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From 2019, numerous bank home loans have been benchmarked to the repo rate, which was cut to 4.00 percent in May 2020 by the Reserve Bank of India (RBI). As a result, loans based on the repo rate have become more affordable. It's a wonderful moment for incumbent home loan borrowers to apply for a loan for their dream home. The lowest house loans are now offered by private sector banks such as Kotak Mahindra and government sector banks such as Punjab & Sind Bank, with interest rates beginning at 6.65 percent whereas an interest rate of 6.70 percent is charged by large lenders like the State Bank of India (SBI). So, if you're looking to buy your dream home, here are the top lenders presently offering the best home loan interest rates based on a variety of parameters such as loan amount, gender, credit score, and more.
Top 5 Private Sector Banks With The Cheapest Interest Rates On Home Loans
Among the top private sector banks, Kotak Mahindra Bank followed by ICICI Bank and HDFC Bank is currently promising the cheapest rates on home loans.
| Banks | Interest Rates |
|---|---|
| Kotak Mahindra Bank | 6.65% to 7.30% |
| ICICI Bank | 6.75% to 7.55% |
| HDFC Bank | 6.75% to 7.65% |
| Axis Bank | 6.90% to 8.55% |
| Jammu & Kashmir Bank | 7.20% |
| Source: Bank Websites |
Top 5 Public Sector Banks With The Cheapest Interest Rates On Home Loans
State Bank of India and Punjab National Bank are the public sector banks with the lowest home loan rates. Check out the top 5 banks' most recent home loan interest rates below:
| Banks | Interest Rates |
|---|---|
| Punjab & Sind Bank | 6.65% to 7.35% |
| State Bank of India | 6.70% to 7.15% |
| Bank of Baroda | 6.75% to 8.25% |
| Union Bank of India | 6.80% to 7.35% |
| Punjab National Bank | 6.80% to 7.60% |
| Source: Bank Websites |
Top 5 HFCs With The Cheapest Interest Rates On Home Loans
Among the top 5 housing finance companies (HFCs), LIC Housing Finance Ltd. followed by HDFC Ltd. and Bajaj Finserv Ltd. are currently promising the cheapest rates on home loans. Here are the top 5 HFCs that are promising the best rates on home loans.
| HFCs | Interest Rates |
|---|---|
| LIC Housing Finance | 6.66% to 7.90% |
| HDFC Ltd. | 6.75% to 7.65% |
| Bajaj Finserv Ltd. | 6.75% to 9.00% |
| Tata Capital | 6.90% onwards |
| PNB Housing Finance | 7.35% to 9.55% |
| Source: Official Websites |
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