Home Loan Interest Rates have come Down: Kotak Mahindra Bank has reduced the interest rate of home loan. The bank has further reduced it by 0.15 percent, after which the interest rate of the bank’s home loan has come down to 6.75 percent. After this deduction, Kotak Mahindra Bank has joined the lenders who are offering home loans at the rate of 7 percent or even less. The new rates of home loan of Kotak Bank are going into effect from November 1. Kotak Mahindra Bank MD Uday Kotak has given information about this by tweeting himself.
Let us know that the Reserve Bank of India has taken several measures in the past to increase consumption and liquidity. This year, the repo rate has also been cut 2 times. After which most banks have reduced the interest rate. At the same time, these days banks are reducing interest rates due to increasing demand for housing. Many government and private sector banks are offering the cheapest loan in last 15 years.
State Bank of India (SBI)
Interest is being charged at the rate of 6.90 percent on a home loan of Rs 30 lakh in SBI, the country’s largest government bank. For home loans above Rs 30 lakh, this interest rate starts at 7 percent. Customers will also get a discount of 25 basis points on a home loan of Rs 75 lakh. However this will depend on their CIBIL score. At the same time, you will get a discount on taking a loan from the YONO app.
The interest rate of Homalon in Axis Bank is also starting from 6.9 percent per annum.
Home loans are also being started in HDFC Bank at 6.9% per annum. However, at the loan amount in the bank, a processing fee of 0.5 percent is also being taken, which is a maximum of Rs 3000.
Bank of Baroda (BoB)
Homelone interest rate is starting from 6.85 percent in Bank of Baroda. Recently, the bank had cut the repo linked lending rate by 15 points.
Union Bank of India
This bank has announced a reduction of 10 basis points in interest rates on home loans above Rs 30 lakh. Women will get additional benefit of 5bps. The interest rate on home loans is starting from 7 percent in this bank. No processing fee will have to be paid on the home loan till 31 December.