The recent step taken by the central government to provide housing facilities to nearly every Indian will now no longer be a dream. With the inclusion of various housing policies, the central and state government has decided to bring accommodation to all people in the upcoming years. Also, the home loan interest rates is now in focus due to the upcoming RBI monetary policy announcement. In all this up-down, many marketers and bankers are of opinion that this could pave way for rate hikes shortly.
Here’s sharing a list of 5 banks that are offering lower home loan interest rates:
Bank of Maharashtra
The Bank of Maharashtra is looking to attract customers by offering lower home loan interest rates. The Repo Linked Loan Rate of the Bank of Maharashtra is 6.80%. The bank offers lucrative interest rates to salaried and self-employed i.e. 6.4%-7.8% and 6.65%-8.3% respectively. Through these lower rates, individuals can apply for a home loan can get the loan amount sanctioned.
Punjab & Sind Bank
Punjab & Sind Bank is consistently working to offer the best interest rate on home loans for the customers. To cater to the larger borrowers, the bank is offering the RLLR at 6.60%. Salaried and Self-Employed individuals can avail of home loans at 6.60%-7.35% and 6.65%-7.60% respectively.
Kotak Mahindra Bank
Kotak Mahindra Bank is one of the sole private banks on a list of the 10 cheapest home loan providers. The lowest home loan interest rate on offer is 6.50% (RLLR). For salaried and self-employed the interest rate ranges from 6.55%-7.10% and 6.65%-7.25% respectively.
Union Bank of India
Next on the list is one of the emerging PSU banks of India. The banks’ home loan borrowers are charged with an interest rate of 6.80% (RLLR). For salaried and self-employed professionals, the banks charge an interest rate of 6.40%-7.25% and 6.5%-7.35% respectively.
Bank of Baroda
Another PSU bank in India that highlights its facilities and services to its potential customers offers lower home loan interest rates. The RLLR of home loan interest rate is 6.50%. The salaried and self-employed professionals can avail of a home loan at 6.5%-7.85% and 6.5%-7.85% respectively.
The above-mentioned home loan interest rates might vary from time to time. It is highly advised that individuals should carefully read the documents and check the interest rates of home loans before applying. Also, check all the charges associated with the interest rates to minimize any fraudulent activities.
