India’s largest bank – State bank of India (SBI) had recently cut its Home Loan rates. This is lowest home loan rate in the market as of today. The new Home Loan rates are effective from August 7, 2012. The rate of interest is 10.25% for Home loan up to Rs. 30 Lacs and 10.40% for loan above Rs. 30 Lacs.
Here are how EMIs work out per Lac for different tenures of 5 – 30 years.
|Period of Loan||Upto Rs. 30 Lacs||Above Rs. 30 Lacs|
|Rate of Interest||10.25%||10.40%|
Home Loan EMI Comparison:
Below is the table showing EMI per Lac for different Home Loan providers for tenure of 5, 10 , 15 and 20 Years. This EMI is for loan amount of up to Rs. 30 Lacs.
|Home Loan Company||5 Years||10 Years||15 Years||20 Years|
|Bank of Baroda||2,162||1,363||1,121||1,015|
|Bank of Maharashtra||2,149||1,363||1,137||1,032|
|Central Bank of India||2,149||1,349||1,105||998|
|Indiabulls Housing Finance||2,149||1,349||1,105||998|
|Union Bank of India||2,149||1,349||1,105||998|
|Oriental Bank of Commerce||2,162||1,363||1,121||1,032|
|Punjab National Bank||2,162||1,363||1,121||1,015|
|State Bank of India||2,137||1,335||1,090||982|
Updated: August 7, 2012 Source: Company Websites
Disclaimer: We have tried to keep interest rates up to date, but as these change frequently you are advised to check with the home loan institutions before going ahead. Also it would be great if you can point out any errors through comments or email!