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Home Loan Interest Rates: Home Loan Rates: Consumers are taking advantage of cheaper interest rates on home loans.

Home Loan Interest Rates: Home Loan Rates: Consumers are taking advantage of cheaper interest rates on home loans.
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Home Loan Interest Rates: Home Loan Rates: Consumers are taking advantage of cheaper interest rates on home loans.

Home Loan Interest Rates: Home Loan Rates: Consumers are taking advantage of cheaper interest rates on home loans.

New Delhi
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.

In the first half of 2021, the interest rate of home loan borrowers has increased by 26%. This information was obtained from a survey report called MagicBrix Home Loans Consumer Study – H1 2021.

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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.

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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

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