If you are dreaming of buying your own house and want to take a home loan at a low interest rate, then this news is very useful for you. At present, some major banks of the country are offering the cheapest Home Loan to the customers, where the loan can be approved quickly at the cheapest rate as soon as the eligibility is met. Here we will tell you about those 5 banks which are offering home loans at low interest rates, and will also know how much EMI will be made on a loan of ₹ 50 lakh for 15 years and what conditions will have to be fulfilled.
first understand this
Most banks offer home loans at the cheapest rates to people with very good CIBIL scores. This is usually available if the CIBIL score is 800 or more. Home loan rates in banks may also vary depending on the employment status of an individual. Currently, home loan rates for salaried employees are generally lower than those for non-salaried and self-employed people.
These government banks are offering home loans at the cheapest rates.
Bank of Maharashtra
Public sector Bank of Maharashtra is currently offering home loans at an initial interest rate of only 7.10 percent. However, this loan is available in limited period offer. According to the official website, the customer does not have to pay any processing fee on this home loan named Maha Super Housing Loan Scheme. The special thing is that female customers are also getting an extra discount of 0.05 percent on this loan.
state Bank of India
The country’s largest and public sector bank SBI (State Bank of India) is also offering home loans at cheap rates. You can take home loan from this bank at an interest rate of 7.25%. The bank is also not charging any pre-payment charge on this loan. Apart from very low processing fees, there are no hidden charges to be paid. Overdraft facility is also available on this loan. Interest will be calculated on daily reducing balance.
Bank of India
You can also take home loan from public sector Bank of India at cheaper interest rates. This bank is also currently providing home loan at an initial interest rate of only 7.10 percent. This bank also talks about calculating interest on daily decreasing balance. Yes, you will have to pay a one-time charge ranging from 0.25 percent to 0.50% of the loan amount.
Indian Overseas Bank
Public sector Indian Overseas Bank is also currently offering home loans to the salaried class at an initial interest rate of 7.35 percent. Offering home loan to non-salaried class at an initial rate of 7.45 percent.
EMI of 50 lakhs
If you take a home loan of Rs 50 lakh from a bank for 15 years at an interest rate of 7.10 percent, then according to the calculation, your monthly EMI will be Rs 45,221. If you take this loan at 7.35 percent interest, your monthly EMI will be Rs 45,925.
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