Affordable home loans: Where to find lowest interest rates in 2024
As the demand for housing increases, interest rates on home loans are also climbing. Many people opt for loans with tenures of 20 to 30 years to keep their EMI payments manageable and ensure that household expenses remain within their budget. But with so many options available, where can you find the most affordable home loan?
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FollowAs inflation continues to rise, the cost of land and housing is also escalating, making it increasingly challenging for the middle class to afford a home. While saving a lump sum for a house may be difficult, home loans offer a viable solution, enabling many to fulfill their dream of homeownership. However, this comes with the responsibility of paying monthly EMIs (Equated Monthly Installments) for an extended period.
As the demand for housing increases, interest rates on home loans are also climbing. Many people opt for loans with tenures of 20 to 30 years to keep their EMI payments manageable and ensure that household expenses remain within their budget. But with so many options available, where can you find the most affordable home loan?
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According to data from Paisabazaar.com, Union Bank of India and Bank of Maharashtra are currently offering the most competitive home loan rates. Both banks provide home loans at an interest rate of 8.35%. Taking a long-term loan from these banks could save borrowers a significant amount of money. Market experts suggest that with the current RBI repo rate at 6.5%, there could be potential rate cuts in the future, which might further reduce the interest rates offered by these banks.
For instance, if you take a home loan of Rs 50 lakh for 20 years at 8.35%, your monthly EMI would be Rs 42,918. Over the entire loan tenure, you would end up paying Rs 53,00,236 in interest, bringing the total repayment amount to Rs 1,03,00,236.
Other public sector banks like SBI, Bank of Baroda, PNB, Indian Bank, Bank of India, Canara Bank, and Indian Overseas Bank are also offering competitive rates, with home loan interest rates starting at 8.40%. For a similar loan of Rs 50 lakh over 20 years from these banks, the EMI would be Rs 43,075 per month.
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