Home Loan Interest Rates in 2024: Complete Guide
Get the latest information on home loan interest rates, eligibility criteria, and tips to get the best deal on your home loan in 2024.
Current Home Loan Scenario in 2024
Home loan interest rates in India have been dynamic in 2024, influenced by RBI policy changes and market conditions. Understanding these rates and factors affecting them can help you secure the best deal.
Current Interest Rate Ranges
SBI: 8.50% - 9.40% per annum
HDFC Bank: 8.60% - 9.50% per annum
ICICI Bank: 8.70% - 9.75% per annum
Axis Bank: 8.75% - 9.50% per annum
Factors Affecting Home Loan Rates
1. Credit Score: Higher scores (750+) get better rates
2. Down Payment: Higher down payment reduces risk
3. Income Stability: Salaried professionals often get preferential rates
4. Loan Amount: Larger loans may have different rate structures
Types of Interest Rates
Fixed Rate: Remains constant throughout the loan tenure
Floating Rate: Changes with market conditions
Hybrid Rate: Fixed for initial years, then floating
Tips to Get Lower Interest Rates
• Maintain excellent credit score
• Compare offers from multiple lenders
• Negotiate based on your profile
• Consider balance transfer if rates drop significantly