These 10 Banks Offering Home Loans On Low Interest Rates, Check Now!

Home Loans- Lucrative Bank Products

Home loans are the most promoted financial products that banks offer. They have the longest tenure periods in comparison to other types of lending. Longest tenure factors force borrowers to search and compare interest rates offered by multiple banks. Because interest rates on home loans are responsible for a person to decide which lender he has to borrow from. Interest paid on home loans depends on distinct factors including tenure period, the borrower is salaried or self-employed, etc.

Home Loan- A Lucrative Bank Product

EMI System

Once your loan application is granted, you will repay them in monthly EMI cycles. EMI amount includes the principal amount and the interest due. In the EMI system principal is reduced monthly, and interest is calculated based on the outstanding balance.

Tax Benefits To Borrowers Of Home Loans

Under the Income Tax Act of 1961, borrowers of home loan are eligible for tax benefits for both the principal amount and interest. As per the act they are eligible to get an income tax credit for interest repayment up to ₹1,50,000 per year.

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Early Loan Closure

Few banks allow their borrowers to close their loan accounts early by paying off one or more bulk payments. But there are some who charge penalties on early closure of up to 2 per cent of the outstanding amount.

Ten Banks Offering Home Loan On Low Interest Rates

BanksRLLRMin. Interest Rate (%) Max. Interest Rate (%)
Bank of Maharashtra6.8%6.4%7.8%
Bank of Baroda6.5%6.5%7.85%
Punjab & Sind Bank6.5%6.5%7.35%
Bank of India6.85%6.5%8.2%
Punjab National Bank6.5%6.5%7.65%
Kotak Mahindra Bank6.55%6.55%7.05%
Union Bank of India6.8%6.6%7.35%
IDFC First Bank6.5%6.6%8.8%
Canara Bank6.9%6.65%8.9%
ICICI Bank6.75%6.7%7.4%
Home Loans On Low Interest Rates

Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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