Lowest Home Loan Interest Rates: Check What SBI, ICICI Bank, HDFC Bank and Kotak Offer

 One of the most crucial aspects is the interest rate on your home loan, which can effect the entire cost of your property. Higher loan value and a longer term are the two most commonly requested qualities of a home loan. As a result, even a minor change in interest rates might have significant financial consequences. Lower home loan interest rates will cut not just the outgoing EMIs, but also the entire interest payment. It is critical to consider all available options and select the one that has the lowest interest rate.

People looking for home loans should be aware that, in addition to interest rates, there are a number of other fees that affect the total cost of the loan. Prepayment and CERSAI expenses are among the additional charges. In order to come up with the greatest housing loan alternative, it's critical to pay attention to these additional fees.

Some lenders offer the same housing loan interests as others, but the additional fees vary. The accompanying costs may make a significant difference in the total cost of the house loan in such cases.

Currently, house loans come with variable interest rates that might alter over time. Floating rates are those that are tied to external standards. When the benchmark changes, so do the loan rates. The repo rate of the Reserve Bank of India has become the external benchmark for most banks.

The following is a list of bank-offered housing loan interest rates —

1) Kotak Mahindra Bank

The interest rate on house loans has been cut by 10 basis points (bps) to 6.65 percent per annum by Kotak Mahindra Bank. It is now the lowest interest rate on the market for home loans. The processing cost is up to 0.50 percent plus statutory dues, including GST.

2) Punjab & Sind Bank

Punjab & Sind Bank also offers home loans for up to 40 years at an excellent interest rate of 6.65 percent and upwards. Processing fees have been eliminated till June 30 of this year.

3) State Bank of India

State Bank of India offers house loans with interest rates ranging from 6.70 percent to 0.4 percent of the loan amount, which can be as low as Rs 10,000 and as much as Rs30,000. Women who take out a home loan are given special treatment by the bank. State Bank of India charges interest on house loans on a daily diminishing balance basis.

4) HDFC Bank

The private sector lender gives all borrowers a 6.75 percent housing interest rate, but the processing charge differs depending on whether the borrower is salaried or self-employed. A processing fee of up to 0.5 percent of the loan amount or Rs. 3000, whichever is higher, is charged to salaried/self-employed professionals. For non-professionals who are self-employed, the cost is up to 1.5 percent of the loan amount, or Rs. 4,500.

5) ICICI Bank

On housing loan projects, ICICI additionally gives a 6.75 percent interest rate. However, the processing charge varies based on your occupation.

Conclusion

There's no need to be discouraged if your personal loan application is turned down. To boost your chances of loan approval, simply work on improving your credit report and following the methods outlined above. Once you've completed this checklist, you're ready to submit your personal loan application.To find about the best pricing and deals, call our toll-free number +91-9477079053. They'll help you in every way they can. Please contact me at Best Home Loan In India if you have any more.

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