Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr As a borrower, you do have the authority to choose the best lender for your loan. But, the rate of interest applicable to it is decided by the lender only. You can not choose the rate but can make sure that you get the lowest or best home loan rates. Now, how can you do that? If you have all the documents as per the requirements and match the eligibility criteria set by the bank. Top banks such as State Bank of India has flexible criteria based on which they accept home loan applications. In this article, we will help you go through some of the best home loan rates available in India. You may compare the rates by calculation EMIs based on the rate, loan amount and tenure to choose the suitable home loan bank for yourself. Home Loan What Are the Best Home Loan Rates In 2018? Here are the housing loan interest rates of top 5 banks and NBFCs: SBI- State Bank of India is the most trusted lender with the starting rate of interest for home loans as 8.35% per annum for women applicants and 8.40% per annum for other applicants. HDFC Ltd- The home loan is disbursed at the present rate of interest starting from 8.35% per annum and goes up to 8.95% per annum. LIC Housing Finance- The interest rate on a housing loan for variable loan amounts is mentioned below: Up to ₹1 lakh to 35 lakhs- 8.35% p.a. (for women) and 8.40% p.a. (for others) From ₹30 lakhs and ₹2 crores – 8.50% p.a. (for all) From ₹2 crore to ₹5 crores- 8.70% p.a. (for all) Axis Bank- The home loan rate at Axis Bank is presently at 8.35% per annum onwards. The processing fee applicable to home loans is up to 1% of the loan amount plus applicable taxes that is GST. Bank of Baroda- The interest rate on home loans starts from 8.30% per annum and goes up to 9.30% per annum. How Much EMI Do Pay for Your Home Loan? Monthly installments on a loan are calculated on the basis of the loan amount, tenure and interest rate. For the calculation, a home loan EMI calculator is the simplest tool. It can help you calculate EMIs within a few minutes. This tool would take into account the basic details of your home loan which are: Loan amount Tenure Interest rate Now, when you mention the above details in the calculator, it would give you the data of the EMI, the total interest outgo, and the total amount (principal+interest). Here is an example of the loan amount ₹20 lakhs with the tenure of 15 years and interest rate of 8.35% p.a. EMI: ₹19,519 Total interest outgo: ₹15,13,480 Total amount: ₹35,13,480 Here is the formula to calculate the EMI or equated monthly installment: E= P.r. (1+r)*n/((1+r)*n -1) Where, E=EMI P=Principal loan amount r= Rate of interest on a monthly basis (r= Annual rate of interest/12/100) n=Loan tenure Where and How Can You Apply for The Loan? You can either apply online or offline depending on your suitability. The online procedure, however, is time-saving and beneficial. The benefits are that you can compare different deals before you finalize the lender. The other benefit is that you can apply as per your suitability. These two are very important factors in helping you make the right move. In the online process, you can choose the lender and then follow the procedure. You must have the documents required to apply for the loan.