SBI vs BoB vs BoM: If you are planning to buy your own home, the home loan interest rate and the monthly EMI directly affect your budget. Currently, major public sector banks in the country, such as State Bank of India, Bank of Baroda, and Bank of Maharashtra, are offering home loans at affordable rates. But the question is, which of these three is actually offering the cheapest home loan? Let’s take a detailed look at the current interest rates before taking a loan.
Who gets the lowest interest rate?
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The minimum home loan interest rate of any bank is offered only to those customers who meet its eligibility criteria. Before approving a loan, the bank assesses the applicant’s age, monthly income, job stability, credit history, and CIBIL score. Generally, people with a CIBIL score of 800 or more are more likely to get a home loan at the initial, i.e., the lowest interest rate. However, the final decision depends on the bank’s internal policy.
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State Bank of India Home Loan
According to official information from SBI, the bank is currently offering home loans to new customers at an initial interest rate of 7.25 percent per annum. This rate may vary depending on the profile and credit score. Being the country’s largest bank, SBI’s network and trust attract many customers.
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Bank of Baroda Home Loan
Bank of Baroda is currently offering home loans at an initial interest rate of 7.20 percent. A special feature of this bank is that there are no hidden charges. There is also no penalty for pre-payment or closing the loan early. Customers can choose a tenure of up to 30 years, and the interest is calculated on a daily reducing balance basis, which can reduce the overall interest burden.
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Bank of Maharashtra Home Loan
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According to the Bank of Maharashtra website, this bank is currently offering home loans at an initial interest rate of 7.10 percent, which is the lowest among these three. A key feature is that female applicants and defense personnel receive an additional 0.05 percent discount on the interest rate. There are no charges for pre-payment or pre-closure of this loan. The bank claims to be offering home loans at the lowest interest rates in the country.