Since May 2022, many banks have raised their lending rates in response to the RBI’s hike in policy rates. Here are the few banks offering the lowest interest rates for home loans in case you are looking for a home loan or intend to apply for one.
Home loan is a secured loan obtained from a financial institution for the purpose of purchasing a residential property is known as a home loan. You can take out a home loan to buy a house or apartment that is finished or under construction. Banks and non-banking financial institutions offer mortgage loans (NBFC).
These come with a range of interest rates that often depend on your credit score. Assimilated monthly installments (EMI) are the standard repayment method for home loans, which can have terms of up to 30 years. Under Sections 80C and 24 of the Income Tax Act, you can deduct capital taxes and interest on your mortgage.
Another thing to keep in mind is that consumers with good credit, which is above 750-800, usually receive home loans with the lowest interest rates. Therefore, if your credit rating is poor, it would be advisable that you apply for a long-term loan, such as a home loan, before making an effort to increase it. Here are some banks offering the cheapest interest rate for home loans
|Name of the bank||Minimum interest rate||Maximum interest rate|
|Union Bank of India||7.9||9.6|
|Bank of India||7.8||9.5|
|Bank of Punjab and Sindh||7.9||11.2|
|National Bank of Punjab||7.95||8.75|
With home loans, potential buyers have a fantastic opportunity to fulfill their dream of owning a home. However, homeowners should ensure they have the required cash reserve and adequate income to control loan stress and pay off the mortgage in full on time.
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Article first published: Saturday, October 29, 2022, 5:48 p.m. [IST]