Loans for homes are available from these banks at the lowest interest rates.

 Loans for homes are available from these banks at the lowest interest rates.

Higher EMI obligations are a result of the elevated interest rate. Additionally, borrowers who currently have house loans with fluctuating interest rates will be required to make larger EMI payments.

Since May 2022, when the Reserve Bank of India (RBI) raised the repo rates by 250 basis points, the interest rates on house loans have climbed dramatically. The existing house loan debtors' financial burden has significantly increased as a result of this development. In addition, the higher interest rates that have surpassed 10% annually are discouraging others from applying for a home loan.

Home loans continue to be one of the easiest options for purchasers to purchase a brand-new residential property. But the higher interest rate also means a heavier EMI load. Additionally, borrowers who currently have house loans with fluctuating interest rates will be required to make larger EMI payments.

Since the RBI maintained the repo rate steady in its most recent review of monetary policy, there are several lenders offering house loans at reduced interest rates.

The largest lender in the public sector, State Bank of India (SBI), has the lowest interest rates for mortgages. Between 8.60 and 9.45 percent are the rates' annual range. The loan is available to consumers with credit scores above 749 points at an interest rate of 8.60%. Additionally, the bank is now providing qualifying customers with discounts of up to 65 bps, lowering the interest rate to 7.95 percent annually. The deadline to take advantage of these discounts is December 31, 2023. However, people with poor CIBIL scores can be required to pay interest of up to 9.45% annually.

Bank HDFC

For paid employees and self-employed people, the largest private sector bank, HDFC Bank, is giving house loans with rates as low as 8.50% annually. The CIBIL score and tenure of the applicant, however, determine the ultimate prices. The HDFC Bank's regular rates, which range from 8.75 to 9.4 percent yearly, are significantly higher.

Bank Kotak Mahindra

On house loans, Kotak Mahindra Bank levies annual interest rates ranging from 8.75% to 9.35%.

Axis Bank

Home loan interest rates charged by ICICI Bank range from 9.25 percent to 9.90 percent annually. The overall loan amount and the borrower's credit score determine the final rates.  However, the interest rate can drop to 9% for borrowers with a CIBIL score of 750 or higher.

Bank IDFC First

IDFC First Bank's lowest interest rate, which is available to paid workers, is 8.85 percent. Self-employed people, on the other hand, can get home loans at rates starting at 9.25 percent.

Housing Finance by LIC

Home loans from LIC Housing Finance start at an annual interest rate of 8.45%. Depending on the length of the loan and the total amount, the interest rate may change.