Looking for the Best Home Loan Rates This November? See What SBI, Axis, and Others Are Offering

Borrowers are watching closely as major Indian banks, from SBI to Axis Bank, cut rates again this November.

People searching for a new home loan this month must have noticed one thing – rates are falling again. After months of no movement, banks have quietly started lowering their offers. The State Bank of India still leads with home loan rates starting at 7.50% per annum, updated on 15 June 2025. That’s the lowest among major lenders right now. Feels like a good time for serious buyers.

Public banks usually move after the Reserve Bank of India keeps its repo rate steady. The RBI kept it at 5.50% in October 2025, giving banks a little space to cut rates for new borrowers. Some lenders have also trimmed their MCLR, so existing customers might see smaller EMIs at their next reset.

It’s a quiet change, but one that could save borrowers thousands over the loan term.

Which Public Sector Banks Offer the Lowest Home Loan Rates?

Government banks still offer the cheapest credit overall. SBI, Bank of Baroda, and PNB are keeping home loans around the 7.5–8 percent range. 

Bank of Baroda revised its new borrower rate to 8.00% from 5 May 2025, while Indian Bank’s 1‑year MCLR stands at 8.85% as of 3 November 2025. Actual rates depend on income type and credit score, of course.
 

Public banks stay cheaper, but their process can feel slower sometimes. Private banks often move quicker with paperwork.

What Are Axis Bank and Other Private Lenders Offering?

Private lenders are also cutting rates but in their own style. Axis Bank lists home loan interest rates from 8.75% per annum on its official page. Aggregators show a wider band, around 8.35% to 9.35%, based on credit score and loan type.

Borrowers with a CIBIL score of 751 or above usually get the lowest slab. For those below that range, rates inch up. Self‑employed people often see a slightly higher quote. That’s just how private banks balance their risk.

It’s the trade-off between convenience and cost, faster approval but slightly higher interest.

What Do Recent Reports Say About Rate Trends?

As per LoansJagat’s update, HDFC Bank cut its MCLR by 10 basis points. Not a huge change, but it helps existing borrowers a bit. 

Newspapers also confirmed that most public banks made small rate adjustments after the RBI’s June policy review. The pattern is similar to 2022–23 cycles when banks followed policy signals within weeks.

Conclusion

Comparing SBI vs Axis Bank shows one thing clearly: SBI remains the cheaper option for salaried borrowers, while Axis gives faster digital processing.

So, November 2025 looks better for buyers with strong credit scores. Those with weaker records may still find offers above 9 percent, but improving the CIBIL score for a few months could bring that down. Sometimes patience saves more than negotiation.

Feels like the housing loan market is slowly warming up again, quietly but surely.
 

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LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.