If you are thinking about buying a home and wondering where to get a loan, Mortgage loan Since then, it is recommended that you compare the interest rates charged by different banks before answering a call.
It should be noted that the interest rate is a key factor, but not the only one, that influences a borrower’s decision to choose one lender over another. For example, a lower interest rate would ideally be combined with a lower processing fee and good customer service.
Additionally, it is advisable (although not mandatory) to opt for a lender with whom you share an existing banking relationship.
In the meantime, it is vital to note that some banks have recently increased their interest rates with SBI increases interest rates three times in as many months.
Here we compare the interest rates charged by different banks for mortgage loans.
These are the interest rates charged by banks:
HDFC Bank:The largest private lender charges an interest rate between 8.75 percent and 9.65 percent as a special rate for home loans, and between 9.40 percent and 9.95 percent as a standard rate for home loans.
State Bank of India (SBI): The largest state-owned lender charges interest ranging between 8.5% and 9.65% on its home loans. These rates are based on the relevant CIBIL score.
ICICI BankICICI Bank charges interest between 9.25 and 10.05 per cent depending on two factors: whether the borrower is salaried or self-employed and the loan amount.
For example, when the loan amount is up to ₹35 lakh, the interest rate varies between 9.25 to 9.65 per cent for salaried employees and 9.4 to 9.8 per cent for self-employed.
Likewise, when the loan amount is higher ₹75 lakh, the interest rate ranges between 9.6 and 9.90 per cent for salaried employees and 9.75 to 10.05 per cent for self-employed. These rates will remain valid till August 31, 2024.
Punjab National Bank (PNB): Punjab National Bank charges interest ranging from 9.40 percent to 11.10 percent based on a number of factors including credit score, loan amount, LTV (loan to value) ratio and loan tenure.
For example, when the loan amount is higher ₹30 lakh and the LTV ratio is less than or equal to 80 per cent, the interest rate is 9.40 per cent when the tenor is up to 10 years, while it increases to 9.90 per cent when the tenor is more than 10 years. You can visit the PNB website for more details.
Bank of Baroda: Bank of Baroda charges floating interest in the range of 8.4 to 10.60 per cent from both salaried and non-salaried persons.
The fixed rate ranges from 10.15 to 11.50 percent for salaried workers and from 10.25 to 11.60 percent for non-salaried workers.
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