New Delhi. Buying a home is the dream of most Indians. This dream is very big and expensive too. Therefore, generally a middle class Indian buys a house only by taking a loan. For this he looks for such banks where interest is low. So that buying a house does not become too expensive for them. Home loan is one of the secured loans with the longest tenure available. However, the longer the tenure, the higher the total payout.
Today we will tell you the names of 5 banks which are offering the lowest interest rates on home loans. Even a small change in the interest rate can make a big difference in the total payment. For example, suppose someone has taken a loan of Rs 50 lakh at an interest rate of 9.8 percent, the EMI (equated monthly installment) for 10 years will be Rs 65,523. When the interest rate increases by 10 percent per year, the EMI increases to ₹66,075. Let us know the names and interest rates of those 5 banks which are lower than other banks.
HDFC bank
The largest private lender offers interest rates in the range of 9.4 to 9.95 percent per annum on its home loans.
State Bank of India
State Bank of India charges interest rates between 9.15 percent to 9.75 percent depending on the CIBIL score of the borrower. These rates came into effect on May 1, 2023.
ICICI Bank
The private lender offers home loans at interest rates ranging from 9.40 percent to 10.05 percent. The interest rate for self-employed people on loans less than ₹35 lakh ranges between 9.40 to 9.80 percent. For salaried individuals it ranges between 9.25 percent to 9.65 percent. Between ₹35 lakh to ₹75 lakh, salaried individuals have to pay interest in the range of 9.5 to 9.8 per cent, and for the self-employed the interest rate is 9.65 to 9.95 per cent. When the loan amount exceeds ₹75 lakh, the interest rate for salaried individuals ranges between 9.6 percent and 9.9 percent, while for self-employed individuals it ranges between 9.75 percent and 10.05 percent.
Kotak Mahindra Bank
The private lender offers home loans to salaried borrowers at 8.7 percent and self-employed borrowers at 8.75 percent.
pnb
PNB charges interest rates between 9.4 percent to 11.6 percent depending on the CIBIL score, loan amount and loan tenure.
