Home Loan Interest Rates : Different rate of interest on home loans charged by banks...

Home Loan Interest Rates : Different rate of interest on home loans charged by banks...

Minister of State for Finance replied to a question in Lok Sabha on 22nd February 2013 regarding rate of interest on home loans being charged by various Scheduled Commercial Banks is given below...

Interest rates on advances have been de-regulated by the Reserve Bank of India (RBI). The banks determined their actual lending rates on loans and advances with reference to their Base Rate and by including such other customer specific changes as considered appropriate.


As per the guidelines of RBI, Base Rate system has been introduced in the banks with effect from 01.07.2010 and all loans sanctioned/ disbursed on or after 01.07.2010 are linked to the Base Rate. Since Base Rate arrived at by banks is based on cost of funds and various other factors of respective banks, the Base Rate of individual banks varies. Since interest rates of housing loans are linked to the Base Rate, there is variation in interest rates offered by various banks.

There is no such proposal to issue instructions to all the banks to offer home loans to the consumers at a uniform rate of interest.

The complete details of present rate of interest being charged on home loans by different banks is annexed below...

Sl. Name of the Bank As on January 10, 2013 (In %)
No Minimum Maximum
1 Allahabad Bank 10.2 10.95*
2 Andhra Bank 10.5 11.75
3 Bank of Baroda 10.75 12.25
4 Bank of India 10.5 10.75
5 Bank of Maharashtra 10.5 12.25
6 Central Bank of India 10.25 10.5
7 Corporation Bank 10.5 11
8 Canara Bank 10.5 10.75
9 Dena Bank 10.45 11.75
10 Indian Bank 10.5 12
11 Oriental Bank of Commerce 10.4 11
12 Punjab National Bank 10.5 11.25
13 State Bank of India 10 10.15
14 Vijaya Bank 10.25 11.25*
15 Union Bank of India 10.5 13.25*
16 IDBI 10.25 11.50*
17 Indian Overseas Bank 10.25 11.25*
18 Punjab and Sindh Bank 10.5 11
19 State Bank of Bikaner & Jaipur 10.4 10.5
20 State Bank of Hyderabad 10.25 10.25
21 State Bank of Mysore 11 12
22 State Bank of Patiala 10.5 12.75
23 State Bank of Travancore 10.25 10.5
24 Syndicate Bank 10.5 12
25 UCO Bank 10.2 10.20*
26 United Bank of India 10.7 11
* as on 19.02.2013.

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March 13, 2013 at 12:47 PM
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