In this first instalment of Moneycontrol’s regular feature of highlighting the cheapest loans across categories, we begin by giving you the cheapest home loans.
Home loan interest rates in the country are at a 15-year low, with several banks charging less than 7 per cent across slabs. Interest rates have declined sharply since the Reserve Bank of India’s (RBI) cumulative 115 basis points rate cut after the COVID-19 outbreak-induced lockdown in March. A basis point is equal to one-hundredth of a percentage point.
Public sector banks offer the best rates