Are you planning to take out a home loan? RBI good news for you though. The Reserve Bank made a key decision. With this, there is a chance that interest rates on home loans will come down.
Want to make your dream come true? Good news for you though. The Reserve Bank of India RBI has taken a key decision in the wake of the festive season. This will give relief to those who want to take a home loan and buy a new house. There are indications that interest rates may come down.
Interest rates on home loans above Rs 30 lakh are likely to come down. For banks and finance companies, the cost of such loans will be reduced due to the decision of the Reserve Bank. With this, there is a chance that interest rates on home loans will come down. Most importantly, those who get a home loan above Rs 75 lakh can get more benefits.
Also Read:RBI opens second way to replace interest rates, see how to get cheap home loan now
Currently, interest rates on home loans vary depending on the loan amount. Interest rates on home loans up to Rs 30 lakh are low. For example, State Bank of India, the country’s largest bank, is charging SBI up to 7 per cent interest on loans of up to Rs 30 lakh. It is taking 7.25 per cent interest on home loans between Rs 30 lakh and Rs 75 lakh.
SBI is charging 7.35 per cent interest on home loans above Rs 75 lakh. Punjab National Bank is also charging 7.15, 7.25 and 7.3-7.4 per cent respectively. Private sector HDFC Bank is also charging 6.95 per cent interest up to Rs 30 lakh. Then it takes 7.05 per cent interest on the loan amount. The RBI’s policy review on Friday revealed that until March 2022, there will be a capital requirement for home loans on an LTV basis rather than a loan amount.
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