The cheapest home loan: Following the round of constant home loans, there has been some relief recently. Some government banks are paying home loans at an initial interest rate of only 8.10 percent. If you are also looking for a home loan, you can contact these banks and avail the loan at a cheaper rate. Some of these banks do not even take processing fees. Some have waived the processing fees by 31 March 2025. Let us discuss the home loans of such banks here which are currently available at an initial rate of only 8.10 percent.
Central bank of india
Public sector Central Bank of India is also currently giving home loans at the initial rate of only 8.10 percent. The special thing is that the bank takes 0.50 percent plus GST as processing fees up to Rs 20,000 but it has been waived by 31 March 2025. That is, you will not have to pay any processing fees. Yes, you will have to pay Rs 1350 plus GST as documentation fee.
Bank of Maharashtra
You can also get home loan from public sector Bank of Maharashtra at an initial interest rate of only 8.10 percent. Bank of Maharashtra also currently does not charge any processing fee on home loans. If you are a female or defense employee, you will get an additional discount of 0.05 percent. There is no need to pay any pre-payment or pre-disbursement or partial payment fee.
Union bank of india
The public sector Union Bank of India is currently paying housing loans at an initial interest rate of only 8.10 percent. Yes, the bank is taking 0.50% of the loan amount as a processing fee.
Keep it in mind
These three banks will give you a home loan at 8.10% only when your cibil score or credit score is best. It is estimated that the cibil score is between 300 and 900. In fact, the cibil score reflects your payment history and also states how serious you are to pay on time. Home loan acceptance sometimes also depends on banks. He will approve home loan only after making your complete evaluation.
EMI on home loan of 40 lakhs
If you take a home loan from these banks at an interest rate of 8.10 percent for 20 years, then according to the home loan calculator, your monthly installment i.e. EMI will be 33,707. On this loan, you will have to pay an interest of Rs 40,89,674 in 20 years. This means that in the end the bank will get a total of Rs 80,89,674 back. If you take this loan for 15 years, then your monthly installment will be 38,457 and if you take it for 30 years then your monthly installment will be 29,630.
