Home loan rates fall below 7.5%; here is what top banks are offering
Home loan interest rates have dipped below 7.5% following RBI's 100 bps repo rate cut this year, with rates ranging from 7.3% to 8% for a Rs 50-lakh loan
After the RBI cut the repo rate by 50 basis points (bps) on June 6, new home loan interest rates have fallen below 7.5%. The June cut, combined with the reductions in February and April, has lowered the repo rate by 100 bps this year. All floating loans sanctioned after October 1, 2019, are linked to an external benchmark, which is the repo for most banks.
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According to Bankbazaar.com data as on July 25, interest rates for a Rs 50 lakh, 20-year home loan range from 7.3 to 8 percent. The rates are indicative and may vary based on individual factors such as credit score and income. For this list, top banks by aggregate advances, based on RBI data, have been considered.
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Canara Bank and Union Bank of India offer the lowest home loan interest rate among all public sector bank, starting at 7.3 percent. The EMI for a Rs 50-lakh, 20-year loan works out to Rs 39,670.
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Bank of Baroda’s home loan starts at 7.45 percent. The EMI on Rs 50-lakh, 20-year loan works out to Rs 40,127.
State Bank of India and Punjab National Bank offer a starting 7.5 percent rate to their home loan customers. Their EMI on Rs 50-lakh, 20-year loan works out to Rs 40,280.
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Among private banks, HDFC Bank offers home loans starting at 7.9 percent rate. The EMI for Rs 50-lakh, 20-year loan works out to Rs 41,511.
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Kotak Mahindra Bank’s home loan starts at 7.99 percent. The EMI on Rs 50-lakh, 20-year home loan works out to Rs 41,791.
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ICICI Bank's home loan rate starts at 8 percent. The EMI for Rs 50-lakh, 20-year loan works out to Rs 41,822.
