Various public sector, private sector, fintech, and financial institutions have revised their home loan interest rates for 2024; here are the Best banks and financial institutions listed with the lowest interest rates for Home Loans in April 2024.
Owning a home is a dream for everyone, and it requires a lot of effort to make it a reality. Most people rely on home loans to purchase a house, and they usually approach banks and financial institutions for that. However, different banks charge different interest rates on home loans, and these interest rates can be influenced by factors such as credit scores, loan amounts, and professional backgrounds. Home loans can be sanctioned by public sector banks, private banks, and other financial institutions. In this article, we’ll take a look at which banks and financial institutions charge interest on home loans.
Here’s a breakdown of the interest rates charged by some public sector banks:
- State Bank of India (SBI) charges interest rates ranging from 8.50% to 9.85% on home loans.
- Bank of Baroda charges interest rates ranging from 8.40%t to 10.65% on loans up to 30 lakhs, from 8.40% to 10.65% on loans up to 75 lakhs, and from 8.40% to 10.90% on amounts above that.
- Union Bank of India charges interest rates ranging from 8.35% to 10.75% for loans below 30 lakhs, from 8.35% to 10.90% for loans up to 75 lakhs, and from 8.35% to 10.90% for loans above that.
- Punjab National Bank charges interest rates ranging from 8.45% to 10.25% on loans up to 30 lakhs, from 8.40% to 10.15% on loans up to 75 lakhs, and from 8.40% to 10.15% on amounts above that.
Here’s a breakdown of the interest rates charged by some private sector banks:
- ICICI Bank charges interest rates starting from 8.75%.
- HDFC Bank charges interest rates starting from 9.40%.
- Kotak Mahindra Bank charges interest rates starting from 8.70%.
Finally, here’s a rundown of the interest rates charged by some other financial institutions:
- Bajaj Finance Bank charges interest rates starting from 8.50%.
- Tata Capital charges interest rates starting from 8.75%.
- India Bulls Housing charges interest rates starting from 8.75%.
- PNB Housing Finance charges interest rates ranging from 8.50% to 14.50%.
- LIC Housing Finance charges interest rates ranging from 8.35% to 10.75%, depending on the loan amount.
Advised to contact nearby branch channels of the bank or visit their official website for additional information.
