Home loans: 10 banks that offer the lowest interest rates

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. )