Home Loan Rate: Owning your own home is everyone’s dream and it comes with a lot of emotions and financial decisions. People want to invest in it in the right way as it gives a sense of security to their life. Buying a home is a big deal and it has a huge impact on our finances. The major reason for this is that we repay the home loan for a long period of time. Finance has a big impact and that is why we choose home loans.
Home loan becomes costlier as repo rate increases
If you are also planning to take a home loan, then it is important to check the interest rates of different banks that who is giving you home loan at low interest. Home loans are generally for longer tenures. These home loan rates are also affected with the change in the repo rate of the Reserve Bank of India (RBI).
That is, when the repo rate increases, your bank will also increase the home loan interest rates. Repo rate is the interest rate at which banks in India borrow money from the RBI. If the repo rate increases, the loan becomes costlier and the loan also becomes costlier.
Maintain cibil score
The most important role in taking any kind of loan is the CIBIL score. Banks will give you the cheapest loan only if you have a good CIBIL score. Let us look at the banks which are offering home loans at low interest rates.
HDFC Bank : It is a private sector bank that is offering home loans at the lowest interest rates. This interest rate starts from 8.45% to 9.85%.
IndusInd Bank : IndusInd Bank home loan interest rates range from 8.5% to 9.75%.
Indian Bank : Indian Bank is also offering home loans at an initial interest rate of 8.5 per cent. The maximum interest rate on the bank’s home loan is 9.9 per cent.
Punjab National Bank : The second largest public sector bank is offering home loans at an introductory rate of 8.6 per cent. The maximum interest rate of PNB is 9.45 percent.
Bank of Maharashtra : Bank of Maharashtra home loan interest rates start from 8.6% to 10.3%.
