Interest Rates on Home Loan of Major Banks (May 2023)

Latest Home Loan Interest Rates May 2023

Introduction

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 (May 2023)

• 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 on Housing loan and also which you think has good reputation, great service and easy accessibility.

The interest rates for home loans offered by major banks for May 2023:

Note:-

• 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.

Summary

• In the recent Monetary Policy Meet held between February 3-5, 2021, RBI kept Policy Repo Rates unchanged at 4.00%.
• Owning your dream home could become a reality soon. Home loan interest rates are at a 15-year low. Coupled with Reduction in stamp duty by state government, the bottomed-out property prices and additional discounts and offers by developers.
• Many banks have reduced home loan interest rates to boost demand and currently offer home loans at interest rates below 7%. To keep the interest rate burden low, it is important to choose a lender which offers the lowest rate of home loan interest. 
• Currently Union Bank of India and ICICI Bank offer the most competitive interest rates on home loans (starting at 6.80%).
• Canara Bank , State Bank 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.