Latest Home Loan Interest Rates October 2020
In this article you will find the latest Interest Rates on Home Loan of Major Banks in India. These interest rates are as on last updated by the respective websites.
Interest Rates on Home Loans of Major Banks (October 2020)
- Home loan can be used for purchasing a new house, construction of house on a plot, home improvement, extension and renovation of your existing house.
- These rates can vary depending upon the value of the property and your repayment capacity. Higher the loan amount, higher will be the rate of interest.
- You can choose the bank which provides lowest interest rates and also which you think has good reputation, great service and easy accessibility.
Given below are the interest rates for home loans offered by major banks for October 2020 :
- The above details are as specified by the banks on their website.
- Some banks have only mentioned a range of the interest rate offered by them. For a more detailed specification will have to contact the bank.
- The above way of presentation of interest rates is not common to all the banks. It has been standardized for a neat presentation of interest rates. Some banks may have presented the information differently.
- State Bank of India has lowered its interest rates for home loans up to Rs.30 lakh, after the RBI cut the repo rate cut to 4.00% significantly by total 115 bps from 5.15% since March 27, 2020, as a part of Coronavirus relief measures.
- In the recent Monetary Policy Meet held between October 7-9, 2020, RBI kept Policy Repo Rates unchanged at 4.00% on account of higher inflation beyond RBI’s upper target limit of 6%.
- Currently Union Bank of India offers the most competitive interest rates on home loans (6.70%-7.10%).
- Canara Bank , State Banks of India, Punjab National Bank, Oriental Bank of Commerce and Indian Overseas Bank also offer comparatively lower interest rates on home loans provided by them.
- The above list of interest rates on home loans of major banks can help you decide which bank to choose. You can choose the bank which provides lowest interest rates and also which you think has good reputation, great service and easy accessibility.