You can easily buy your favourite house through a home loan. Today, many banks and financial institutions provide home loan facilities. Under a home loan, you can buy a house, and there is no significant impact on your savings. Along with this, your emergency fund also does not go to waste.
However, on taking a loan, you have to pay interest along with the principal amount. If this interest is low, then you can save as much money as possible. So, if you are also dreaming of buying a house and are looking for an affordable home loan, then this news is for you. Today we will tell you about such banks where loans are available at the lowest interest rate.
These banks are offering home loans at less than 8% interest
According to BankBazaar research, Canara Bank is currently offering home loans at the lowest interest rate. Apart from this, there are many banks which are offering loans at less than 8 percent interest. The EMI per lakh on this loan will be from ₹ 824 to ₹ 836. This is a golden opportunity for those who want to buy their home at affordable rates.
Know which banks are offering the cheapest home loans
Here is the list of banks that are currently offering home loans at the lowest interest rates:
Canara Bank 7.80%
Bank of Maharashtra 7.85%
Central Bank of India 7.85%
Union Bank of India 7.85%
Indian Bank 7.90%
Indian Overseas Bank 7.90%
All the banks mentioned above are offering loans at an interest rate of less than 8%. According to BankBazaar, Canara Bank is offering home loans at an interest rate of 7.80%. Next, Bank of Maharashtra, Central Bank of India, and Union Bank are offering loans at 7.85%. Apart from this, Indian Bank and Indian Overseas Bank are offering loans at an interest rate of 7.90%. This is a great opportunity for you to buy your dream home.
Repo-linked home loans will reduce EMI even more
Adhil Shetty, CEO of Bankbazaar.com, advises that in this period of falling interest rates, borrowers can shift to repo-linked home loans. This will reduce EMI. Repo-linked loans are linked to RBI’s repo rate, which reduces your EMI when interest rates fall! This wise move can increase your savings further.
How is EMI decide
Under EMI, interest is also included along with the principal. This is the same amount that the borrower pays to the bank every month as an installment. EMI is calculated based on the loan amount, interest rate and loan tenure. Lower interest rate means lower EMI and more savings. Therefore, choose a bank wisely.