New Delhi: As the Reserve Bank of India (RBI) kept interest rates unchanged for the ninth consecutive time in its August 8 policy review, borrowers are now looking for competitive home loan options. Several public sector banks are offering attractive interest rates, especially for a Rs 75-lakh loan with a 20-year tenure.
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According to data from Paisabazaar.com, Union Bank of India and Bank of Maharashtra are providing the most affordable home loans, with interest rates starting at 8.35 per cent. For a Rs 75-lakh loan over 20 years, the monthly EMI would be Rs 64,376, making these banks a great choice for those looking for budget-friendly repayment options.
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Six other public sector banks – Bank of Baroda, Punjab National Bank, Indian Bank, Bank of India, Canara Bank, and Indian Overseas Bank – offer home loans starting from 8.40 per cent. For a Rs 75-lakh loan, the monthly EMI is approximately Rs 64,613, providing competitive alternatives for borrowers.
UCO Bank and Central Bank of India offer home loans starting at 8.45 per cent, with an EMI of around Rs 64,850 for a Rs 75-lakh loan.
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India’s largest bank, State Bank of India (SBI), offers home loans starting at 8.50 per cent. The EMI for a Rs 75-lakh loan would be around Rs 65,087 for a 20-year tenure.
These interest rates were compiled as of August 27, based on the lowest available rates from each bank. The EMI calculations are for a 20-year tenure and assume no additional processing fees. Interest rates and EMIs are subject to change, so borrowers should check with the banks for the latest information.
