If you are planning to buy a home loan then you should be aware of many things like repayment period, hidden charges (if any), total cost before and after the interest rate, the interest rate itself, etc. Furthermore, your home loan offer including the borrowing amount and applicable interest rate will be determined by repayment capacity. Here your credit score will be playing a major role in getting you the best offer. The more it will be close to 900, the more lucrative offer you will get reducing your interest rate burden.
However, you should also analyse and compare the home loan offers of multiple banks or lenders to get the best deal. Buying a home loan without comparing the interest rate can cost a large chunk of money over time. As this is the type of loan which a person purchases once in a lifetime because of the number of years it takes to repay it.
Home Loan- A Toughest of its Type
A bank before approving a home loan considers all the important factors that can become your liability while repaying the loan. Your credit score, age, qualification, job security, your spouse’s income, total assets and overall liabilities are the factors that lenders look upon seriously. But after analysing all these terms if you are found eligible then the next intelligent thing would be to look for the cheapest interest rate offering lender. So, let’s compare now.
Compare the Home Loan Interest Rates for 2023 of These 10 Major Banks
|Bank||RLLR in %||Minimum Interest rate||Maximum Interest rate|
|Union Bank of India||9.30||8.75%||10.5%|
|Punjab National Bank||9.25||8.8%||9.45%|
|Kotak Mahindra Bank||–||8.85%||9.35%|
|Bank of Maharashtra||9.30||8.6%||10.3%|
|Bank of Baroda||9.15||8.5%||10.5%|
What is EMI?
The full form of EMI is Equated to Monthly Instalments. The EMI payment method is a revolutionary way to purchase expensive things at once and pay the amount in several small instalments over predetermined tenure. EMIs are deducted on a specific date each month until the entire loan including the interest rate is repaid.