7 cheapest home loans in India that banks are offering
Some of the cheapest home loans are being offered by Union Bank of India, Bank of Maharashtra, Bank of Baroda, Bank of India and Indian Overseas Bank.
Everyone wants to own a home in the long run. Purchasing a home is a costly affair. One needs to borrow money from banks or housing finance companies to realise their dream of a home. In India, many public and private banks and housing financing companies offer home loans. Interest rates are different for loan amounts of up to Rs 30 lakh, above Rs 30 lakh and up to 75 lakh and above Rs 75 lakh. At the same time, banks offer the same loan at different interest rates to people with different Cibil score, economic background, and repayment capacity.
Here is a list of the 7 cheapest home loans that public and private banks are offering. (As per Paisabazaar.com as on April 17, 2024).
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Union Bank of India/Bank of Maharashtra (8.35%)
Union Bank of India/Bank of Maharashtra (8.35%)
Union Bank of India's home loan interest rates are 8.35%-10.75% for loan amount below Rs 30 lakh, 8.35%-10.% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.35%-10.90% for loans above Rs 75 lakh.
Bank of Maharashtra offers home loans at 8.35%-11.15% for loan amount below Rs 30 lakh, 8.35%-11.15% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.35%-11.15% for loans above Rs 75 lakh.
Bank of Baroda/Indian Overseas Bank/Bank of India (8.40%)
Bank of Baroda's home loan interest rates are 8.40%-10.65% for loan amount below Rs 30 lakh, 8.40%-10.65% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.40%-10.90% for loans above Rs 75 lakh.
Bank of India offers home loans at 8.40%-10.85% for loan amount below Rs 30 lakh, 8.40%-10.85% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.40%-10.85% for loans above Rs 75 lakh.
Indian Overseas Bank offers home loans at 8.40%-10.60% for loan amount below Rs 30 lakh, 8.40%-10.60% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.40%-10.60% for loans above Rs 75 lakh.
UCO Bank/Central Bank of India/Punjab National Bank/HSBC (8.45%)
UCO Bank/Central Bank of India/Punjab National Bank/HSBC (8.45%)
Punjab National Bank offers home loans at 8.45%-10.25% for loan amount below Rs 30 lakh, 8.45%-10.15% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.45%-10.15% for loans above Rs 75 lakh.
Uco Bank's home loan interest rates are 8.45%-10.30% for loan amount below Rs 30 lakh, 8.45%-10.30% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.45%-10.30% for loans above Rs 75 lakh.
Central Bank of India offers home loans at 8.45%-9.80% for loan amount below Rs 30 lakh, 8.45%-9.80% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.45%-9.80% for loans above Rs 75 lakh.
HSBC Bank offers home loans at 8.45% onwards in below Rs 30 lakh, above Rs 30 lakh and below Rs 75 lakh, and above Rs 75 lakh categories.
SBI/Canara Bank/PSB/Karnataka Bank (8.50%)
SBI/Canara Bank/PSB/Karnataka Bank (8.50%)
State Bank of India offers home loans at 8.50%-9.85% for loan amount below Rs 30 lakh, 8.50%-9.85% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.50%-9.85% for loans above Rs 75 lakh.
Canara Bank offers home loans at 8.50%-11.25% for loan amount below Rs 30 lakh, 8.50%-11.25% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.50%-11.25% for loans above Rs 75 lakh.
Punjab and Sind Bank offers home loans at 8.50%-10.00% for loan amount below Rs 30 lakh, 8.50%-10.00% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.50%-10.00% for loans above Rs 75 lakh.
Karnataka Bank offers home loans at 8.50%-10.62% for loan amount below Rs 30 lakh, 8.50%-10.62% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.50%-10.62% for loans above Rs 75 lakh.
Tamilnad Mercantile Bank (8.60%)
Tamilnad Mercantile Bank (8.60%)
Tamilnad Mercantile Bank offers home loans at 8.60%-9.95% for loan amount below Rs 30 lakh, 8.60%-9.95% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.60%-9.95% for loans above Rs 75 lakh.
Kotak Mahindra Bank (8.70%)
Kotak Mahindra Bank (8.70%)
Kotak Mahindra Bank offers home loans at 8.70% onwards for loan amount below Rs 30 lakh, above Rs 30 lakh and below Rs 75 lakh, and for loans above Rs 75 lakh.
ICICI Bank/Axis Bank (8.75%)
ICICI Bank offers home loans at 8.75% onwards for loan amount below Rs 30 lakh, above Rs 30 lakh and below Rs 75 lakh, and for loans above Rs 75 lakh.
Axis Bank offers home loans at 8.75%-13.30% for loan amount below Rs 30 lakh, 8.75%-13.30% for the loan amount above Rs 30 lakh and below Rs 75 lakh, and 8.75%-9.65% for loans above Rs 75 lakh.