Home Loan- Want to buy a house on a loan? Then this article is for you. In today’s time, everyone dreams of having a house of their own but the way property prices are skyrocketing, especially in metro cities, it is no less than a big challenge for working people to buy a house with their earnings. In such a situation, most people resort to home loans.
Different banks in the country offer home loans at different interest rates but if you want to take a loan at a low interest rate, then government banks can be a better option for you. Today we are going to tell you about some such government banks, which are giving home loans at an interest rate of less than 7.50 percent.
Indian Overseas Bank
Indian Overseas Bank is also one of those government banks which offers home loans to its customers at an initial interest rate of 7.35 percent. The loan process of this bank is quite easy and fast, so you do not have to wait long for loan approval.
Central Bank Of India
Central Bank of India is also not behind in terms of home loans. The starting interest rate of this bank is also 7.35 percent. This bank gives attractive offers to its customers based on the loan amount and their credit history. If your CIBIL score is above 750, then your chances of getting a loan at a lower interest rate increase.
Canara Bank
Canara Bank, one of the largest public sector banks in the country, is also quite popular when it comes to home loans. The starting interest rate of this bank is 7.40 percent, which is slightly higher than other public sector banks, but still it is quite affordable. The processing fee of Canara Bank is 0.50 percent, which is applicable on the basis of the loan amount.
The special thing about Canara Bank is that it gives complete transparency to its customers in the loan process. Also, this bank is known for approving the loan amount quickly. If you want to take a loan from a big and reliable bank, then Canara Bank can be a good option for you.
Union Bank Of India
Union Bank of India is also a popular government bank for home loans. Its starting interest rate is 7.35 percent, which makes it an excellent option for those who want to take a loan at a low interest rate. Union Bank offers flexible loan options to its customers, allowing you to choose the loan tenure and amount according to your needs.
Bank Of Maharashtra
If you are looking for a home loan at the lowest interest rate, then Bank of Maharashtra can be a great option for you. The starting interest rate of home loan in this bank is just 7.35 percent. However, this rate depends on your loan amount, loan tenure and your CIBIL score. If your CIBIL score is good, then you can get an even better deal. Apart from this, the processing fee of Bank of Maharashtra is also very affordable. It starts from 0.25 percent, which can be slightly higher depending on the loan amount. If you want a loan with low monthly EMI and low interest rate, then you can contact this bank.