Home loan rates: The Reserve Bank of India (RBI) has increased interest rates six times since May 2022 in an attempt to curb rising inflation. Unfortunately, this has led to many banks increasing the interest rates on their loans. As a result, customers are feeling the burden of higher loan EMI payments. However, there are some banks offering lower interest rates on home loans to their customers.
Central Bank of India, a public sector bank, is offering its customers a 8.55 percent interest rate on a whole loan. For a loan of Rs 75 lakh over 20 years, the EMI payment would be Rs 65,324. Similarly, Union Bank of India is offering an 8.60 percent interest rate on home loans, with a corresponding EMI payment of Rs 65,662 for the same loan amount and tenure.
Kotak Mahindra Bank is also offering a relatively low interest rate of 8.65 percent on home loans. For a loan of Rs 75 lakh over 20 years, the customer would have to pay an EMI of Rs 65,801. HDFC, a leading private sector bank, is offering a lower interest rate of 8.45 percent. This translates to an EMI payment of Rs 64,850 on a loan of Rs 75 lakh for a period of 20 years.
However, one of the largest private sector banks, Axis Bank, is offering a higher interest rate of 8.75 percent on home loans. For a loan of Rs 75 lakh over 20 years, the EMI payment would be Rs 66,278. Therefore, it is important for customers to compare interest rates offered by different banks before making a decision.
This list has been prepared by BankBazaar.com based on their research. As interest rates on home loans continue to fluctuate, customers must remain vigilant and compare rates offered by different banks before making a decision. With a little bit of research, customers can find the best interest rate and loan repayment plan to suit their individual needs.
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