23.1 C
Delhi
Tuesday, October 26, 2021

Cheapest Home Loan: Loan is to be taken to buy a house, then know which banks are getting home loan at the cheapest rates

Interest is not charged at the same rate from all the customers for the home loan. Banks fix its rates keeping in mind many factors.

Cheapest Home Loan: It is almost everyone’s dream to have a home of their own. To fulfill this dream, some people add pie-pie throughout their life. At the same time, some people take loans from friends or take loans from any bank to fulfill this dream as soon as possible. It is easy to take a loan from the bank to buy a house and at this time it has become a better option as one can get loans at less than 7 percent rate. With the festive season approaching, banks are also offering attractive offers to attract customers. Apart from banks, housing finance companies are also providing loans to banks at low rates. You can get loans from five housing finance companies of the country, including LIC Housing Finance, at the rate of less than 8 percent per annum. LIC Housing Finance is offering loan at the rate of 6.9 percent.

Mutual Fund Investment: You can increase your return on investment in mutual funds, get up to 1.5% more profits with these five smart ways

Home Loan @ 6.65% in Kotak Mahindra Bank

Kotak Mahindra Bank is providing Home Loans at the cheapest rates in the country. Kotak Mahindra Bank is offering home loans at the rate of 6.65 per cent per annum, although home buyers will also have to pay a processing fee of 0.50 per cent. Union Bank of India is offering loan @ 6.8 per cent and there is no processing fee.

where to get cheapest home loan know here in details sbi bob kotak mahindra bank offering good deal

Attractive offers from SBI for home loan customers

The country’s largest bank SBI is offering home loans up to Rs 30 lakh at a minimum rate of 6.9 per cent and home loans above Rs 30 lakh at a minimum rate of 7 per cent. There will be an additional discount of 0.05 percent (5 bps) for applying for a loan through the YONO app. Apart from this, in 8 cities of the country, the bank is giving a discount of 0.2 percent (20 bps) in interest rates for loans up to Rs 3 crore and this rebate is available for the remaining locations for loans up to Rs 30 lakh to Rs 2 crore. . A rebate of 25 basis points (0.25 per cent) will be available on home loans above Rs 75 lakh. However, keep one thing in mind that the relaxation in interest rates is linked to the credit score.

The intention is to invest in Crypto Currency, so know what fees are charged on their trading

Home loan interest rate is determined by these things

Interest is not charged at the same rate from all the customers for the home loan. The bank adopts special criteria for this. The home loan rate depends on the income, credit score, property location, loan amount, loan type, loan tenure, employment status, promo offers.

  • Income: With stable and high income, the bank will assume that you are able to afford the loan and interest will be charged at a lower rate.
  • Credit Score: The credit report is also taken into account when it is scrutinized while applying for a loan. If the credit score is high then the chances of getting the loan application increase and you can also negotiate the interest rates.
  • Property Location: If the property for which you are taking a loan is at a price location or taking it from a reliable builder or agency, then you can get relief in the charges on interest rates.
  • Loan Amount: The interest rate also depends on the loan amount.
  • Loan Type: The interest rates also depend on the type of home loan you are taking. Buying a new house will attract a standard rate, whereas if you are taking a loan for any improvement in the house, then you will get a loan at higher rates.
  • Loan Tenure: If you are taking longer term loans, then the interest rates can be low.
  • Interest Rate Types: Usually fixed rate is higher than floating rate.
  • Employment Type: Salaried workers get home loans at lower rates, while self-employed people are more prone to loans, due to which they get loans at higher rates. Banks make separate slabs for salaried and non-salaried.
  • Promo Offers: Banks also offer several promo offers which are offered in tie-ups with builders or aggregators. Under this also you can get relief in interest rates.

Get Business News ,, latest India News ,, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.

.

Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
Latest news
- Advertisement -
Related news
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here