Home Loan Update: These banks are giving the cheapest home loan, know the interest rate before buying a house...
If you are planning to buy a house and are looking for a home loan, then you should know that some banks in the market are offering loans at very low-interest rates. Today we have brought you a list of 5 such banks (low-interest home loans), which will provide you with loans very easily and at the lowest interest rate.
This is how the calculation is done
Suppose someone has taken a loan of Rs 50 lakh at a 9.8 percent interest rate, then the EMI for 10 years will be Rs 65,523. When the interest rate increases by 10 percent per year, the EMI increases to Rs 66,075. If the interest rate is only 20 basis points higher, the loan borrower will have to pay Rs 66,240 more over a tenure of 10 years.
These 5 banks give loans at low interest
HDFC Bank (HDFC bank home loan interest rate) is the largest private loan provider bank. Currently, it is offering interest rates on home loans in the range of 9.4 to 9.95 percent per annum.
State Bank of India (SBi home loan interest rate) charges interest rates between 9.15 percent to 9.75 percent depending on the CIBIL score of the individual. These rates came into effect on May 1, 2023.
ICICI Bank (ICICI home loan interest rate) offers home loans at interest rates ranging from 9.40 percent to 10.05 percent.
Kotak Mahindra Bank offers home loans at 8.7 percent to salaried individuals and 8.75 percent to self-employed individuals.
PNB charges interest rates between 9.4 percent to 11.6 percent depending on the CIBIL score, loan amount, and tenure of the loan (PNB home loan interest rate).
Let us tell you what is the interest rate generally charged by other banks. The lowest rate of 9.4 is offered to individuals with CIBIL of 800 and above for loans above Rs 30 lakh. Even when the period is up to 10 years.
The interest rate for those doing business on loans below Rs 35 lakh is between 9.40 to 9.80 percent, and for salaried individuals (Home loan EMI) is between 9.25 cent to 9.65 percent. Salaried individuals earning between Rs 35 lakh and Rs 75 lakh have to pay interest in the range of 9.5 to 9.8 percent, and for individuals who are self-employed or running their own business (EMI kya hai) the interest rate is 9.65 to 9.95 percent. When the loan amount is more than Rs 75 lakh, it goes between 9.6 percent and 9.9 percent and 9.75 percent and 10.05 percent respectively.
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