New Delhi: Taking out a home loan has become quite a trend these days. People in both urban and rural areas rely on home loans to build or purchase a house. Amidst rising inflation, owning a dream home remains a cherished aspiration for everyone. In this context, if you are also planning to buy a home, a home loan can serve as an excellent avenue to achieve that goal.
Several public sector banks across the country are currently offering home loans at an interest rate of 7.10 per cent. This can also help keep the burden of Equated Monthly Instalments (EMIs) relatively low. Often, loan approval gets stalled due to a poor CIBIL score; therefore, maintaining a good CIBIL score is essential. If you are looking to take out a home loan, we are providing you with information regarding specific banks and their interest rates; please read the details below.
ank-wise Home Loan Details at 7.10% Interest
| Bank | Scheme Name | Interest Rate | Processing Fee | Other Charges |
|---|---|---|---|---|
| Central Bank of India | Cent Grih Lakshmi Home Scheme | 7.10% | 0.50% + GST (max ₹20,000) | Hassle-free borrowing |
| Bank of India | — | 7.10% | ₹1,500 – ₹20,000 (0.25% of loan amount) | — |
| Bank of Maharashtra | — | 7.10% | Zero processing fee | No pre-payment penalties, no hidden charges |
| Indian Overseas Bank | — | 7.10% | 0.50% (max ₹20,000) | — |
🔹 CIBIL Score Requirement
| Requirement | Detail |
|---|---|
| Minimum CIBIL Score | 800 or higher |
| CIBIL Range | 300 – 900 |
| Note | Final decision rests with the bank |
A poor CIBIL score can stall loan approval.
Home Loans Available from Central Bank of India
If you opt for a home loan from the Central Bank of India—which ranks among the major banks in the country—you will be required to pay interest at an annual rate of 7.10 per cent. Under the ‘Cent Grih Lakshmi Home Scheme,’ this home loan entails a processing fee of 0.50% of the loan amount plus GST (subject to a maximum cap of ₹20,000). This ensures a hassle-free borrowing experience for you.
Home Loans Available from Bank of India
The Bank of India is also offering home loans to the public. Here, home loans are available at starting interest rates of 7.10 per cent. For this loan, a one-time processing charge—ranging from a minimum of ₹1,500 to a maximum of ₹20,000 (equivalent to 0.25% of the loan amount)—is applicable.
Home Loans Available from Bank of Maharashtra
Did you know that the Bank of Maharashtra is also offering home loans at a starting interest rate of 7.10 per cent? The bank does not levy any processing fees on its customers. Furthermore, the bank does not charge any pre-payment penalties, nor does it impose any hidden charges.
Home Loans Available from Indian Overseas Bank
Currently, you can also avail of a home loan from the Indian Overseas Bank at a starting interest rate of 7.10 per cent. Banks typically charge a processing fee equivalent to 0.50% of the total home loan amount. However, this fee is generally capped at a maximum of ₹20,000.
Required CIBIL Score
It is worth noting that your CIBIL score plays a crucial role when applying for a home loan. If you wish to secure a home loan at an interest rate of 7.10%, it is essential to have a CIBIL score of 800 or higher. Nevertheless, the final decision rests with the bank. CIBIL scores are assessed within a range of 300 to 900.
