Cheapest Home Loan: In cities like Delhi-Mumbai, home loan is usually required to buy a house. After the major reduction in repo rate made by the Reserve Bank of India last year, home loan interest rates in the country have now reduced considerably. The Reserve Bank of India had reduced the repo rate by 1.25 percent last year, after which government banks have reduced the initial interest rates on home loans to 7.10 percent. Many government banks are included in the list of banks offering cheapest home loans. Apart from public sector banks, some housing finance companies are also providing home loans to their customers at rates as low as 7.15 percent.
Private banks lag behind in providing cheapest home loans.
Private banks are lagging behind in the matter of providing cheapest home loans. Big private banks like HDFC Bank, ICICI Bank, Axis Bank are far behind in this list, which are offering home loans at initial interest rates of at least 7.65 percent. HDFC Bank is offering home loans at initial interest rates of 7.90 percent, ICICI Bank 7.65 percent and Axis Bank 8.35 percent. Here we will know about the top 5 banks offering cheapest home loans.
Bank of India
According to Paisabazaar.com, public sector Bank of India is offering home loans to its customers at initial interest rates of 7.10 percent. This government bank is offering home loans between Rs 30 lakh to Rs 75 lakh at interest rates ranging from 7.10-10.00 percent and home loans above Rs 75 lakh at interest rates ranging from 7.10-10.25 percent.
Bank of Maharashtra
Bank of Maharashtra is also a government bank. This bank is offering home loans ranging from Rs 30 lakh to above Rs 75 lakh to its customers at interest rates ranging from 7.10-9.90 percent.
Indian Overseas Bank
Public sector Indian Overseas Bank is providing home loans to its customers at interest rates of 7.10 percent.
Central Bank of India
Central Bank of India is also a government bank. This bank is offering all home loans ranging from Rs 30 lakh to above Rs 75 lakh to its customers at interest rates ranging from 7.10-9.15 percent.
UCO Bank
Public sector UCO Bank is offering home loans ranging from Rs 30 lakh to above Rs 75 lakh to its customers at interest rates ranging from 7.15-9.25 percent.
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