Home Loan Rates: The Reserve Bank of India decided to raise the Repo Rate by 25 basis points on February 8, prompting many banks to raise interest rates on personal, car, and home loans. As a result, banks such as Bank of Baroda, PNB, and SBI raised their loan interest rates.
If you intend to take out a home loan during this time, you must be fully aware of the interest rates and processing fees charged by each bank. You can then choose a bank that offers lower-interest loans. The interest rates charged by the various banks are listed below.
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State Bank of India is running a promotion in which it is issuing loans at cheaper interest rates. If your CIBIL score is 800, the loan will be offered for 8.85 percent, 8.95 percent if your CIBIL score is 700-749, and 9.65 percent if your CIBIL score is 550-649.
HDFC Bank upped its loan interest rates a day before the RBI hiked the repo rate. The interest rate for a loan of up to Rs 30 lakh would vary between 9% and 9.50%. Women’s interest rates range from 8.95 percent to 9.45 percent. For sums larger than 30 lakhs and up to 75 lakhs, the interest rate goes from 9.25 percent to 9.75 percent, and for women, it ranges from 9.20 percent to 9.70 percent.
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If your CIBIL score is 800, Punjab National Bank’s Max Saver offers home loans at 8.80 percent interest on amounts up to Rs 30 lakh. The interest rate is 9% for a CIBIL score of 700-749 and 9.35% for a score of 600-699.
Bank of Baroda also boosted their Marginal Cost of Funds Based Lending Rate (MCLR) lately. Its home loan interest rates start at 8.90% and can reach 10.50%. Those who are not salaried, on the other hand, incur interest rates ranging from 8.95 percent to 10.60 percent.