Looking for best home loan package to buy your dream home? Here is the comprehensive list of the home loan interest rates and processing fees charged by different banks at one glance.
Third time this year, the Reserve Bank Of India (RBI) announced repo rate cut by 25 basis points, bringing the rate down to 5.75 percent from 6 percent. The announcement comes as a relief amidst weak global scenario and considerable dip in private consumption.
Repo rate is the rate at which the RBI lends money to commercial banks. The repo rate cut is expected to have some ripple effect in Indian real estate owing to expected reduction in home loan lending rates.
Mirroring the repo rate cut, many banks have reduced home loan interest rates in the range of 0.05 percent to 1 percent.
Assuming that the banks will be ready to pass on the benefit of the rate cut to the end users, the RBI’s announcement came as good news for borrowers as their EMIs are expected to go down. To help you zero down on the best home loan package available, here is a list of interest rates in top 11 banks in India.
|Bank Name||Home Loan Interest Rate (%)||EMI/1 Lakh/30 years (Rs.)|
|Axis Bank||8.8 – 9.25||893-909|
|Bank Of Baroda||8.7 – 9.7||881-945|
|Bank Of India||8.8 – 9.7||887-945|
|Punjab National Bank||8.65-8.75||780-887|
Information credit: My Loan Care