Home Loan Interest Rates: Home Loan Rates: Consumers are taking advantage of cheaper interest rates on home loans.
Home Loan News: Interest rates on home loans in India have reached record lows. In this age of declining interest rates, home loan borrowers are trying to take full advantage of current interest rates. A recent survey suggests that the balance transfer to other banks has increased by 42% compared to last year, cheaper than expensive home loans.
Also read: Railways increased the frequency of many trains on the occasion of the festival, is your train also included in the list?
Consequences of the RBI’s decision
In addition, the demand for property loans has also increased by 20 per cent on a year-on-year basis. The Reserve Bank of India (RBI) has decided to keep the repo rate at 4 per cent for the long term. As a result, many banks have been able to keep interest rates on home loans below 7 per cent.
Home loan trend
Home loan borrowers in India consider saving for income tax as a safe option to add wealth to themselves for a long period of time. As a result, the trend of home loans in the country has increased rapidly in the last few years. The option of saving income tax by taking a home loan at a cheaper interest rate is also proving to be beneficial for many people.
What is special about the report?
The average home loan amount in the country’s metros in the first half of 2021 was ₹ 26 million, according to the MagicBrix Home Loan Consumer Study Report. The study found that the average amount of home loan balance transfer and loan on property is Rs 26 lakh and Rs 32 lakh respectively. If we talk about Tier-2 cities in the country, the average home loan amount is Rs 26 lakh, while the average loan amount on property amount is Rs 23 lakh. People in small towns across the country are borrowing an average of Rs 18 lakh for balance transfers.
What is the interest rate in which bank?
If you want to take a home loan of Rs 30 lakh for 20 years, the interest rates are as follows.
|Lending bank||Interest rate||Monthly week||Processing fee|
|Kotak Mahindra Bank||6.65-7.20%||22633-23620||2% of loan amount|
|State Bank of India||6.75-8.50%||22811-26835||Zero until 31 August|
|Bank of Baroda||6.75-8.60%||22811-26225 Rs||0.5-2% of loan amount|
|ICICI Bank||6.75-7.55%||22811-24260||0.5-2% of loan amount|
|HDFC||6.75-7.65%||22811-24244 Rs||1.5% of loan amount|
|Union Bank of India||6.80-7.40%||22,900-23985||0.5% of loan amount|
|Indian Bank||6.80-7.90%||22,900-24,907||0.5% of loan amount|
|Punjab National Bank||6.80-9.00%||22,900-26,992||Nothing until September 30th|
|Central Bank of India||6.85-7.30%||22,900-23,802||0.5% of loan amount|
Read also: Rakesh Jhunjhunwala bought 1.59% stake in this PSU bank, will you invest?
With the flood of IPOs, SEBI has made major changes in the rules
#Home #Loan #Interest #Rates #Home #Loan #Rates #Consumers #advantage #cheaper #interest #rates #home #loans