From SBI, BOI, to PNB, which bank is offering the cheapest home loan? See the interest rates of the 5 big government banks

It is everyone's dream to have their own house. The biggest way to turn this dream into reality is home loan. But the biggest concern before taking a home loan is its interest rate. Even a slight difference in the interest rate can have a big impact on your EMI. If you are also planning to buy a house, then we have brought for you a list of 5 big government banks of the country, where you can take home loan at affordable rates.

The most affordable home loan in this list is offered by Bank of India. Here the interest rates of home loan start from 7.35% per annum. This can be a great option for those customers whose credit score is very good. A low interest rate means that your EMI will also be low, which will save you thousands of rupees in the long term.

The second name in the list of cheapest home loans is Union Bank of India. Union Bank is providing home loans at an initial rate of 7.45% per annum. This bank also gives preference to customers with good credit profile and offers them attractive interest rates.

Bank of Baroda is also a popular choice for home buyers. Here you can get a home loan at an initial rate of 7.45% per annum. The processing fee of Bank of Baroda is also very competitive and it also brings many attractive offers from time to time.

Another big government bank of the country, Punjab National Bank (PNB) is also offering home loans at an initial interest rate of 8.25% per annum like Bank of Baroda. PNB has a reach to every corner of the country, which makes it easier to take a loan.

When it comes to trust, the name of SBI comes first. The country's largest bank, SBI is offering home loans at an initial rate of 7.50% per annum. Although SBI has recently increased the upper interest rate of home loan from 8.45% to 8.70%. But people who have a good credit score can get a loan at a lower interest rate as before.

Yes, absolutely. The better your credit score (eg CIBIL score) (above 750), the lower the interest rate the bank will offer you a loan. If you have a poor credit score, the interest rate may increase or the loan application may also be rejected.

Apart from the interest rate, many other charges like processing fees, legal fees, stamp duty, and valuation fees are also levied in the home loan. Before finalizing the loan, definitely ask the bank about all these charges.

Yes, many banks give an additional discount of up to 0.05% in the interest rate to encourage women borrowers. If you make a woman (such as wife or mother) a co-applicant in the loan, you can also avail this discount.