Central Bank of India, Bank of Maharashtra, and Bank of India offer the lowest home loan rates, starting at 7.10%.
Buying one's own home is a big dream for everyone. But nowadays, due to the rising property prices, fulfilling this dream has become quite expensive.
For this reason, most people resort to home loans to buy a house.
Often, people make a big mistake when taking a home loan. They either take a loan from the bank suggested by their builder or apply for a loan from their savings account bank without any research.
Even a small reduction in the home loan interest rate can make a difference of lakhs of rupees in the total interest you pay.
Therefore, one should always compare the interest rates of different banks and take a home loan from where the most affordable deal is available.
Additionally, it is important to pay attention to other charges like processing fees, prepayment charges, and EMI default charges.
If we compare the offers of public sector banks, private banks, and housing finance companies, the lowest interest rates are being offered by public sector banks.
Central Bank of India, Bank of Maharashtra, and Bank of India are offering a starting interest rate of 7.10 percent on home loans.
However, it is important to note that to get the lowest interest rate, the customer must have a good credit score and also have a stable and regular source of income.
Interest rate for loans above ₹75 lakh: 7.10% - 9.15%
Interest rate for loans above ₹75 lakh: 7.10% - 9.90%
Interest rate for loans above ₹75 lakh: 7.10% - 10.25%
Interest rate for loans above ₹75 lakh: 7.15% - 9.25%
Interest rate for loans above ₹75 lakh: 7.15% - 9.55%
Interest rate for loans above ₹75 lakh: 7.15% - 9.60%
Interest rate for loans above ₹75 lakh: 7.20% - 9.25%
Interest rate: Starts from 7.20%
Interest rate for loans above ₹75 lakh: 7.25% - 9.05%
Interest rate for loans above ₹75 lakh: 7.15% - 9.90%
Interest rate for loans above ₹75 lakh: 7.25% - 9.20%
Interest rate for loans above ₹75 lakh: 7.30% - 10.70%
Interest rate: Starts from 7.20%
Interest rate: Starts from 7.45%
Interest rate: 7.49% to 11.72%
Interest rate: Starts from 7.55%
Interest rate: Starts from 7.60%
Interest rate: Starts from 7.75%
Interest rate for loans above ₹75 lakh: 8.00% to 9.10%
Interest rate: Starts from 8.20%
Interest rate for loans above ₹75 lakh: 8.75% to 10.50%
Interest rate: Starts from 8.30%
Interest rate for loans above ₹75 lakh: 7.35% - 9.25%
Interest rate: 8.55% - 13.52%
Interest rate: Starts from 7.15%
Interest rate: Starts from 7.25%
Interest rate: Starts from 7.50%
Interest rate: Starts from 7.50%
Interest rate: Starts from 7.65%
Interest rate: Starts from 7.75%
Interest rate: Starts from 8.00%
Interest rate: Starts from 8.20%
Interest rate: Starts from 8.75%
Interest rate: Starts from 9.25%
If you take a home loan of ₹30 lakh from Central Bank of India, Bank of Maharashtra, or Bank of India at a starting interest rate of 7.10 percent, your EMI will be as follows:
Your monthly EMI will be ₹20,161. In this period, you will pay a total of ₹42,57,945 as interest.
Your monthly EMI will be ₹21,395, and you will pay a total interest of ₹34,18,541.
Your monthly EMI will be ₹23,439, with a total interest of ₹26,25,452.
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