- Banks are currently full of cash, making loans cheaper
- NBFCs along with government and private banks are also offering loans at low interest rates.
(Ajit Singh) Now there can be competition between banks and NBFCs for home loan interest rates. The reason is that the leading public bank Union Bank of India has reduced the home loan interest rates to 6.80 percent. This is the rate associated with EBLR and if someone’s CIBIL score is above 700, then he can take home loan at this rate. Not only this, the bank has given this loan at 6.70 percent for the salary profession women.
The home loan interest rates of many banks and NBFCs have reached historic lows at this time. This rate is now at 6.95 percent. However, for this your CIBIL score should be above 700.
Axis Bank interest rate 7.70 percent
Actually there is an additional cash of 8 lakh crore rupees in the banking system at this time. Interest rates are being reduced to borrow this cash in any way. However, RBI has already brought this money into the system by reducing the rate of reverse repo. With this, banks now have no way other than to reduce interest rates to borrow these money. Currently, Axis Bank’s home loan interest rate is 7.70 percent. These are the rates of MCLR. While the base rate home loan rates are 8.80 percent.
HDFC Bank interest rate 6.95 percent
HDFC Bank’s home loan rates are 6.95 percent. For this, your CIBIL’s credit score should be 780 and above. This rate is applicable from 13 June. According to the bank’s website, it is 6.95 to 7.45 percent for women. The rate is 7 to 7.50 percent for men. Similarly, ICICI Bank’s home loan rates are 6.95 percent. This rate is on a home loan of Rs 35 lakh.
You have to pay more interest
However, when you have to take a loan for a house, you will have to pay more interest for some banks. Because after these rates some banks or NBFCs charge RR or other rates ranging from 2.95 to 3.20 percent. Overall, this interest rate is around 9 percent. Similarly, currently the interest rates on loans of public sector banks are 6.7 to 7.1 percent. Talking about LIC Housing, it gives loans at 6.9 percent.
SBI interest rates 6.95 percent
SBI’s housing loan interest rate is 6.95 percent. According to experts, interest rates may go down further in the coming days due to competition in banks and NBFC companies. Actually, the companies that are offering home loans at higher interest, their customers are going towards other companies. Home loan interest rates of public sector banks are currently at the lowest in the last two decades. Talking about Union Bank, its home loan interest rate is 6.7 percent. Bank of Baroda, Central Bank and Bank of India are lending at interest rates of 6.95.
