Cheapest Home Loans in Public Sector Banks :The Reserve Bank of India (RBI) increased the difficulties of home loan borrowers by not changing the interest rates for the ninth consecutive time in its monetary policy committee meeting held last month i.e. in August. Obviously, many borrowers troubled by high interest rates are looking for home loans at cheaper rates. In such a situation, attractive home loans being offered by some government banks (PSU Banks) can give them some relief. For your convenience, information about the home loan interest rates of some public sector banks is being given here.
Cheapest home loans starting at 8.35%
Union Bank of India and Bank of Maharashtra are offering home loans at the lowest interest rate, which can prove to be the most economical option for home loan borrowers. The interest rate of home loans for a tenure of 20 years for both these banks starts from 8.35%. Accordingly, the monthly EMI for a tenure of 20 years on a home loan of Rs 75 lakh comes to around Rs 64,375.
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Home loans of these banks start from 8.40%
The interest rates for home loans of Bank of Baroda, Bank of India, Canara Bank and Indian Overseas Bank start from 8.40%. On this basis, the monthly EMI for a home loan of Rs 75 lakh for a period of 20 years should be around Rs 64,600.
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These banks are offering home loans at 8.45%
The interest rates of home loans of UCO Bank and Central Bank of India start from 8.45%. The monthly EMI of a home loan of Rs 75 lakh with a tenure of 20 years will be around Rs 64,850.
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State Bank home loan starts from 8.50%
The starting interest rate of home loan of the country’s largest commercial bank, State Bank of India, is 8.50%. Those taking a home loan of Rs 75 lakh from SBI at this rate may have to pay a monthly EMI of about Rs 65,087 for a period of 20 years.
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Keep these things in mind too
If you are going to take a new home loan or want to transfer the balance of your existing loan, then you can take the right decision by comparing the interest rates of all the banks. Also keep in mind that the interest rates of banks are not the same for all customers. There may be a slight difference in the home rates for different customers based on the CIBIL score, credit history and property details. Therefore, before applying for a loan, one should find out about the latest rates by visiting the bank’s website or by visiting their branch.
