These five banks offer home loans at the lowest interest rates

Deepika Chelani
Updated: 20 Aug 2022, 10:14 AM IST
TL;DR.

One must closely observe their home loan equated monthly instalments (EMI) as home loan interest rates are on the rise after the Reserve Bank of India (RBI) announced a hike in the repo rate by 40 basis points to 4.4 percent on May 04, 2022. This steep hike came roughly after almost two years since the pandemic hit the world in 2020. Below we have listed five banks that offer the lowest home loan interest rates.

Bank of India offers home loans at 7.80 percent per annum onwards, with loan tenures of up to 30 years. The loan can be availed for a maximum amount of up to ₹5 crore. It offers 0.05 percent concession in interest rates to women borrowers. Bank of India also provides home loan balance transfer facility, home loans with overdraft facility and a special home loan scheme to HNI individuals with higher loan amounts.

Bank of Maharashtra provides home loans at 7.80 percent per annum onwards, with loan tenures of up to 30 years. The bank waives off the last three equated monthly instalments (EMIs) on regular repayment of home loans. It offers 0.05 percent concession to women borrowers and defence personnel.

Union Bank of India offers home loans at 7.90 percent per annum onwards. The bank provides home loans finance up to 90 percent of property cost with the loan tenures of up to 30 years. The processing cost is up to 0.05 percent of loan amount (up to Rs. 15,000) including GST. Along with other facilities, the bank offers a special home loan scheme called ‘Union Awas’ for applicants residing in rural and semi-urban areas.

Punjab & Sind Bank offers home loans at 7.90 percent per annum onwards for loan amounts from ₹5 lakh onwards, with loan tenures of up to 30 years. The processing cost is up to 0.25 percent of the loan amount. Punjab & Sind Bank also provides a special home loan scheme called ‘ PSB Kisan Home Loan Scheme’ for applicants residing in rural and semi-urban areas. Additionally, the bank offers 0.10 percent concession to permanent women employees of PSUs (approved by the bank).

UCO Bank offers home loans at 7.90 percent per annum onwards. The bank provides home loans finance up to 90 percent of the property’s cost with the loan tenures of up to 30 years. The processing cost is 0.50 percent of the loan amount (Minimum Rs. 1,500 and Maximum Rs. 15,000). Note: Rates as advertised by the lender on August 12, 2022. Only lenders with rates updated after the latest MPR are considered. The lowest rates are only for eligible borrowers. Other borrowers may have to pay a higher rate. Terms and conditions apply. (Source: Compiled by BankBazaar)

First Published: 20 Aug 2022, 10:14 AM IST