Lowest home loan interest rates: SBI vs HDFC Bank vs ICICI Bank vs Canara Bank; which bank offers lowest EMI; top bank rates compared

Core Insights - The article discusses the factors influencing home loan interest rates, emphasizing the importance of credit scores in securing lower rates [1][8] - It provides a comparison of home loan interest rates from both public and private sector banks for loans above Rs 75 lakh [2][3] Public Sector Banks - The lowest home loan interest rates from public sector banks range from 7.10% to 10.70% depending on the lender [2] - Specific rates include Bank of India at 7.10–10.25%, State Bank of India at 7.25–8.70%, and Punjab National Bank at 7.20–9.00% [2] Private Sector Banks - Private sector banks offer home loan interest rates starting from 7.20% to 12.58% [3] - Notable rates include HDFC Bank at 7.75% onwards and ICICI Bank at 7.45% onwards [3] Additional Concessions - Borrowers can receive extra interest rate concessions, such as 0.05% for those opting for insurance policies and additional concessions for women borrowers [4][6] - Specific concessions include 5 basis points for takeover loans and for salaried employees maintaining salary accounts with the bank [4] Tax Deductions - Interest paid on housing loans is deductible up to Rs 2 lakh for self-occupied properties, with an additional deduction of Rs 1.5 lakh for affordable housing loans borrowed before March 31, 2020 [4] - The principal portion of the EMI is also deductible under Section 80C, with a maximum claim of Rs 1.5 lakh [5] Loan Calculation Criteria - Home loan amounts are generally calculated based on the EMI and net monthly income (NMI) ratio, which varies between 20% to 70% depending on income slabs [7] - Including a co-applicant can increase the loan amount [7]