These banks are offering home loans at the cheapest rates, know about them

Cheapest Home Loan Interest Rate: If you want to buy your home and want to take a home loan for it, then this is the right time. Home loan rates in the country are at a decade low. Today we will tell you which banks have the lowest home loan rates.

Repo Linked Lending Rate (RLLR)

• All banks have adopted an external benchmark for new home loans. Banks have done this since October 2019.
• RBI’s repo rate has been made the acting benchmark by most of the banks. Right now it is 4 per cent.
• The rate at which RBI gives loans to commercial banks and other banks is called repo rate.
• Repo linked lending rate is an actuarial benchmark where banks rely on RBI’s repo rate to calculate the retail loan interest rate. This includes the current repo rate, tenure premium and margin.

IDFC First Bank

• The RLLR of the bank is 5 percent.
• The annual rate of home loan ranges from 6.5 to 8 percent.

Kotak Mahindra Bank

• RLLR is 65%.
• The annual rate of home loan for salaried people ranges from 6.65 to 7.1 percent.
• The home loan interest rate for those doing their business is 6.75 to 7.20 percent.

Bank Of Baroda

• The RLLR of the bank is 75 percent.
• The annual home loan interest rate for the salaried class ranges from 6.75 to 8.35 per cent.
• People doing their business are also getting loans at the same rate.

ICICI Bank

• The RLLR of the bank is 75 percent.
• That is, the annual interest rate of home loan for regular salary earners is from 6.75 percent to 7.40 percent.
• For self-employed people, the bank’s interest rates range from 6.9 percent to 7.55 percent.

Punjab And Sind Bank

• 6.75 per cent to 7.35 per cent per annum interest rate for salaried people.
• 1 percent to 7.9 percent annual interest rate for people doing their business.
• The RLLR of the bank is 85 percent.

Union Bank of India

• The RLLR of the bank is 8 percent.
• The annual interest for salaried people ranges from 6.8 per cent to 7.35 per cent.
• The annual interest rate for people doing their business is 6.85 percent to 7.4 percent.

SBI Term Loan

• Home loan interest rates range from 6.8 to 7.15 per cent per annum.

Indian Bank

• Home loan interest rates range from 6.8 to 8.25 per cent per annum.

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