Everyone dreams of buying their own house to live peacefully with their family. However, in this era of rising prices, doing so is not within everyone’s reach. Due to rising property prices, it is becoming difficult for the common man to buy a house. In such a situation, the biggest question is which bank to choose for home loan at low interest rates. Many banks including Bank of Baroda, Bank of India, Indian Overseas Bank and State Bank of India offer home loans at attractive interest rates. Meanwhile, RBI has also taken an important decision regarding interest rates.
**RBI did not make any change in the repo rate**
The biggest relief for home loan borrowers is that the Reserve Bank has kept the repo rate at 5.25%; That means no changes have been made in it. Repo rate is the rate at which RBI lends money to other banks in the country. If this rate increases, banks usually make their loans more expensive. After the Monetary Policy Committee (MPC) meeting, RBI Governor Sanjay Malhotra said that the policy stance has been kept ‘neutral’ in view of global tensions and inflation risks. What this directly means for you is that there will be no increase in your home loan EMI in June and you will continue to get the benefit of the loan at the current rate.
**Home loan interest rates offered by different banks**
**State Bank of India (SBI):** The country’s largest government bank offers home loans at interest rates ranging from 7.25% to 9.05% per annum.
**Bank of Baroda:** Home loan rates here start from 7.20% and go up to a maximum of 9.25%.
**Central Bank of India:** Home loan interest rates in Central Bank of India range between 7.10% to 9.15%.
**Bank of India:** Home loan rates in Bank of India range between 7.10% to 10.25%. Union Bank of India – Here you can get interest rates ranging from 7.15% to 9.6%.
Canara Bank – Home loan rates at Canara Bank range between 7.25% to 10% per annum. Indian Overseas Bank – Interest rates start from 7.10% for salaried individuals.
ICICI Bank – The starting interest rate for home loans at this leading private bank is 7.5% per annum.
Kotak Mahindra Bank – Home loan interest rates at Kotak Bank start from 7.60%.
HDFC Bank – This leading private lender of the country offers home loans at the rate of 7.75%.
Axis Bank – Home loan interest rates at Axis Bank range between 8% to 11.9%, depending on the profile of the applicant.