Cheapest Home Loan Interest Rate: Home loan rates have also come down after policy interest rates have come Down.
Public and private sector banks and housing finance companies are providing home loans at very low interest rates. In such a situation, this is considered the right time for a home loan.
new Delhi. To fulfill the desire to buy your own house, you need to take a home loan. But, before applying for a home loan, many things have to be kept in mind. One of the most important things is the interest rate. Taking a home loan at a lower interest rate means that you will pay less. In view of the uncertainty caused by the corona virus epidemic, the RBI has made major cuts in policy interest rates. After this, there has also been a big drop in home loan rates.
In such a situation, if we see the list of banks and high usage finance companies (HFCs), who offer home loans at the cheapest rates, then the government banks are at the top. But, private sector banks like Kotak Mahindra Bank are also at the top. Kotak Mahindra Bank is also offering home loans to its customers at the rate of 6.75 percent. After this, Punjab National Bank (PNB) is the second largest government sector, offering home loans at the rate of 6.8 percent.
Experts say that there are many reasons, on the basis of which it can be said that this is the right time to take a home loan. If you look at the list of top 15 lenders offering the lowest interest rate, then it is found that they are offering home loans between 6.75 per cent to 6.95 per cent only. These interest rates are on a home loan of Rs 75 lakh for 20 years
One thing is also worth noting that apart from these top 15 lenders, there are many lenders who are offering home loans at almost the same interest rate. ICICI Bank and HFC sector giant HDFC are offering home loans at the rate of 7 per cent. Whereas, State Bank of India is offering a home loan of Rs 75 lakh at the rate of 7.2 percent in the public sector.
Data on public and private sector banks and housing finance companies listed on BSE have been collected here. This details of interest rates are also available on the website of National Housing Bank. In this, the interest rate has been chosen for a home loan of Rs 75 lakh. This figure is only till 7 January 2020.