Be it building a house or buying a house, a person’s entire savings are used. Not only this, most of the people even have to take home loan. Let us know which bank is offering the cheapest home loan.
Due to increase in demand for property in the last few years, house prices have also increased rapidly. In such a situation, whether it is about building a house or buying a house, a person’s entire savings are spent. Not only this, most of the people even have to take home loan.
In order to motivate more and more people to take home loan, the government also gives a lot of benefits on home loan. Not only do people have to pay lower interest rates for home loans, they are also given income tax exemption by the government.
Whenever a person takes a home loan, its tenure is not for a few years but for 20-30 years. In such a situation, almost half of a person’s life is spent only in repaying the home loan. In such a situation, if you get even a slight relief in the interest rate, you can save a lot of money in the long run. In such a situation, you should pay special attention to the interest rate while taking a home loan. Let us know what is the interest rate of top-10 banks providing cheap home loans.
At what rate are the top 10 banks giving interest?
| Number | Name of bank | Interest Rate (Minimum) | Interest Rate (Maximum) |
| 1 | HDFC bank | 8.5% | 9.4% |
| 2 | Indian Bank | 8.5% | 9.9% |
| 3 | Punjab National Bank | 8.5% | 10.1% |
| 4 | IndusInd Bank | 8.5% | 10.55% |
| 5 | Bank of India | 8.5% | 10.6% |
| 6 | IDBI Bank | 8.55% | 10.75% |
| 7 | Bank of Maharashtra | 8.6% | 10.3% |
| 8 | Bank of Baroda | 8.6% | 10.5% |
| 9 | SBI Term Loan | 8.7% | 10.8% |
| 10 | Union Bank of India | 8.7% | 10.8% |
Is it necessary to take insurance policy along with home loan?
If you take a home loan, then you often come to know about two types of insurance policies. The first is property insurance, which compensates you for any loss or damage to your home and the items kept inside it. Most of the banks insist on taking this policy, so that in case of any untoward incident, their money does not get lost due to loss of property. The second one is liability or life insurance. Under this, an attempt is made to ensure the safety of the people living inside the house. This is optional, which many people do not take.
Also know the tax benefits of home loan
According to the information received from the website of State Bank of India, tax exemption is available every year on the interest paid on home loan up to Rs 2 lakh. At the same time, tax exemption up to Rs 1.5 lakh is available under 80C on the principal amount of home loan. Let us tell you that if you and your wife both take a joint home loan and the house is registered in both their names, then both of them will get tax benefits on it. That means, in such a situation, both of you can get a total tax benefit of up to Rs 7 lakh.
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