Are you dreaming of buying a house, but high loan rates are worrying you? Some banks are currently offering home loans at very affordable interest rates and cheap EMIs. Know which bank is offering the cheapest offer.
Best Home Loan: Buying a house is everyone’s dream, but rising interest rates and expensive loans can make it difficult. In such a situation, it becomes very important to take a home loan at a low interest rate from the right bank. Many banks are offering home loans with low interest rates, affordable processing fees and other discounts. If you are also thinking of taking a loan for your dream home, then a list of best home loan rates is given in this article. Know here in which bank you will get the most affordable home loan.
Lowest interest rates and EMI
Currently, many government banks like Bank of Maharashtra, Central Bank of India and Punjab National Bank are offering home loans at affordable rates. Their interest rates start from 8.10 percent. Choosing the right interest rate is very important to keep the EMI low.
Best home loan rates (Rs 30 lakh, for 20 years)
| Name of the Bank | Rate of interest (in percentage) | Monthly EMI (in Rs.) | Processing Fee |
|---|---|---|---|
| Bank Of Maharashtra | 8.10 – 10.65 | 25,280 – 30,254 | Maximum 0.25% (up to ₹25,000) |
| Central Bank Of India | 8.10 – 9.95 | 25,280 – 27,746 | Waived till 31 March 2025 |
| Indian Overseas Bank | 8.15 – 9.85 | 25,374 – 30,966 | 0.50% (maximum ₹25,000) + GST |
| Punjab National Bank | 8.15 – 9.85 | 25,374 – 28,563 | Waived from 5 June 2024 to 31 March 2025 |
| State Bank Of India | 8.50 – 9.75 | 26,252 – 27,753 | ₹2,500 + GST (Free for takeover) |
| UCO Bank | 8.35 – 10.55 | 26,283 – 30,371 | 0.50% (minimum ₹1,500, maximum ₹15,000) |
| IDBI Bank | 8.40 – 12.25 | 25,845 – 33,557 | ₹5,000 – ₹15,000 (Free in PMAY cases) |
| Nainital Bank | 8.40 – 11 | 25,845 – 30,966 | Not updated |
How to choose the right loan?
Apart from the interest rate, one should also keep in mind the processing fees, loan transfer charges and bank terms while taking a loan. For example, Canara Bank and Punjab & Sind Bank are waiving the processing fee completely which can reduce your loan cost even further.
