Home Loan Update: Which bank is offering the cheapest home loan, check the interest rates of 5 big banks..
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, which will provide you with loans very easily and at the lowest interest rate.
This is mathematics-
Suppose someone has taken a loan of Rs 50 lakh at a 9.8 percent interest rate, then the EMI (equated monthly installment) 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 borrower will have to pay Rs 66,240 more over a tenure of 10 years.
5 banks giving loans at low interest-
HDFC Bank 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 charges interest rates between 9.15 percent to 9.75 percent depending on the CIBIL score of the person. These rates came into effect on May 1, 2023.
ICICI Bank 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 those doing their own business.
PNB charges interest rates between 9.4 percent to 11.6 percent depending on the CIBIL score, loan amount, and loan tenure.
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 in that case, the period is up to 10 years.
This is how the burden increases-
The interest rate for those doing business on loans of less than Rs 35 lakh is between 9.40 to 9.80 percent, and for salaried individuals, it is between 9.25 percent 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 self-employed or individuals running their own business, 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.
Follow our Whatsapp Channel for latest update