If you are planning to buy your dream home but you do not have enough budget for it. So you can fulfill this dream of yours by taking the help of home loan. Home loan is considered to be a good loan, with the help of this you buy a property whose value increases over time. The government also gives income tax exemption on home loan. It is a long term loan with a tenure of 15 years or more. Talking about the same home loan, the interest rate in the country is currently at the lowest level in 10 years, due to which you can also take a loan of a higher amount with less interest. Let us know which bank is giving the cheapest loan in the country at this time.
Bank of Maharashtra: It is a public sector bank. According to the data available on bankbazaar.com, if you take a loan of Rs 75 lakh from this bank for a period of 20 years, you will have to pay interest at the rate of only 6.4 percent, whose 1 month installment will come to about Rs 55447. Which makes it the cheapest home loan in the country.
Punjab National Bank: Punjab National Bank, one of the largest public sector banks in the country, is also not lagging behind in providing attractive home loans to customers. This bank is providing home loan to its customers at the rate of 6.5 percent. 75 lakh loan for a tenure of 20 years, your installment will be Rs 55,918, along with other government banks like Punjab and Sind Bank, UCO Bank, Indian Bank, Bank of Baroda and Bank of India also home loans at the same interest rate are providing.
Kotak Mahindra Bank: This bank is one of the largest private banks in the country. The bank is offering home loans to its customers at an interest rate of 6.55 percent. If you take a loan of 75 lakhs for a period of 20 years, you will have to pay an installment of Rs 56,139 per month.
Union Bank: It is a large public sector bank. If you take a home loan of Rs 75 lakh for a tenure of 20 years from this bank, you will have to pay an installment of Rs 56,360 per month at the rate of 6.6 percent.
Canara Bank: This is also a public sector bank. If you take a loan of Rs 75 lakh for a period of 20 years from this bank, you will have to pay an installment of 56,582 per month at the rate of 6.65 percent.
It is also important to note here that the interest charged by the bank on the home loan also depends on your CIBIL score. If your CIBIL score is more than 750 then you are more likely to get loan at low interest.