Lowest Home Loan Rates : These 10 Banks Are Offering Home Loans at Low interest Rates, See List
Lowest interest Rate on Home Loan : There is not much a home loan borrower can do about changes in the interest rate. Because changes in home loan depend on the decision of RBI. But, at least the loan holders can be sure of this. That they can avail the lowest interest rates and easy terms on their loan. Here a list of such banks and their interest rates on home loans is being given.
The rise in home loan interest rates that started in May 2022 continued till February this year. However, with RBI not increasing the repo rate in the most recent MPC meeting, there are indications of some stagnation in the interest rates. However, home loan interest rates for any individual are decided on the basis of his CIBIL score, salary, type of employment, tenure and amount. And may vary.
You should compare your home loan interest rate with the interest rates of other banks and lenders. If you find out. That they are providing very affordable interest rates to the new loan holder. So you can transfer your loan after determining the net profit.
Bank home loan interest rates list
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Home loan processing fees of top banks
HDFC Bank may charge a fee of 0.50% of the loan amount or Rs 3,000, whichever is higher, plus applicable taxes. PNB may charge up to 0.35% (minimum Rs. 2500/- maximum Rs. 15000/-) and documentation fee of Rs. 1,350. Canara Bank charges 0.50% (minimum Rs. 1500/- and maximum Rs. 10,000/-).
Importance of CIBIL Score
CIBIL score for home loan is a three digit number. Which ranges between 300 and 900. The higher the credit score, the better are the chances of getting a lower home loan interest rate. To be eligible for a home loan from Bank of Baroda, the consumer must have a credit score of at least 701.
Home loan tenure
The period for which the home loan is to be returned to the lender or bank is known as tenure. Maximum loan tenure is 30 years. During which EMI payment is made. The maximum tenure for an individual depends on their retirement age as well as other factors affecting the length of tenure.
Superfast News Coverage By YuvaPatrkaar.com Team
Publish Date: September 11, 2023
Posted By Ravi Kumar