If you are planning to take a home loan, this is the best time to apply for a home loan in India. Housing loans are cheaper with half a dozen PSU and Private sector banks having reduced benchmark lending rates after demonetization.
Check out the list of major banks that have reduced their home loan rates. Here are some of the best banks to take a home loan from.
Depending on quantum and category, the home loan rate for ICICI Bank will come down between 0.45 and 0.6 per cent. The bank has also cut the base lending rate by 0.70 per cent making the home, auto and other loans cheaper. The bank has reduced the marginal cost of funds based lending rate (MCLR) by 0.7 per cent to 8.20 per cent for a 1-year tenure.
State Bank of India
SBI cut its one-year benchmark by 90 base points. It's home loan rate is down from 9.1% to 8.6% for women borrowers. 8.65% is the rate for others.
HDFC reduced its home loan rates by up to 0.45 %. The overnight MCLR has been reduced by 0.9 % to 8.1 %. This will be in effective January 7. For one year, the MCLR is 8.50%, down 0.75 %. Loans up to Rs 75 lakh will attract the interest rate of 8.7 % per annum, while it will be 8.75 % for higher amounts, the bank said in a statement.
country's third largest private sector bank, Axis Bank has cut its Marginal Cost of Lending Rates (MCLR) by 65-70 basis points. Now, bank's MCLR is 8.25% for one-year tenor. This is in effective from January 18.
Oriental Bank of Commerce
Oriental Bank of Commerce (OBC) has slashed down its 1-year marginal cost of funds based lending rate (MCLR) rate by 80 basis points.This is lowering borrowing rates for home loan customers. From January 3, the 1-year MCLR stands revised down to 8.60 per cent from 9.40 per cent.
Citibank India has reduced Home Loan rate to 8.8% from 9.5%. The reduced rate is ineffective from January 9, 2017. The customers who are interested in purchasing under construction or ready to move in property can also enjoy the rate reduction.The final pricing on the loan will be based on the loan amount, product or facility type offered, and internal Citi loan risk assessment parameters. Citibank India has flexible repayment tenure of up to 25 years.
Bank Of Baroda
State-run Bank Of Baroda offering home loans at 8.35%. This rate is the lowest rate in the industry. The overnight MCLR has been reduced to 8.10 % from 8.80 %.
Bank Of India
In Bank of India (BoI), home loans will be available at 8.65 per cent for women and at 8.7 per cent for others, while vehicle loans will be offered at an interest of 9.35 per cent.
Kotak Mahindra Bank
Private sector Kotak Mahindra Bank reduced the MCLR rate by up to 0.45 per cent. The bank has reduced MCLR by 0.20 per cent to 9 per cent from 9.20 per cent for 1-year tenor.
Punjab National Bank
Punjab National Bank (PNB) has reduced its overnight marginal cost of funds based lending rate (MCLR) to 8.20 per cent. It came into effect on January 1.
Canara bank has also reduced it one-year MCLR to 8.45 % from 9.15 %.
Oriental Bank of Commerce
Public sector bank, Oriental Bank of Commerce has reduced the one-year MCLR rate by 0.8 per cent to 8.60 per cent. SBI Slashes Lending Rate By 0.9 Per cent
Public sector lender Dena bank slashed its benchmark lending rate by 0.75% to 8.55% for a one-year tenor. Read Also: Home, Car Loans To Become Cheaper; Dena Bank Cuts Lending Rate By 0.75%