Home loans: THESE banks offer lowest interest rates, check interest rates and loans policy

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New Delhi: RBI had in its last monetary policy too increased repo rates to control inflation, as a result of which banks passed on the rate hike to customers by increasing interest rates on housing loans. The revised interest rates by banks came into effect on August 1.

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Home loans are expected to get dearer if the RBI hikes the repo rate again. Meanwhile, several banks and housing finance companies are still offering interest rates at lower rate as compared to others. Banks like Indian Overseas Banks, SBI, Central Bank of India, LIC Housing Finance, Bank of Maharashtra, a clutch of Punjab National Bank, and Bank of Baroda are offering interest rates under 8 percent on the housing loan of Rs 75-lakh for 20 years, quotes from several online financial services website have shown.

Let us look at the list of the banks that are offering home loans at a really lucrative interest rate.

Indian Overseas Bank

At present, Indian Overseas Bank offers the lowest interest rate on home loans. As per the data available online, IOB lends at a 7.15 percent of interest rate on the home loan of Rs 75 lakh with a tenure of 20 years.

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Central Bank of India

Central Bank of India lends home loans at the interest rate of 7.2 percent with a tenure of 20 years. The EMI of Rs 75 lakh for 20 years will be Rs 59,051.

Bank of Maharashtra

The bank lends at a 7.3 percent interest rate on the home loan of Rs 75 lakh for 20 years. The EMI in this case amounts to Rs 59,506.

Punjab National Bank

Punjab National Banks and its substitutes levy at a 7.4 interest rate on the amount of Rs 75 lakh for 20 years. EMI in this case amounts to Rs 59, 962.

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Bank of Baroda

Bank of Baroda offers a 7.45 percent interest rate on the housing loan of Rs 75 lakh with a tenure of 20 years. The bank’s interest rate is slightly higher than others in such types of home loans. EMI in this case will be worked out to Rs 60,190.

State Bank of India

SBI levies a 7.55 percent interest rate for the amount of Rs 75 lakh for 20 years. The borrowers have to pay an EMI of Rs 60,649 in this case.

LIC Housing Finance

The housing finance offers a 7.5 percent interest rate on the amount of Rs 75 lakh for the time of 20 years. EMI in this case amounts to Rs 60,419.