There is good news for those who dream of buying a home. Two big banks of the country have reduced interest rates on home loans. And these interest rates have come down to their lowest levels ever. State Bank of India and Kotak Mahindra Bank have reduced interest rates on home loans by 10 basis points. Explain that 1 percent means 100 basis points. That is, the interest rates on home loans have been reduced by 0.10%.
Now State Bank will give home loan up to Rs 75 lakh at 6.7% interest. (For women receiving salary). This is the lowest interest rate offered by State Bank on home loans. At the same time, Kotak Mahindra Bank has said that they will offer home loans at a rate of 6.65%. This is also the lowest ever interest rate of Kotak Mahindra Bank.
Banks hope – more people will take home loans
Home loans are a big factor for the credit growth of banks. Banks hope that the relief given to the people by cutting the stamp duty, etc. by the state governments in the last month, may increase the borrowing. Kotak Mahindra Bank’s rate is even lower than State Bank. However, Kotak Mahindra Bank has a smaller share in the home loan business than State Bank.
In which bank, how much interest on home loan
- Kotak Mahindra Bank – 6.65
- State Bank – 6.7
- Axis Bank – 6.75
- HDFC-6.8
- ICICI Bank – 6.8
- Bank of Baroda – 6.85
- LIC Housing Finance – 6.9
- DBS Bank – 7.3
- PNB Housing Finance – 7.35
SBI Deputy MD Saloni Narayan has told the Times of India that- “Earlier the lowest interest rate was 6.8%, but now 6.7% interest rate. Whereas it had three slabs in which the first slab gave loans of up to 30 lakhs only. Used to go. But now we will give a loan of up to 75 lakhs.”
A person with a credit score of 775 can easily get a loan at 6.68% interest rate. If they take a loan through YONO, then you will get a discount of 5 basis points. This interest rate is for the employed people. At the same time, a small premium will have to be paid for the borrowers without salary.
The bank official says that the State Bank is trying to increase the number of loans given under which the time taken will be reduced by reducing the time taken.
