Curated By: Business Desk
Last Updated: September 21, 2023, 12:01 IST
Everyone dreams of owning a house of their own. However, it requires a lot of money and often a home loan. Home loan interest rates refer to the interest rate charged by banks or financial institutions. Before buying a house, individuals need to check out the various bank offers and interest rates offered by different banks and lenders. Comparison and analysis is the most crucial step to get a better understanding of the finances involved in buying a new house. A low-interest rate would mean lower Equated Monthly Instalment (EMI) payments and this can lead to overall savings.
Currently, almost all banks provide home loan facilities to the customers. So, if you are planning to take a home loan, check out the rates of all the banks to get the best possible offer. Here are four of the big banks with their offers.
SBI Home Loan Rates
The State Bank of India is one of the most prestigious Indian multinational public sector banks. Currently, it offers home loans to its customers at an interest rate of 8.40 per cent per annum onwards with a processing fee of 0.17 per cent. SBI is currently running a special home loan campaign and is offering concessions of up to 65 basis points (bps). This concession is applicable on regular home loans, flexipay, NRI, non-salaries and Apon Ghar. The last date for the concession is December 31st, 2023.
Bank of Baroda Home Loan Rates
Bank of Baroda is yet another public sector bank that offers home loans to salaried and non-salaried people. It offers an interest rate of 8.60 per cent per annum onwards. The processing fee is up to 0.50 per cent (minimum Rs 8,500, while the maximum is Rs 25,000).
Interest rates are based on the loan limit and CIBIL score of the applicant applying for the loan.
Indian Bank Home Loan Rates
Indian Bank is a public sector bank. It offers an interest rate of 8.50 to 9.90 per cent per annum for home loans. The processing fee is 0.23 per cent of the loan amount. It offers loans to salaried, self-employed and NRIs.
ICICI Bank Home Loan Rates
ICICI Bank is a private-sector bank that offers home loans to its customers. The special home loan interest rate is 9 per cent for those whose CIBIL score is 750-800 and is valid till September 30th. The standard home loan rate is 9.25 per cent onwards.