Home loans: Check out which bank is offering at cheapest rates

Buying a home is a dream for almost everyone. But buying a house is not a routine purchase that can be wrapped up easily. Most need a loan to fulfil their dream. Fortunately owing to the dip in demand due to the Covid-19 pandemic, banks have taken interest rates on home loans done to historic low levels. It has attracted a number of borrowers. The tenure of home loans can be as long as 25 years. Even a minor half a percentage difference can make an immense difference to the amount of money one repays to the lender. Therefore, scanning the web for cheap rates is a must before finalising a loan scheme.

Now, you can get a loan at 6.65% interest rate from leading banks.

If you are planning to apply for a home loan, take a look at the lowest interest rates offers by leading banks:

Kotak Mahindra Bank

The lender is offering home loans at an interest rate of 6.65%. Your monthly EMI for a Rs 30 lakh loan would come down to Rs 22,663 per month for 20 years.

State Bank of India

The country’s largest lender is offering home loans at an interest rate of minimum 6.7%. Your monthly EMI for a Rs 30 lakh loan would come to Rs 22,722 per month for 20 years.

Bank of Baroda

This public sector lender is offering home loans at an interest rate of a minimum of 6.75%. Your monthly EMI for a Rs 30 lakh loan would come to Rs 22,811 per month for 20 years.

ICICI Bank

ICICI Bank is offering home loans at an interest rate of 6.75%. Your monthly EMI for a Rs 30 lakh loan would come to Rs 22,811 per month for 20 years.

HDFC Bank

The largest private sector bank of the country, HDFC Bank, is offering home loans at an interest rate of 6.75%. Your monthly EMI for a Rs 30 lakh loan would come down to Rs 22,811 per month for 20 years.

Range of rates

Kotak Mahindra Bank — 6.65% to 7.20%

SBI — 6.70% to 8.50%

Bank of Baroda — 6.75% to 8.60%

ICICI Bank — 6.75% to 7.55%

HDFC Bank — 6.75% to 7.65%

(Rates as on August 19, 2021)