Home Loan Rates: The Reserve Bank of India on February 8 decided to increase the repo rate by 25 basis points, prompting many banks to hike interest rates on personal, car and home loans. As a result, banks like Bank of Baroda, PNB and SBI increased their loan interest rates.
If you intend to take a home loan during this time, you must be fully aware of the interest rates and processing fees charged by each bank. Then you can choose a bank that offers loans at low interest. The interest rates charged by various banks are listed below.
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State Bank of India is running a promotion in which it is issuing loans at cheap interest rates. Loans at 8.85 percent if your CIBIL score is 800, 8.95 percent if your CIBIL score is 700-749, and 9.65 percent if your CIBIL score is 550-649.
HDFC Bank hiked its loan interest rates a day before the repo rate hike by the RBI. The interest rate will vary between 9% and 9.50% for loans up to Rs 30 lakh. The interest rates for women range from 8.95 per cent to 9.45 per cent. For amounts above Rs 30 lakh and up to Rs 75 lakh, the interest rate goes up from 9.25 per cent to 9.75 per cent, and for women it ranges from 9.20 per cent to 9.70 per cent.
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If your CIBIL score is 800, Punjab National Bank’s Max Saver offers home loans at 8.80 per cent interest on amounts up to Rs 30 lakh. The interest rate is 9% for CIBIL score 700-749 and 9.35% for 600-699.
Bank of Baroda has also increased its marginal cost of funds based lending rate (MCLR) recently. Its home loan interest rates start from 8.90% and can go up to 10.50%. On the other hand, those who are not salaried have to pay an interest rate ranging from 8.95 per cent to 10.60 per cent.