- Home loan interest rates of all government and private banks in the country have come down below 8%
- Installment of Rs 22,722 on a home loan up to Rs 30 lakh for 20 years every month
Of all the loans, home loan is perhaps the one which is the largest. Not only in terms of loan amount, but also tenure, which can be 15 years or more. The total loan repayment can be double the amount borrowed. But a home loan is one of the cheapest loans, and it is the only way a person can buy a home. At present, it cannot be ignored that construction of many housing projects in India has been delayed or stalled for many years. In such a situation, financial advisors say that at present, home buyers should look for a ready-to-move home. In such a situation, we are going to tell you today that if you take a home loan of 30 lakh rupees for 20 years, how much EMI will you have to pay according to the interest rates of the country’s banks.
RBI has consistently dropped policy rates
The Reserve Bank of India has consistently slashed policy rates. The last time the RBI saw a decline in repo rates by more than 40 points. In this falling interest rate regime, almost all major banks including State Bank of India and HDFC Bank have cut their home loan rates quite well. Some banks have cut this to 7 percent. Experts also say that before choosing the option of home loan, not only consider the low interest rate as the basis, but also check the bank creditability. Check your credit score as well. However, the option of lowest interest rates is available to those who have the best credit score. Some banks consider 700 which are some 750 to 800 credit score as benchmark.
In which bank, how much interest rate and how much EMI will be made
| Bank | Home loan interest rate (in percent) | Processing Fee (Excluding Tax) | EMI (In Rupees) |
| UBI | 6.70-7.15 | 0.50 percent (15 thousand maximum) + tax | 22,722-23,530 |
| BOI | 6.85-8.35 | 0.25 per cent (minimum 1500 and maximum 20000) | 22,990-25,751 |
| Central Bank of India | 6.85-9.05 | 0.50 percent (20 thousand maximum) | 22,990-27,088 |
| Punjab and Sindh Bank | 6.90-7.25 | Festive season discounts | 23,079-23,711 |
| Canara Bank | 6.90-9.40 | 0.50 percent (minimum 1500 and maximum 10,000) | 23,079-27,768 |
| HDFC bank | 6.95-7.85 | Salaried and self-employed up to 0.50 per cent or Rs 3,000 maximum | 23,169-24,814 |
| ICICI Bank | 6.95-8.05 | 1-2% or Rs 1,500 (Rs 2,000 Mumbai, Delhi and Bangalore) | 23,169-25,187 |
| Nainital Bank | 7.00-7.25 | 0.50% (Minimum Rs 500, Maximum Rs 10,000) + Service Tax | 23,259-23,711 |
| SB I | 7-7.85 | 0.50 per cent + GST | 23,259-24,814 |
| BoB | 7-8.85 | 0.50 percent (minimum Rs 8,500, maximum Rs 25,000) | 23,259-26,703 |
| Indian Bank | 7-9 | As applicable | 23,259-26,992 |
| IOB | 7.05-7.30 | 0.50 percent for up to 75 lakhs (maximum 20,000) | 23,349-23,802 |
| Bank of Maharashtra | 7.05-8.45 | 0.25% (Maximum Rs. 25000) | 23,349-25,940 |
| PNB | 7.10-7.90 | Discount from 7 September to 31 December 2020 | 23,439-24,907 |
| Jammu & Kashmir Bank | 7.20-7.60 0.25 | Percent + GST (minimum Rs 5,000, maximum Rs 25,000) | 23,620-24,352 |
Source: www.patrika.com
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