Private banks are lagging behind when it comes to providing the cheapest home loans. Major private banks like HDFC Bank, ICICI Bank, and Axis Bank are far behind in this list.
Add informalnewz.com as a Preferred Source
Cheapest Home Loan: Home loans are commonly required to purchase a home in cities like Delhi and Mumbai. Following the Reserve Bank of India’s significant repo rate cut last year, home loan interest rates in the country have fallen significantly. Following the Reserve Bank of India’s 1.25 percent repo rate cut last year, public sector banks have reduced their starting home loan interest rates to 7.10 percent. Several public sector banks are included in the list of banks offering the cheapest home loans. In addition to public sector banks, some housing finance companies are also offering home loans to their customers at rates as low as 7.15 percent.
Private Banks Lag Behind
Private banks are lagging behind in terms of providing the cheapest home loans. Major private banks like HDFC Bank, ICICI Bank, and Axis Bank are significantly behind, offering home loans at starting interest rates of at least 7.65 percent. HDFC Bank, ICICI Bank, and Axis Bank offer home loans starting at 7.90%, 7.65%, and 8.35%, respectively. Here, we’ll take a look at the top five banks offering the cheapest home loans.
Bank of India
According to Paisabazaar.com, the public sector Bank of India is offering home loans to its customers at interest rates starting at 7.10 percent. This public sector bank offers home loans ranging from ₹30 lakh to ₹75 lakh at interest rates ranging from 7.10-10.00 percent, and home loans above ₹75 lakh at interest rates ranging from 7.10-10.25 percent.
Bank of Maharashtra
Bank of Maharashtra is also a public sector bank. This bank offers all home loans ranging from ₹30 lakh to ₹75 lakh to its customers at interest rates ranging from 7.10-9.90 percent.
Indian Overseas Bank
The public sector Indian Overseas Bank is offering home loans to its customers at interest rates starting at 7.10 percent.
Central Bank of India
Central Bank of India is also a public sector bank. This bank offers home loans ranging from ₹30 lakh to over ₹75 lakh at interest rates ranging from 7.10-9.15 percent.
UCO Bank
Public sector UCO Bank offers home loans ranging from ₹30 lakh to over ₹75 lakh at interest rates ranging from 7.15-9.25 percent.
