Mortgage Loan Interest Rate 2024

Mortgage loan interest rates are lower than unsecured loan interest rates. Due to this affordability, they are popular among borrowers. Currently, mortgage loan interest rates range from 9% to 20% p.a., depending on the borrower’s eligibility, loan amount requirement, tenure, and other factors.


Mortgage Loan Interest Rates of All Banks 2024

A mortgage loan is a credit facility under which you can secure funds by pledging your property. The mortgage loan interest rates range from 9% to 20% p.a. at present. The mortgage loan interest may vary depending on the borrower’s eligibility, loan amount, tenure and lender’s policy. Usually, the amount of loan you can avail is up to 90% of the registered property’s value. The repayment tenure for mortgage loans can be up to 15 years.

Below is the table containing the current Mortgage Loan Interest Rate All Banks:

Name of LenderRate of Interest (p.a.)Processing Fee
IDFC First Bank9.00% - 20.00%Up to 3% + GST
Kotak Mahindra Bank9.15% - 10.50%1% + GST & statutory dues
PNB Housing9.25% - 12.45%2% + GST
HDFC Bank9.50% - 11.00%Up to 1% (minimum Rs. 7,500)
IDBI Bank9.50% - 11.45%1%
HSBC Bank9.75%1% or Rs. 10,000, whichever is higher + applicable taxes
SBI10.10% - 11.65%1% (maximum Rs. 50,000) + service tax
Axis Bank10.50% - 10.95%1% or Rs. 10,000 (whichever is higher)
Bank of Baroda10.85% - 16.50%1% (minimum Rs. 8,500 & maximum Rs. 1,50,000)
ICICI Bank10.85% - 12.50%0.50% - 2% or Rs. 3,000, whichever is higher + applicable taxes & other statutory levies 
Bank of Maharashtra10.95% - 11.95%1% + GST
Bank of India11.25%Up to 1% (minimum Rs. 5,000 & maximum Rs. 50,000)
Central Bank of India9.75% - 13%Up to 0.75% + GST (maximum Rs. 1 Lakh)
Federal Bank12.60%1% (minimum Rs. 3,000) 
Bajaj Finserv9% - 14%2% + GST

Compare Banks to get lowest Loan Against Property Interest Rate.

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Mortgage Loan Interest Rate, Fees and Charges

Apart from applicable mortgage rates of interest, there are following three basic charges that are levied by lenders on mortgage loans:

Mortgage Loan Processing Fees

The lender has to bear some administrative costs while processing and sanctioning a loan against property. This is usually a small amount, which varies from one lender to another and typically costs up to 3% of the sanctioned loan amount plus applicable GST. These charges are levied for the processing of loans.

Mortgage Loan Part Prepayment Charges

If you opt to prepay your loan against property in parts, you can do so on payment of a part prepayment penalty levied by the lender. Usually, the part prepayment penalty varies between 0% to 5% of the principal outstanding being paid plus applicable GST. Most lenders allow borrowers to make part prepayment once a year for free of cost. However, the amount to be prepaid should not exceed 25% of the principal amount outstanding at the time of such prepayment. If this threshold limit is crossed, a penalty will be levied by the lender.

Mortgage Loan Foreclosure Charges

You can also opt to prepay your loan in full before the end of its repayment tenure. As per the RBI’s rules, this facility does not involve any prepayment charges if the loan is based on a floating mortgage rate of interest. However, the borrower must not foreclose the loan during the lock-in period. If you opt for full prepayment of the mortgage loan during the lock-in period, lenders may levy a foreclosure charge between 0% to 5% of the principal outstanding being paid plus applicable GST. The lock-in period may vary between 6 to 60 months.

You can also Check Loan Against Property without Income Proof and ITR

Apply HDFC Loan Against Property

Mortgage Loan Interest Rate Calculator

You can use the Mortgage loan interest rate calculator or Loan Against Property EMI Calculator available on our portal, to calculate your Loan Against Property EMI. To do the EMI calculation, you will have to open the Loan Against Property EMI Calculator page given under the Financial Tools tab on the homepage. Once you are on the page, just enter a few basic details such as loan amount, mortgage rates today, and tenure. Along with the EMI, you will also be able to view the complete amortization schedule of your loan showing the breakup of principal and interest repayment throughout the entire duration of the loan.

You can also use HDFC Loan Against Property EMI Calculator to find out how much you will save on interest and how it affects your Loan EMI.

Features and Benefits of Mortgage Loan Rates

  • Compared to personal loans, mortgage interest rates are lower because they are secured by the mortgage of the property. 
  • The lowest mortgage loan interest rate results in a lower EMI amount, making loan repayment affordable.
  • Currently, Mortgage loan interest rate in India varies between 9% and 20% p.a.
  • Lenders offer floating as well as fixed interest rate mortgage loans, depending on the borrower’s requirement.
  • The current mortgage rates may vary from one lender to another depending on the borrower’s credit score, income, loan amount requirement, and other factors.

Compare Banks to get lowest SBI Loan Against Property Interest Rate.

