If you want to reduce the burden of EMI, then approach these 5 banks, they are giving the cheapest home loan
Home Loan
Highlights
- Banks hike home loan interest rates due to rate hike by RBI
- Punjab and Sind Bank is offering home loan at lowest interest
- You can take home loan up to 75 to 90 percent of the value of the house
To control the skyrocketing inflation, RBI has increased the repo rate. After this, all the banks have increased the interest on other loans including home loans. This has increased the burden of EMI. In such a situation, if you want to reduce the burden of EMI, then many banks are still giving home loans at low interest. We are going to tell you about 5 banks where your home loan EMI can be reduced. These banks are still offering the cheapest home loans to the customers.
| Name of bank | RLLR | Minimum interest rate (in %) | Maximum interest rate (in %) |
| Bank Of Maharashtra | 7.2% | 6.8% | 8.2% |
| Bank Of Baroda | 6.9% | 6.9% | 8.25% |
| Union Bank of India | 7.2% | 6.9% | 8.6% |
| Punjab And Sind Bank | 6.6% | 6.9% | 7.75% |
| bank of india | 7.25% | 6.9% | 8.6% |
The repo rate has gone up by a total of 0.9% after the current market rally. Banks and lenders like the housing finance business will raise their lending rates in response to the central bank’s rate hike, which means your EMIs will also go up. If the total amount of your home loan is Rs 30 lakh. On which you pay an EMI of Rs 23,259 for 20 years at the rate of 7%, then it will increase by Rs 1648 to Rs 24,907.
How Much Home Loan Can You Take?
Most banks offer home loans ranging from 75 to 90 percent of the cost of the property. It depends on your loan amount. If the lender has appraised the property at Rs 50 lakh, you can get a maximum loan of Rs 40 lakh.
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