Home loan Interest Rates
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Today, Home Loan Interest Rates
Before applying for a home loan, check out Piramal Finance's latest interest rate (9.49%).
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Row 1
- Segment
- Loan Amount
- Loan Tenure
- Interest Rate
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Row 2
- Affordable Housing
- ₹ 5 Lakhs – ₹ 35 Lakhs
- Up to 30 Years
- Starting from 9.5%* per annum onwards
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Row 3
- Mass Affluent
- ₹ 35 Lakhs – ₹ 75 Lakhs
- As per eligibility
- Starting from 9.5%* per annum onwards
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Row 4
- Higher Loan Slab
- ₹ 75 Lakhs – ₹ 2 Crore
- As per eligibility
- Starting from 9.5%* per annum onwards
This table provides an overview of how the loan amount, tenure, and interest rate impact the Equated Monthly Installment (EMI) for a home loan. It illustrates how home loan interest rates affect the EMI you will need to pay, helping you make an informed financial decision.
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Row 1
- Loan Amount
- Tenure
- Rate of Interest
- EMI
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Row 2
- INR 10 lakhs
- 10 years*
- 9.5%*
- ₹ 13,775
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Row 3
- INR 25 lakhs
- 10 years*
- 9.5%*
- ₹ 34,438
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Row 4
- INR 50 lakhs
- 20 years*
- 9.5%*
- ₹ 51,609
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Row 5
- INR 50 lakhs
- 30 years*
- 9.5%*
- ₹ 47,616
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Row 6
- INR 1 crore
- 30 years*
- 9.5%*
- ₹ 95,232
*Terms & Conditions apply.
Home Loan Interest Rate Calculator: Know Before You Borrow
Use the Home Loan EMI & Eligibility Calculator. It is the easiest way to estimate how much you will pay every month based on your loan amount, tenure, and interest rate. Plus, it shows how much you are eligible to borrow, so you can plan smart, borrow wisely, and move into your dream home with confidence.
Documents Required for Home Loan Interest Rate Evaluation
To determine the applicable home loan interest rates, Piramal Finance requires a few essential documents based on your profession—whether you are salaried or self-employed.
Whatsapp me this document list
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Row 1
- Document Type
- For Self-Employed Individuals
- For Salaried Individuals
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Row 2
- Photo ID Proof
- Aadhaar card / Pan card
- Aadhaar card / Pan card
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Row 3
- Residence Address Proof
- Aadhar card
- Aadhar card
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Row 4
- Office Address Proof
- GST Registration Certificate / Trade License / Partnership Deed / Import Export Code / SEBI Registration Certificate / Memorandum of Association / ROC Registration Certificate
- Not applicable
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Row 5
- Income Proof
- P/L Account and Balance Sheet for the previous three years, ITRs of the last three years, bank account statement of business account
- Bank account statement of salary account, salary slip of the last three months, Form 16
Types of Home Loan Interest Rates: Fixed vs Floating
Before you compare house loan interest rates, you must know the two main types: Fixed and floating. Each one works differently and impacts how much you will repay over time.
Fixed interest rate home loan
As the name suggests, fixed rates stay the same throughout your loan tenure. This means:
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Your EMIs remain constant—no surprises.
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You can plan your budget confidently.
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You are protected if market interest rates go up.
This option is great if you value stability and predictability in your monthly payments.
Floating interest rate home loan
Floating rates are variable they go up or down based on the market. These rates are linked to external benchmarks like the RBI repo rate. Here is what to keep in mind:
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Your EMIs may fluctuate.
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You could save money if rates drop, but also pay more if rates rise.
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These loans typically offer a lower starting interest rate compared to fixed ones.
Floating rates suit borrowers who are okay with a little uncertainty in return for potential savings.
Factors that can influence the Home Loan Rate
Type of Interest Rate
While the fixed rates will not change, the floating rates would be influenced when the RBI brings in any modifications.
Loan-to-Value (LTV) Ratio
The loan-to-value ratio, better known as LTV, is the maximum limit that the lender can extend. It is a percentage of the property’s present market value. To decrease the loan quantum, you can increase the down payment. For example, if your property is worth Rs. 50 lakhs and you take a loan of Rs. 40 lakhs, the LTV is 80%.
Nature of the Property
Properties in prime locations, with modern construction, and good resale value, are less risky for lenders. Hence, such properties usually attract lower home loan interest rates.
Loan Tenure
A longer tenure means lower monthly EMIs but might result in higher total interest paid over time. However, lenders sometimes offer lower rates for shorter tenures, as the risk is reduced.
Financial Profile
In most cases, salaried employees are a safe bet as they have a stable income. Also, maintaining a good financial profile can help you in attracting competitive interest rates.
Get Home Loan for Different Budget
Know your monthly EMI for various home loan amounts.
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Frequently asked questions
Can I reduce the burden of my home loan EMI?
Having gone through the factors that can influence the home loan rate, you may feel there isn’t much you can do about them. Yet, fortunately, you can. Given below are a few simple yet effective tips that can help decrease the EMI burden on your shoulders.
Make Prepayments In an initial couple of years of the house loan, you would spend further on interest and much less on principle. Thus, making prepayments on your house loan will gradually reduce your remaining principal, lowering your interest rate.
Choose as short a Tenure as possible With the option of repaying your loan in as many as 30 years, home loans are long-term commitments. But when you choose a shorter term, you can keep the interest accumulation in control.
Keep a good Credit Score A score over 800 is regarded to be a good credit score and can greatly help in reflecting your creditworthiness.
Go for an EMI revision After taking the loan, if you feel you are in a better position to clear the EMIs you can always go for an EMI revision.
If you are good at the traditional ways of calculation, you can use the given formula to calculate the EMI on your home loan:
P*R*((1+R)^n)/(1-(1+R)^n)
Here, P stands for Principal loan amount
R is the Rate of interest
n is the Tenure of the loan (in months)
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