Lowest home loan rates: If you’re searching for a home loan, finding the lowest interest rate is key to saving money. To make your search easier, here are some of the most affordable options available for November-December 2024.
Union Bank of India
Union Bank of India provides home loans starting at 8.35per cent pa, with a processing fee of 0.50per cent. This makes it a viable option for borrowers seeking competitive rates with manageable upfront costs.
Bank of India
Bank of India offers home loans at an interest rate of 8.35per cent pa with no processing fee, making it a cost-effective choice for applicants focused on saving on additional charges.
Bank of Maharashtra
Bank of Maharashtra matches the 8.35per cent pa interest rate and does not charge any processing fees, providing an affordable alternative for those aiming to minimise extra expenses.
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Bank of Baroda
Bank of Baroda offers home loans starting at 8.40per cent pa and waives processing fees for eligible borrowers. This combination of a competitive rate and fee waivers makes it a considerable option for many.
Punjab National Bank
Punjab National Bank also starts its home loans at 8.40per cent pa with zero processing fees, catering to borrowers seeking lower financing costs.
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What should you consider before choosing?
Interest rates alone don’t tell the full story. Processing fees, prepayment charges, and even the type of interest rate fixed or floating can impact your total repayment. It’s important to evaluate your financial profile and loan eligibility to identify the best option.
Additional choices to explore
Beyond these top rates, other banks and financial institutions also have notable offerings. State Bank of India and Central Bank of India provide rates starting at 8.50per cent pa, while private lenders like HDFC Bank and ICICI Bank cater to diverse borrower profiles with slightly higher rates but more flexible terms.
For large loan amounts, Axis Bank and LIC Housing Finance may be worth exploring due to their tailored schemes. Additionally, borrowers who value predictability might prefer fixed rates, while those open to market fluctuations may benefit from floating rates.
Make sure to weigh all costs and consult a financial advisor if needed to secure the best deal for your dream home.
