Home Loan Interest Rates: Everyone dreams of buying a home and works tirelessly to achieve that goal. However, with property prices currently skyrocketing, purchasing a house has become a challenging task for many. In this scenario, the biggest question is which bank to choose for a home loan and where to find the lowest interest rates.

If you are considering taking out a home loan, there is no need to worry. Several banks are offering home loans at competitive interest rates. Additionally, the RBI has made a significant decision regarding rates.

RBI’s Significant Decision on Repo Rate

The biggest relief for home loan borrowers is that the Reserve Bank has kept the repo rate steady at 5.25%, meaning there has been no change. The repo rate is the rate at which the RBI lends money to other banks in the country. If this rate rises, banks typically make their loans more expensive.

Following the Monetary Policy Committee (MPC) meeting, RBI Governor Sanjay Malhotra stated that the policy stance has been kept ‘neutral’ in light of ongoing global tensions and inflation risks. For you, this simply means there will be no hike in your home loan EMI during June, and you will continue to avail of the loan at the existing rates.

Home Loan Interest Rates Offered by Various Banks

State Bank of India (SBI): The country’s largest public sector bank is offering home loans with annual interest rates ranging from 7.25% to 9.05%.

Bank of Baroda: Home loan rates here start at 7.20% and go up to a maximum of 9.25%.

Central Bank of India: Interest rates for home loans at the Central Bank of India range from 7.10% to 9.15%.

Bank of India: Home loan rates at the Bank of India range from 7.10% to 10.25%. Union Bank of India: Here, you can get interest rates ranging from 7.15% to 9.6%.

Canara Bank: Home loan rates at Canara Bank range from 7.25% to 10% per annum.

Indian Overseas Bank: Rates start at 7.10% for salaried individuals, while for non-salaried individuals, they start at 8.20%.

ICICI Bank: The starting interest rate for home loans at this major private bank is 7.5% per annum.

Kotak Mahindra Bank: Home loans at Kotak Bank start at a rate of 7.60%.

HDFC Bank: The country’s leading private lender offers home loans starting at a rate of 7.75%.

Axis Bank: Home loan rates at Axis Bank start at 8% and go up to 11.9%, depending on the applicant’s profile.