The biggest dream of every middle class Indian is to have his own home.
He considers the automobile and other items after purchasing the house. Although it is quite tough to obtain a property, the home loans provided by banks greatly assist people in this endeavour. If you are considering purchasing a home in the near future, you should be aware of the many types of home loans available and the interest rates associated with them.
Many banks provide home loans with interest rates ranging from 6.4 to 6.5 percent. Some banks have interest rates that are slightly higher than this. However, if you look at the difference between 6.4 and 6.5 percent, you can see the benefit on the full payment of Home Loans even with a difference of 0.10 percent.
It’s likely that State Bank of India (SBI), HDFC Bank, or ICICI Bank will come up as the banks that offer the best house loan rates in your mind. However, none of these banks offers the most affordable home loan. So, we’ll tell you which bank has the best home loan rates. But, first and foremost, the interest rate is influenced by the borrower’s CIBIL score.
Kotak Mahindra Bank
This bank is well-known for providing low-interest home loans. Currently, the bank is offering home loans with an RLLR of 6.50 percent. It is the private sector’s leading bank. The bank’s CEO is veteran industrialist Uday Kotak.
Bank of Maharashtra
This bank offers a home loan with a 6.8 percent RLLR. The bank charges a minimum of 6.4 percent and a maximum of 7.8 percent interest on the house loan. It is one of the most important public-sector lenders. If your CIBIL score is good, you will be eligible for the lowest interest rate on a house loan.
Union Bank of India (UBI)
This bank offers a home loan with a 6.8% repo linked lending rate. The bank is offering home loans with rates ranging from 6.4 percent to 7.25 percent. If you have a strong credit history, you can get the best interest rate on the house of your dreams.
Bank of India
This bank offers a 6.85 percent RLLR on home loans. The bank is issuing loans with interest rates as low as 6.5 percent and as high as 8.2 percent. If you have decided to purchase a property, the first thing you should do is compare home loan rates from various lenders using an internet platform.
Bank of Baroda
Before approving a home loan, the bank examines your entire credit history. It then offers lower-interest loans to qualifying clients. This bank has an RLAR of 6.5 percent for house loans. A loan to buy a house is also available from this bank, with a minimum interest rate of 6.5 percent and a maximum interest rate of 7.85 percent.