If you are planning to buy a house in the festive season then there is a great opportunity. Many banks are offering home loans at the most affordable rate. Just before Diwali, many banks have made home loans cheaper. Home loans are being available at less than 7% only. We are telling you the rate of home loans of 5 such banks, which are very economical at this time.
HDFC reduced home loan
HDFC Bank, the largest private sector bank, has reduced retail prime lending rates (RLLR) by 10 basis points, or 0.10 per cent. The reduced rates on home loans have come into effect from 10 November. All existing HDFC home loan customers will also get the benefit of reduced rates as well as new customers. According to the HDFC website, the home loan interest rate is starting from 6.90 percent.
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Canara bank reduced interest rates
Canara bank, the government sector, had cut the marginal cost of lending rates (MCLR) from 0.05 to 0.15 percent. The changed rates have come into effect from 7 November. MCLR has been cut by 0.05 percent on 1 year loan from the bank. Now the new rates have come down from 7.40 percent to 7.35 percent.
Bank of Baroda reduced rates
State-run Bank of Baroda also cut its repo rate linked rates (RLLR) by 0.15%. After which the home loan rates have come down to 6.85%. The reduced rates have come into effect from 1 November.
Bank of Maharashtra loan cheaper
The public sector bank of Maharashtra has also cut its interest rate. Taking a bank loan has become cheaper now. Bank of Maharashtra lowered the repo rate linked loan interest rate (RLLR) by 0.15 percent. It is now 6.90 percent. The bank said that its retail and MSME loans are linked to the interest rate of the loan linked to the repo rate. The new rates have come into effect from 7 November. The reduction in interest rate will make home loan, car loan, gold loan, education loan and personal loan as well as MSME loan more attractive and cheap. Earlier due to the festival season, the bank had waived processing charges on home, auto and gold loans.
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Home loan cheaper than Union Bank of India
Union Bank of India, another state-run bank, has reduced interest rates for different categories of home loans. The bank has cut interest rate on home loans above Rs 30 lakh by 0.10 percent. If women take a home loan from the bank, then they will also get an additional rebate of 5 basis points. Union Bank’s home loan starts at 7%. The bank is not even charging processing fees till 31 December.
