Most people take loan to buy a house. If the loan is taken at an expensive interest rate then it can be difficult. Due to this, your daily expenses also start getting affected. Therefore, before taking a loan, it is important to compare the interest rates of different banks.
New Delhi. Buying a house is the dream of most Indians. This dream is very big and also expensive. Therefore, generally a middle class Indian buys a house only by taking a loan. For this he looks for such banks where interest is less. So that buying a house does not become too expensive for him. Home loan is among those secured loans for which the longest tenure is available. However, the longer the tenure, the more the total payment will increase.
Today we will tell you the names of 5 such banks which are offering the lowest interest rates on home loans. Even a small change in the interest rate can make a big difference in the total payment. For example, suppose someone has taken a loan of ₹50 lakh at an interest rate of 9.8 percent, then the EMI (equated monthly installment) for 10 years will be ₹65,523. When the interest rate increases by 10 percent per year, the EMI increases to ₹66,075. Let us know the names and interest rates of those 5 banks which are comparatively lower than other banks.
HDFC bank
The largest private lender offers interest rates in the range of 9.4 to 9.95 percent per annum on its home loans.
SBI
State Bank of India charges interest rates between 9.15 percent to 9.75 percent depending on the CIBIL score of the borrower. These rates came into effect on May 1, 2023.
ICICI Bank
The private lender offers home loans at interest rates ranging from 9.40 percent to 10.05 percent. On loans less than ₹35 lakh, the interest rate for self-employed people ranges between 9.40 to 9.80 percent. For salaried individuals it is between 9.25 percent to 9.65 percent. Between ₹35 lakh to ₹75 lakh, salaried individuals have to pay interest in the range of 9.5 to 9.8 percent, and the interest rate for the self-employed is 9.65 to 9.95 percent. When the loan amount exceeds ₹75 lakh, the interest rate for salaried individuals ranges between 9.6 percent and 9.9 percent, while for self-employed individuals it ranges between 9.75 percent and 10.05 percent.
Kotak Mahindra Bank
The private lender offers home loans to salaried borrowers at 8.7 percent and self-employed borrowers at 8.75 percent.
PNB
PNB charges interest rates between 9.4 percent to 11.6 percent depending on the CIBIL score, loan amount and loan tenure.
