Top 10 Banks Offering Lower Interest Rates On Home Loan For Salaried And Non-Salaried Individuals

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Top 10 Banks Offering Lower Interest Rates On Home Loan For Salaried And Non-Salaried Individuals

All listed commercial banks (except regional rural banks), local area banks and small finance banks have been advised by the Reserve Bank of India (RBI) to relate the interest rates of all retail loans, particularly home loans, issued by them, to an established index with impact October 1, 2019. Many commercial banks have chosen for the RBI repo rate as the external benchmark under which all floating rate loans are aligned, in compliance with this mandate. The RLLR (repo rate linked lending rate) consists of the repo rate including the range or margin of the bank. Banks are permitted to apply a margin or spread including risk premium above and beyond the borrowers’ external benchmark level, according to RBI. 

For Salaried Individuals

Banks Minimum Interest Rate (%) Maximum Interest Rate (%) RLLR
Union Bank of India 6.70 7.15 6.80
Bank of India 6.85 7.15 6.85
Central Bank of India 6.85 7.30 6.85
Canara Bank 6.90 8.90 6.90
Punjab & Sind Bank 6.90 7.25 6.90
ICICI Bank 6.95 7.95 6.95
SBI Term Loan 6.95 7.45 6.65
HDFC Bank 6.95 7.85 6.95
Bank of Baroda 7.00 8.35 7.00
IDFC First Bank 7.00 8.00 7.00

 

For Non-salaried Individuals

Banks Minimum Interest Rate (%) Maximum Interest Rate (%) RLLR
Bank of India 6.85 7.75 6.85
Central Bank of India 6.85 7.30 6.85
Union Bank of India 6.85 7.15 6.80
Canara Bank 6.90 8.90 6.90
Punjab & Sind Bank 6.90 7.25 6.90
HDFC Bank 6.95 7.85 6.95
Bank of Baroda 7.00 8.35 7.00
IDFC First Bank 7.00 8.00 7.00
Indian Overseas Bank 7.05 7.30 6.85
SBI Term Loan 7.10 7.60 6.65

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