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Tata Capital > Blog > Loan for Home > Interested In A Home Loan – Here Are The Latest Interest Rates

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Interested In A Home Loan – Here Are The Latest Interest Rates

Interested In A Home Loan – Here Are The Latest Interest Rates

Owning a home is everybody’s dream. Yet, owing to various reasons like high real estate prices, people stay away from buying their dream homes. A home loan is the best bet at such deciding times. Lenders offer home loans at affordable rates of interest. However, home buyers should be aware of the latest housing loan interest rate before they finalise a home loan.

For instance, they must know what is meant by the latest ROI of a home loan. ROI is the rate of interest on your home loan. They must attempt to find the home loan interest latest rates prevalent at the time.

Many lenders will accept a buyer’s application but that does not mean they should go for the first deal they get. Being aware of factors that impact the latest housing loan interest and related factors help them get the best home loan deals.

This article covers the latest interest rates of home loans to help a buyer own the home of their dreams. To evaluate the latest home loan rates while buying a home loan, let’s understand what constitutes a home loan.

What is a Home Loan?

A home loan or housing loan or mortgage is a sum borrowed to buy, construct or renovate a house. It is available at a certain interest rate. The principal and interest on a home loan must be paid as equated monthly installments (EMI).  Home loans are available both for personal and commercial properties for around 15-20 years or even more. So, a borrower should thoroughly research factors like the latest home mortgage rates, the latest ROI of home loan, etc. before they shortlist a home loan.

What is Home Loan Interest Rate?

Home loan rate of interest (latest) is normally measured as a percentage. It is the rate at which interest gets charged on the principal amount of a home loan for a certain period.  A borrower’s loan eligibility, income, credit score, and related factors determine the latest interest rates of home loans applicable to them.

Any latest housing loan interest rate falls under two categories: fixed interest rate and floating interest rate. A fixed interest rate remains the same over the loan tenure. A floating interest rate changes with evolving market conditions.

A borrower can select the home loan interest rate latest from the above two categories depending on their risk appetite, repaying capability, and willingness to pay a pre-determined interest rate.

The COVID-19 pandemic had severely impacted the real estate sector. However, with pre-pandemic normalcy getting back, the sector is slowly bouncing back. There would be a change in the home loan’s latest rate of interest as it is impacted by evolving market situations. So, a home buyer should always check out the recent home loan interest rate by comparing different lenders’ home loan rates of interest latest on their websites.

Why is The Latest Home Loan Rate So important?

The latest home loan rate becomes important when a borrower shortlists a home loan.  It is because calculating the latest interest rates of home loans lets them advance the amount that they must pay over and above the principal amount of the home loan.

As home loans are typically long-term by nature, the total interest on the loan (latest ROI of a home loan) becomes a huge sum over the loan tenure. Even a slightly recent home loan interest rate change can become significant over time.

Also, interest rates tend to rise with a rise in loan tenure. So, a borrower must check and compare the latest home loan rates across lenders. They should select a lender offering a competitive home loan interest rate latest in India.

What is The latest Housing Loan Interest Rate?

Based on its review of the evolving macroeconomic condition and rising inflation in India, the  Reserve Bank of India (RBI) has increased the repo rate by 50 basis points to 5.90% with immediate effect from September 30, 2022. The RBI decision has impacted the home loan’s latest rate of interest offered by lenders.

Latest Interest Rates of Home Loan List

The latest housing loan interest rate in India ranges anywhere from 8.60% to 12%. Tata Capital offers home loans that start at the latest home loan rates of just 8.60%*.  

Home Loan Interest Latest List

Tata Capital Housing Finance Ltd. – Prime Lending Rate (October 1, 2022): 19.25%

Salaried and Self-Employed Home Loan Latest Rate of InterestTable

Home LoanLoan AmountLatest Interest Rates of Home Loan – *ROI (%)
SalariedAny amountStarts at 8.60%
Self EmployedAny amountStarts at 8.60%
Home EquityLoan AmountHome Loan Latest Rate of Interest -*ROI (%)
SalariedAny amountStarts at 10.10%
Self EmployedAny amountStarts at 10.10%

*Final ROI could differ based on credit checks, property & other factors.

Conclusion

While applying for a home loan, one should consider the latest housing interest rate. Tata capital offers competitive latest interest rates for home loans starting at *8.60% with no hidden charges. At Tata Capital, all expenses right from processing fees to foreclosure charges are conveyed transparently. For more details on the latest home loan rates, visit the Tata Capital website.

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