Types of Mortgage Loans in India

There are different types of mortgage loans in India as described below:

  • Loan Against Property: Loan Against Property (LAP) can be availed against the mortgage of a self-owned property for personal or business purposes. In this loan, the property acts as collateral to support the finance provided by the lender. The margin or Loan-to-Value (LTV) for LAP usually ranges from 50% - 90% of the value of the property. 
  • Home Loan: A home loan is a secured form of loan that can be availed for purchasing or constructing a residential property. Most banks & housing finance companies (HFCs) sanction 75% to 90% of property’s value as home loans. The key benefits of these loans include low processing fees, provisional sanctions, up to 30 years of tenure, and flexible EMIs.
  • Reverse Mortgage: Reverse Mortgage Loan enables senior citizens to avail of periodical payments from a lender against the mortgage of their house while remaining the owner and occupying the house. Anyone aged 60 years or above with a spouse aged 58 or above can apply for this loan. Under a reverse mortgage loan, borrowed money + interest + fees each month = rising loan balance. The homeowners/ their heirs eventually have to pay back the loan, usually by selling the home.
  • Commercial Purchase Loan: These loans are taken by business owners to purchase commercial properties like shops, commercial complexes, office spaces, etc. The interest rate offered on these loans by lenders are competitive and the funds must be used only for the commercial property purchase. 
  • Lease Rental Discounting: Some banks offer loans against future rent receivables, known as Lease Rental Discounting. The property that fetches rent is mortgaged in favour of the lending institution under this loan. Banks usually finance anywhere between 75% to 90% of the future lease/rent receivables as mortgage loan percentage. The tenure of such loans is shorter and usually ends before the expiry of the lease or the rental.
  • Second Mortgage Loan: Lenders offer these loans for properties that are already under a loan. If you buy a property on loan, you can avail of an additional loan against the same property for personal purposes. This loan is commonly known as a home loan top-up.

Factors Affecting Lowest Mortgage Loan Interest

The mortgage interest rates today can be affected by any of the following factors:

  • Applicant’s age: For most lenders, applicants in the age group of 25 to 65 years are usually considered ideal borrowers for the best mortgage rates. Too young or too old applicants are not desirable. 
  • Property type & location: The type of property and its location also matter. If your property is located in a metro city, the rate could be lower.
  • Macroeconomic factors: The monetary policy of the Reserve Bank of India, inflation rate and economic growth rate may also affect your mortgage loan rates.
  • Existing relationship: Your long-term banking/credit/investment relationship with the lender may get you comparatively lowest mortgage rates.
  • Loan amount: A higher loan amount usually comes at a higher interest rate and vice versa.
  • Tenure: If you opt for a shorter tenure, you may get a lower interest rate deal on a loan against property.
  • Type of interest rate: Floating house mortgage loan interest rates are revised regularly. Hence they are generally 1-2% lower than fixed interest rates.
  • Borrower’s income & occupation: If you are a salaried individual earning a high net monthly income, your chances of getting a cheaper rate of interest rate are high. 

Factors affecting Lowest Mortgage Loan Interest


Pre-Approved Loan Against Property @9% p.a 

Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.

Mortgage Loan Interest Rate FAQs

✅ What is the rate of interest for mortgage loan?


Mortgage loan interest rates usually vary between 9% and 20% p.a.

✅ Which bank gives less interest for mortgage loan?


Currently, IDFC First Bank offers lower interest rates for mortgage loan, starting at just 9% p.a.

✅ What is mortgage loan interest rate in ICICI Bank?


Current mortgage interest rates in ICICI Bank vary between 10.85% - 12.50% p.a.

✅ What is the interest rate for mortgage loan in india?


Bank mortgage loan interest rates in India usually vary between 9% and 20% p.a.

✅ What is the EMI for 20 lakh mortgage loan?


The EMI for a 20 lakh mortgage loan depends on the interest rate and tenure applicable to the loan. For instance, if you avail of a mortgage loan of Rs. 20 Lakhs for 15 years tenure at a 9% p.a. interest rate, the EMI would be Rs. 20,285.

✅ What are the interest rates for mortgages today?


Mortgage loan interest rates in India today range from 9% to 20% p.a.

✅ Which bank has the best mortgage rate right now?


Currently, IDFC First Bank offers the lowest interest rate for mortgage loans, starting at just 9% p.a.

✅ What is the interest rate for SBI mortgage loan 2024?


Currently, SBI mortgage loan 2024 interest rates range from 10.10% - 11.65% p.a.

✅ How to calculate mortgage loan interest rate?


You can use our Loan Against Property EMI Calculator to know your mortgage loan interest amount. 

✅ When will my mortgage loan interest change?


Your mortgage loan interest rate may change depending on the variation in the lender’s benchmark rate and other factors.

✅ What are mortgage rates today?


Mortgage rates in India today range from 9% to 20% p.a.

✅ How is mortgage interest calculated?


Calculating the interest payable on a mortgage loan is easy. Just multiply the annual interest rate by the amount outstanding on your loan. This is broken down further in order to provide you with a monthly or even daily interest charge.

✅ What is a fixed rate mortgage?


Under a fixed-rate mortgage loan, the interest rate on your loan remains fixed for the entire tenure.

✅ What is an arm mortgage?


An adjustable-rate mortgage (ARM) is a home loan with an interest rate that can change periodically based on the performance of a specific benchmark.