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Multiple reports indicate a promising trend in the residential real estate market, with a significant surge in sales, particularly in the premium and luxury housing segments. The increasing share of home loans underscores this growth for properties valued at Rs 75 lakh and above, which has risen from 19% in March 2020 to an impressive 31.4% in March 2024, as per the outstanding portfolios of home loan providers, as reported by Times of India.
According to a recent report by Knight Frank, the market's stability is evident in the increasing number of home loan applications, which now make up a significant portion of India's housing sales, exceeding Rs 1 crore and accounting for 41%. This data suggests that the surge in sales is not just a temporary occurrence but rather an ongoing trend. The percentage of homes valued at over Rs 75 lakh has consistently increased, rising to 20.
6% in FY21, 24% in FY22, and 27.3% in FY23. Public sector banks dominate the housing loan market for amounts below Rs 75 lakh, while private banks lead in the Rs 75 lakh category.
However, housing finance companies have a strong presence in the below Rs 35 lakh segment, per a credit bureau CRIF report. Unlike the RBI's data, CRIF's report encompasses credit from all types of lenders, including finance companies and HFCs. “As of March 2024, portfolios outstanding of home loans - which are dominated by public and private banks - stood at Rs 36.
2 lakh crore (across lenders),” stated the Times of India news report. Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Basics of Generative AI : Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Leadership Business Storytelling Masterclass By - Ameen Haque, Founder of Storywallahs View Program Marketing Future of Marketing & Branding Masterclass By - Dr.
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The fixed rate will have the same rate of interest fixed at the time of the approval of the loan, and will continue until the end of the tenure. The mixed rate will have the fixed rate of interest first and later the floating one." Lenders consider several factors when determining the interest rate for your home loan, including your credit score, loan amount, LTV ratio, employment status, and the type of interest rate.
When getting a home loan, select a lender that provides a competitive interest rate. It is a significant long-term financial commitment, and even a slight decrease in the interest rate can reduce the total cost of the loan, allowing you to save money. Latest home loan interest rates September 2024 Name of Lender Loan Amount (Rs) Upto 30 Lakh Above 30 Lakh & Upto 75 Lakh Above 75 Lakh PUBLIC SECTOR BANKS State Bank of India 8.
50-9.85 8.50-9.
85 8.50-9.85 Bank of Baroda 8.
40-10.65 8.40-10.
65 8.40-10.90 Union Bank of India 8.
35-10.75 8.35-10.
90 8.35-10.90 Punjab National Bank 8.
45-10.25 8.40-10.
15 8.40-10.15 Bank of India 8.
40-10.85 8.40-10.
85 8.40-10.85 Canara Bank 8.
50-11.25 8.45-11.
25 8.40-11.15 UCO Bank 8.
45-10.30 8.45-10.
30 8.45-10.30 Bank of Maharashtra 8.
35-11.15 8.35-11.
15 8.35-11.15 Punjab and Sind Bank 8.
50-10.00 8.50-10.
00 8.50-10.00 Indian Overseas Bank 8.
40-10.60 8.40-10.
60 8.40-10.60 Central Bank of India 8.
45-9.80 8.45-9.
80 8.45-9.80 PRIVATE SECTOR BANKS Kotak Mahindra Bank 8.
75 onwards 8.75 onwards 8.75 onwards ICICI Bank 8.
75 onwards 8.75 onwards 8.75 onwards Axis Bank 8.
75-13.30 8.75-13.
30 8.75-9.65 HSBC Bank 8.
50 onwards 8.50 onwards 8.50 onwards South Indian Bank 8.
70-11.70 8.70-11.
70 8.70-11.70 Karur Vysya Bank 9.
00-11.05 9.00-11.
05 9.00-11.05 Karnataka Bank 8.
50-10.62 8.50-10.
62 8.50-10.62 Federal Bank 8.
80 onwards 8.80 onwards 8.80 onwards Dhanlaxmi Bank 9.
35-10.50 9.35-10.
50 9.35-10.50 Tamilnad Mercantile Bank 8.
60-9.95 8.60-9.
95 8.60-9.95 Bandhan Bank 9.
16-15.00 9.16-13.
33 9.16-13.33 RBL Bank 8.
90 onwards 8.90 onwards 8.90 onwards CSB Bank 10.
49-12.34 10.49-12.
34 10.49-12.34 HDFC Bank Ltd.
8.75 onwards 8.75 onwards 8.
75 onwards City Union Bank 8.45-9.70 8.
70-10.20 8.95-10.
70 HOUSING FINANCE COMPANIES (HFCs) LIC Housing Finance 8.50-10.35 8.
50-10.55 8.50-10.
75 Bajaj Housing Finance 8.50 onwards 8.50 onwards 8.
50 onwards Tata Capital 8.75 onwards 8.75 onwards 8.
75 onwards PNB Housing Finance 8.50-14.50 8.
50-14.50 8.50-11.
45 GIC Housing Finance 8.80 onwards 8.80 onwards 8.
80 onwards SMFG India Home Finance 10.00 onwards 10.00 onwards 10.
00 onwards Sammaan Capital (Formely Indiabulls Housing Finance) 8.75 onwards 8.75 onwards 8.
75 onwards Aditya Birla Capital 8.60 onwards 8.60 onwards 8.
60 onwards ICICI Home Finance 9.10 onwards 9.10 onwards 9.
10 onwards Godrej Housing Finance 8.55 onwards 8.55 onwards 8.
55 onwards Rates as of 4 September 2024 Source: Paisabazaar.com.
