Need a home loan but bothered by the high interest rates that come with it? Then, here we are to help you get out of your dilemma and choose the best bank that offers loans at the lowest interest rates. The Reserve Bank of India maintained a strong footing on the interest rates for the 9th consecutive time during its August 8 policy review. Many public sector banks are offering home loans at a competitive interest rate starting from 8.35% on 75 lakhs with a 20-year tenure.
First on the list are the Union Bank of India and Bank of Maharashtra which currently provide the most flattering interest on home loans which start at 8.35% for a 75 lakh loan over 20 years. Decoding it, you have to pay an EMI of Rs. 64,374, which makes it the most preferred option to secure a home loan without falling into debt traps.
Exploring the list, there are six more public sector banks that provide an impressive interest rate. Bank of Baroda, Punjab National Bank, Indian Bank, Bank of India, Canara Bank, and Indian Overseas Bank offer home loans starting at 8.40%. This will set the monthly EMI of Rs. 64,613 for the same amount and tenure i.e. 75 lakhs for a 20-year tenure.
UCO Bank and Central Bank of India also offer home loans with an interest rate of 8.45% which leads to an EMI of Rs. 64,850. Meanwhile, SBI, the biggest loan provider, provides home loans that start at a rate of 8.50%, with the EMI reaching Rs. 65,087.
These interest rates are listed on the respective bank sites and are subject to change. The EMI amount is calculated assuming a 20-year tenure with no additional charges. Maybe, now it’s time for you to make a sound decision and choose the bank that offers the best according to your pocket.
Want a home loan at the lowest interest rate possible? Explore various options listed that offer competitive rates on home loans. Check it out now!! Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
