Interest Rate of all Banks for Home Loan

The interest rate of all banks for home loan has been increased now. Here is the reason.

Who doesn’t have a dream to build a house? But now it has become even more difficult to build a house by taking a loan from the bank. Ever since the repo rate has been increased twice by the government, the home loan interest rate has increased by almost 1%.

The housing loan interest rate has now been increased by every bank and finance company.

If you want to take a home loan, check each bank or finance company’s lowest home loan interest rate once.

According to a survey, since the home loan interest has increased, people’s interest in taking home loans has decreased.

Why did the government increase the home loan interest rate

Controlling inflation in the country was becoming a headache for the government. The rise in inflation was putting a burden on the daily expenses of the common man. Although the increase in inflation does not affect the growth rate but increasing the repo rate lowers the growth rate and also reduces inflation.

The direct purpose of increasing the repo rate is to reduce the liquid cash taken from the bank, which people take in the form of loans or in the form of credit.

When there is less liquid cash in the pocket of the people, then they do not buy any item in the market at an expensive rate and sometimes try to work without buying the item.

When there is less buying, then there is a balance of demand and supply and the prices of goods in the market automatically come down.

This is the reason that the repo rate was increased by the government and due to which the home loan interest rate increased.

Home Loan with Lowest Interest Rate

However, the government has increased the home loan interest rate for all banks through the repo rate. Yet each bank has its own strategy through which it determines its home loan interest rate. There is a lot of competition in the market among banks and finance companies, taking advantage of which home loan with lowest interest rate can be chosen.

If you want to compare the home loan interest rate for all banks, then you can choose the home loan with a low-interest rate from the list given below.

Interest Rate of all Banks for Home Loan

If you are looking for aadhar housing finance rate of interest, then here is the list of all bank’s interest rate for home loan. You can compare the home loan interest rates of all Banks and decide on your bank for a home loan.

Bank NameHome Loan Interest Rates
New SBI Home Loan Interest Rate7.55% – 8.15%
ICICI Bank Home Loan Interest Rate8.05% – 8.45%
Kotak Bank Home Loan Interest Rate7.55% – 810%
Central Bank Home Loan Interest Rate6.75% – 7.40%
Bank of Baroda Home Loan Interest Rate7.45% – 8.80%
SBI Home Loan Interest Rates7.55% – 8.15%
Kerala Gramin Bank Home Loan Interest Rate8.25% – 8.75%
Yes Bank Home Loan Rate8.95% – 11.80%
Fullerton Home Loan Interest Rate7.99% – 12%
Indusind Bank Home Loan Rate6.70% – 8%
Bank of Baroda Home Loan Interest Rate7.45% – 8.80%
LIC Housing Home Loan Interest Rate7.55% – 7.90%
Cub Home Loan Interest Rate10.50% – 13%
IDBI Home Loan Rate6.90% -8.85%
HDFC Bank Home Loan Interest Rate7.55% – 8.55%
Canara Bank Home Loan Interest Rate7.40% – 9.30%
PSB Home Loan Interest Rate7.90% – 14%
HSBC Home Loan Interest Rate7.44% – 7.80%
Indian Bank Home Loan Interest Rate7.40% – 8.90%
Kerala Gramin Bank Home Loan Interest Rate8.25% – 8.75%
PNB home loan interest rate 20226.75% – 7.95%

How to Find the Best Home Loan in the Market

Finding the best home loan lending partner is a tough job. Almost all banks and financial company, Non-Financial Companies offers loans on their terms and conditions. First of all, customers should read their terms and conditions carefully. Some banks and companies show low home loan interest rates but they have hidden charges.

Maximum public sector banks provide home loans at low-interest rates and they have clear home loan policies but they have tough eligibility criteria for a home loan.

The home loan amount and interest rate depend on the customer’s profile such as credit score, annual income, location, and property value.

Each bank and the financial company has its own EMI calculator, each customer should check their EMI before applying for a home loan. Compare your EMI with other banks’ home loan EMI and choose the lowest EMI loan.

Interest rates are never stable, they fluctuate as per the new repo rates and guidelines by RBI. Each and every bank has its own guideline and interest rates. Always choose your nearest bank and if possible public sector bank for a home loan.

Maximum banks provide Loan Calculator EMI such as ICICI home loan calculator, axis bank home loan calculator, HDFC bank home loan calculator, SBI bank home loan calculator, and PNB home loan calculator.