In HDFC Bank home loans, the interest rate starts at just 8.45% and goes up to 9.85%.
Owning a house of one’s own is everyone’s dream and it comes with a lot of emotional and financial decisions. People want to invest in it correctly as it gives a sense of security to their lives. Buying a house is a mammoth task and has a big impact on our finances and that is the reason we choose home loans.
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If you are also planning to take a home loan, it is important to check the interest rates of various banks. Home loans are usually for a longer period and possible changes in the repo rate by the Reserve Bank of India (RBI) affect the interest rates. Repo rates are the interest rate at which banks in India borrow money from the RBI. If the repo rate increases then the credit becomes costlier and loans also become costlier. Today, let us take a look at the banks that provide home loans at low-interest rates:
HDFC Bank: It is a private sector bank which normally offers home loans at the cheapest rate. The interest rate starts from just 8.45% and goes up to 9.85%.
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IndusInd Bank: The interest rate on home loans in IndusInd Bank ranges from 8.5% to 9.7%. They allow repayment of loans up to 30 years.
Indian Bank: Indian Bank’s interest rate on home loans ranges from 8.50% to 9.9%.
Punjab National Bank: It is the second largest state-run bank that offers home loans at an interest rate of 8.6% and the maximum rate is 9.45%. A minimum of Rs 10 lakh can be availed as a loan with a maximum cap of Rs 50 lakh.
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Bank of Maharashtra: It is offering home loans at an interest rate ranging from 8.6% to 10.3%.
Your income and ability to repay the loan are major criteria for determining your eligibility when taking home loans. It also depends on your credit score, amount, tenure of the loan and interest type. When applying for home loans you need to provide information about your assets and liabilities, savings history, your age, education and professional qualification and number of dependents you have.
