Home Loan Interest- With the help of home loan, you can buy a house and the burden of expenses on the new house also reduces on your savings. The tenure of home loan is usually quite long. In such a situation, everyone would want to pay minimum EMI or interest.
Today we will know about such banks which are charging the lowest interest on home loans. However, we would advise that before taking a loan, check the interest rate once again on the bank’s website. Along with this, keep in mind how much pre-closure or foreclosure charge the bank is charging.
Banks with lowest interest rates
Out of all the banks, SBI i.e. State Bank of India is charging the highest interest on loans. The bank is charging 8.25 percent interest from its customers.
Along with this, HDFC Bank is charging up to 8.70 percent interest on home loans. Before the change in repo rate, this rate was 9.55 percent.
ICICI Bank is offering up to 9 percent interest on home loans.
Punjab National Bank is charging 8.50 percent interest on home loans.
Along with this, Indian Bank is charging interest up to 8.95 percent and Bank of India is charging interest up to 7.90 percent.
Out of all these banks, Bank of Maharashtra is charging 7.85 per cent interest on home loans.
You can also reduce EMI like this
If you want to reduce the EMI as much as possible, then increase the value of your down payment. This will help you take a smaller loan amount from the bank. The EMI will also reduce. Along with this, if the credit score is good, then the bank or financial institution will give loans at a lower interest rate.