The interest rates of home loans vary from banks to banks. Comparing the home loans and planning accordingly can be a beneficial decision for consumers who are seeking to live in their new dream homes. There are banks which provide high as well as low-interest rates to the consumers.
If you want to know the latest and updated housing loan interest, then jump directly into this article. All these factors can quickly increase the eligibility of your home loan. If you are planning for a joint home loan (Husband & Wife), it can somehow give you a low-interest rate. From less than 0.5% to 2% of interest rates, you can enjoy dreaming of a lavish home.
Basically, the Home Loans are of Two Types and are Stated Below
Fixed-Rate of Interest
With the help of fixed-rate home loans, consumers can easily plan their financial strategies and are considered to be an easy process. Here, the rate is fixed, and the borrowers need to pay the upfront to the lender every possible month. If the lending rates increase suddenly, you can save all your money.
Floating Rate of Interest
The floating rate of interest is also known as the Variable rate. It is subjected to the most updated lending rates for the banks. Unlike the fixed rate of interest, the floating rate can change during the home loan tenure. This rate of interest is said to be independent of several factors which are regulated by RBI.
Here is the List of Some of the Home Loan Interest Rates Providers
- Axis Bank- 8.85%
- Allahabad Bank- 8.40%
- Bajaj Finserv- 8.80%
- Bank of Baroda- 8.45%
- Canara Bank- 8.50%
- Federal Bank- 8.75%
- Central Bank of India- 8.50%
- ICICI Bank- 8.70%
- Punjab National Bank- 8.50%
- SBI- 8.35%
Some Other Criteria of the Home Loan Interest
Availability of the Income
The actual Income which is left in your bank account is the main criteria and the consideration. You can make the best use of the eligibility calculator, which are available online to calculate EMI’s.
Monthly Income
it is stated to be one of the best criteria before you go for any of the home loans. If you are self-employed or you are fully salaried, then you are in a safe place. You can then take the maximum loan amount from the commercial banks.
Considering the lowest repo rates decrease by the RBI, all the home loan providers are expected to go down and down. There is specific eligibility, criteria, and factors that include- Age, Credit Score, Income, Work Experience, Property Value etc. Hence, most of the banks offer different home interest rates, which differs from the actual loan amount.
The simple and affordable interest rate of the home loan offers you the best process that can raise the process of building your own home. The top banks will assure you the best quality of services, and with a hassle-free manner, you can easily stay connected with all the commercial banks.
Read Also: Top 5 Reasons for Home Loan Rejection
