Home loan rates have come down drastically during the last few months.
Cheapest Home Loan Interest Rate: Home loan rates have also come down after policy interest rates have come down. Public and private sector banks and housing finance companies are providing home loans at very low interest rates. In such a situation, this is considered the right time for a home loan.
- January 13, 2021, 5:23 PM IST
In such a situation, if we see the list of banks and high usance finance companies (HFCs), who give home loans at the cheapest rates, then the government banks are at the top. But, private sector banks like Kotak Mahindra Bank are also at the top. Kotak Mahindra Bank is also offering home loans to its customers at the rate of 6.75 percent. After this, Punjab National Bank (PNB) is the second largest government sector, offering home loans at the rate of 6.8 percent.
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One thing is also worth noting that apart from these top 15 lenders, there are many lenders who are offering home loans at almost the same interest rate. ICICI Bank and HFC sector giant HDFC are offering home loans at the rate of 7 per cent. Whereas, State Bank of India in the public sector is offering home loan of Rs 75 lakhs at the rate of 7.2 percent.
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Data on public and private sector banks and housing finance companies listed on BSE have been collected here. This details of interest rates are also available on the website of National Housing Bank. In this, the interest rate has been chosen for a home loan of Rs 75 lakh. This figure is only till 7 January 2020.