Home loan interest rates in the country are at a 15-year low, with several banks charging less than 7 percent across slabs. Here is a list of 10 banks offering home loans that come with the lowest interest rates. Please note that the banks are listed in ascending order on the basis of interest rate i.e. bank offering lowest interest rate on home loan (loan amount: Rs 75 lakh) is placed at the top and highest at the bottom. Only the lowest rates offered by the banks on loan of Rs 75 lakh are considered in the list. EMI is calculated on the basis of interest rate mentioned in the table Rs 75 lakh loan with a tenure of 20 years (processing and other charges are assumed to be zero for EMI calculation).
Bank of India | Interest rate per annum: 6.85 percent | EMI: Rs 57,474
Central Bank of India | Interest rate per annum: 6.85 percent | EMI: Rs 57,474
Canara Bank | Interest rate per annum: 6.90 percent | EMI: Rs 57,698
Punjab & Sind Bank | Interest rate per annum: 6.90 percent | EMI: Rs 57,698
Union Bank of India | Interest rate per annum: 6.95 percent | EMI: Rs 57,923
Bank of Baroda | Interest rate per annum: 7 percent | EMI: Rs 58,147
Bank of Maharashtra | Interest rate per annum: 7.05 percent | EMI: Rs 58,373
Kotak Mahindra bank | Interest rate per annum: 7.10 percent | EMI: Rs 58,598
Indian Overseas Bank | Interest rate per annum: 7.15 percent | EMI: Rs 58,825
Punjab National Bank | Interest rate per annum: 7.15 percent | EMI: Rs 58,825 (All data collected from respective bank’s website as on August 14 2020. )
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