Home Loan in India 2026 – SBI vs HDFC vs ICICI Interest Rates Compared
The home loan market in India is highly competitive, with numerous banks and financial institutions offering attractive interest rates and terms. As of 2026, the current home loan interest rates are: SBI 8.40%, HDFC 8.50%, ICICI 8.60%, LIC HFL 8.50%, and Canara 8.45%. In this article, we will compare the home loan interest rates and eligibility criteria of these major banks, as well as provide information on required documents, EMI tables, and tax benefits.
Eligibility Criteria and Required Documents
To be eligible for a home loan in India, you must meet certain criteria, including age, income, and credit score. The required documents for a home loan application typically include: identity proof, address proof, income proof, and property documents. The specific documents required may vary depending on the bank and the type of loan.
EMI Tables and Loan Tenure
The Equated Monthly Installment (EMI) is the monthly payment you make towards your home loan. The EMI amount depends on the loan amount, interest rate, and loan tenure. Here is an example EMI table for a loan of ₹30L, ₹50L, ₹75L, and ₹1Cr at an interest rate of 8.5% for 15, 20, and 25 years:
| Loan Amount | Loan Tenure | EMI |
|---|---|---|
| ₹30L | 15 years | ₹26,362 |
| ₹30L | 20 years | ₹20,655 |
| ₹30L | 25 years | ₹17,461 |
| ₹50L | 15 years | ₹43,871 |
| ₹50L | 20 years | ₹34,443 |
| ₹50L | 25 years | ₹29,205 |
| ₹75L | 15 years | ₹65,806 |
| ₹75L | 20 years | ₹51,664 |
| ₹75L | 25 years | ₹43,808 |
| ₹1Cr | 15 years | ₹87,717 |
| ₹1Cr | 20 years | ₹68,885 |
| ₹1Cr | 25 years | ₹58,441 |
Hidden and Additional Costs
In addition to the interest rate and EMI, there are several other costs associated with a home loan. These include:
- Approvals and permits: The cost of obtaining necessary approvals and permits from the local municipal authority, such as the Bruhat Bengaluru Mahanagara Palike (BBMP) in Bangalore.
- Soil testing: The cost of testing the soil to determine its suitability for construction.
- Boundary and compound wall: The cost of constructing a boundary wall and compound wall around the property.
- Water and electricity connections: The cost of obtaining water and electricity connections to the property.
- Overhead tank and sump: The cost of constructing an overhead tank and sump to store water.
- Finishing and fittings: The cost of finishing and fitting out the property, including flooring, painting, and fixtures.
Tax Benefits and Pre-Approved Loans
Home loan borrowers in India are eligible for tax benefits under Section 80C and Section 24(b) of the Income Tax Act. Additionally, some banks offer pre-approved loans, which can simplify the loan application process. Pre-approved loans are offered to existing customers of the bank, and can be processed quickly and easily.
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