HDFC website as on Feb 23, 20323

Note that interest rates vary depending on the credit/ risk profile as assessed by HDFC on the basis of certain parameters such as credit scores, segments, repayment of other loans, etc.

PNB Housing home loan rates

PNB Housing offers home loans to salaried and self-employed individuals. Note that PNB Housing offers all home loans at floating interest rates. Interest rates on home loan vary depending on your credit score.

The interest rate on home loans of above Rs 35 lakh for salaried employees with credit scores of 800 or higher is between 8.5% and 9%. Salaried individuals with credit scores ranging from 775 to 799 are eligible for an interest rate between 8.9% and 9.4%, while those with credit scores ranging from 750 to 775 are eligible for an interest rate between 9.05% and 9.55%. For salaried individuals with credit scores ranging from 725 to 750, PNB Housing offers house loan interest rates ranging from 9.4% to 9.9%. Borrowers with credit scores ranging from 700 to 725 will get an interest rate ranging from 9.75% to 10.25%.

Credit ScoreSalaried / Self – employed professional (SEP)
>=8008.5% to 9%
>775 to 7998.9% to 9.4%
>750 to <=7759.05% to 9.55%
> 725 to < =7509.4% to 9.9%
> 700 to <= 7259.75% to 10.25%
> 650 to <= 7009.95% to 10.45%
upto 6509.95% to 10.45%
NTC Cibil >=1709.95% to 10.45%
NTC Cibil <1709.95% to 10.45%

Source: PNB Housing website as on February 23, 2023

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

Please consider supporting us by disabling your ad blocker on our website