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Compare Home Loan Rates on BankBazaar → Check Personal Loan Rates on PaisabazaarEMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate (annual rate/12/100), and n is tenure in months. For example, ₹30L at 8.5% for 20 years = ₹26,035/month EMI.
Home loan rates in India range from 8.35% to 9.5% depending on the lender and your credit score. SBI offers from 8.50%, HDFC from 8.70%, ICICI from 8.75%. Rates are linked to RBI repo rate and change periodically.
Most banks let you choose. Reducing tenure saves more interest. Reducing EMI improves monthly cash flow. If you have surplus funds, part-prepayment (after initial lock-in) can save lakhs in interest especially in the early years.
Maximum home loan tenure is 30 years for most banks. SBI offers up to 30 years, HDFC up to 30 years. The tenure is also limited by your retirement age (typically 60-65 years). Longer tenure = lower EMI but higher total interest.
Yes. Under Old Tax Regime: Principal repayment up to ₹1.5L under Section 80C and interest up to ₹2L under Section 24b per year. Under New Tax Regime, these deductions are not available. Self-occupied property interest deduction is ₹2L max.