Several banks have introduced reduction in their home loan interest rates, including SBI and Bank of Baroda and Canara Bank. According to several reports, Canara bank will now be offering home loans starting at 7.80 percent and the home loan rates for the State Bank of India will begin at 8 percent.
If you are planning to buy a home or looking for the options to apply for a home loan; here is a list of the banks, which are offering loans at an interest rate of 8% or less.
Canara Bank - 7.80%
Bank of Maharashtra - 7.85%
Central Bank of India - 7.85%
Union Bank of India - 7.85%
Indian Bank - 7.90%
Indian Overseas Bank - 7.90%
Bank of Baroda - 8.00%
Bank of India - 8.00%
State Bank of India - 8.00%
Punjab National Bank - 8.00%
Interest Rates May Drop More -
According to the reports, the Reserve Bank of India will cut the Repo Rate by around 0.50% between June and Diwali, according to officials. This decision will be taken during the next meeting of the Monetary Policy Committee of RBI - which is scheduled for June 4 and 6, 2025.
It is to be mentioned that this year, the RBI has cut the repo rates twice, i.e. 0.25% in the month of February and 0.25% in April.
Things which important to take a home loan -
The Repayment Penalties -
If a loan is not paid on time then certain banks penalty charges due to which it is important to check the repayment penalties before finalizing a loan as it might cause problems while applying for the loan.
CIBIL Score -
You must check your CIBIL score before applying for a loan as it may help you get a loan easily. If you will have a good credit score, CIBIL score, you’ll get a loan at lower interest rates. Mostly, the score ranges between 300 to 900; any if your score is above 700 then it is considered to be good.
Compare Offers
The experts suggest to frequently compare the loan offers; which will surely help in getting a best loan option.