Home loan: After the Reserve Bank of India (RBI) recently reduced the repo rate by 0.25% (25 basis points), many public sector banks have also reduced interest rates on their retail loans. This year the repo rate has been cut for the second consecutive time and banks have started giving direct benefits to customers.
Major public sector banks like State Bank of India (SBI), Punjab National Bank (PNB), Bank of India and Indian Bank have changed their external benchmark linked lending rate (EBLR). Due to this, many retail loans such as home loans, personal loans and auto loans have become cheaper.
This decision to cut interest rates has come at a time when inflation is under control in the country and the Reserve Bank wants to intensify economic activities. Now customers will get the benefit of low EMI, which will make the loan a little easier and more economical.
If you are planning to buy a new house and considering taking home loans then this information is important for you. The major public sector banks of the country have fixed interest rates on home loans ranging from Rs 30 lakh to Rs 75 lakh. These rates vary on the basis of bank and loan amount.
State Bank of India (SBI)
The interest rate on home loan in SBI starts from 8.00% to 9.15%. This rate is the same for all debt categories (up to Rs 30 lakh, between Rs 30-75 lakh and more than Rs 75 lakh).
Bank of Baroda
The interest rate here starts at 8.40% and goes up to 10.65% for loans of more than Rs 75 lakh.
Union bank of india
This bank is paying loans at a minimum of 7.85% and maximum of 10.40% interest rate. The interest rate in all categories is almost the same.
Punjab National Bank (PNB)
PNB’s interest rates range from 8.00% to 9.85%, and there are slightly lower rates available for large loan zodiac signs.
Bank of india
Here, interest will be imposed on the loan from 8.00% to 10.60%, with a slight difference in rates based on the amount.
Canra bank
Canara Bank is offering home loans at interest rates ranging from 7.90% to 10.75%, where the rates for large loans may be slightly reduced.
Uco bank
Here the interest rate for all categories starts at 8.30%, while the maximum rate is not clearly mentioned.
Bank of Maharashtra
The interest rate of this bank is also between 7.85% to 10.65% and is the same in all debt categories.
Punjab and Sindh Bank
Here the interest rate on home loan starts from 8.05% to 11.25%, which is higher than other banks.
Indian Overseas Bank
The rates here also begin at 7.90%, but the upper limit is not clear.
Indian bank
The interest rate on loans in Indian Bank will be from 8.25% to 9.65%, this rate is the same for all categories.
Central Bank of India (Central Bank of India)
This bank is paying home loans at an interest rate of 7.85% to 9.45%.
The posts including The Post SBI, PNB cut interest rates by these PSU banks, where can we get the cheapest loan? First appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
