The Reserve Bank of India (RBI) left key interest rates stable, thus reestablishing its stimulus strategy on December 3 in its announcement of its monetary policy review. For those looking for a home loan, this indicates that the boom days will last.
The announcement of the Monetary Policy Committee of the Reserve Bank of India (RBI) was to keep rates stable as expected, indicating that the rate cut period is over for now. Hence, if you are thinking of buying a home, do not delay your decision. Currently, home loan rates are at their lowest level in 15 years in India. The interest rate on a 75,000 rupee home loan starts at 6.75% offered by Kotak Mahindra Bank, as we can see in the table below. The interest rates listed below for a home loan of Rs 75,000 for a period of 20 years.
LIC Housing Finance, Bajaj Finserv, and Tata Capital offer home loan rates of 6.9 percent among home finance companies. The mortgage loan interest rates for all the above-mentioned public and private sector (BSE) banks with mortgage loans up to Rs 75,000 were taken as a summary of the data to tabulate the cheapest mortgage loans. The Housing Finance Companies (HFC) were taken into account, as mentioned on the website of the National Housing Bank (NHB). There is little regard for banks and HFCs whose data is not accessible on their portals. In the related sectors, banks and HFCs are ranked in ascending order based on the benchmark interest rate, that is, the bank / HFC offering the lowest interest rate on home loans is ranked at the top and at the bottom. the top on the edge. The table takes into account the lowest rate offered by the Bank / HFC on a loan of Rs 75,000. The Equivalent Monthly Installment (EMI) is determined based on the interest rate shown in the 20-year loan plan of Rs 75 lakh. For EMI accounts, processing and other applicable fees are zero.
Also Read: Top 10 Business Ideas for Introverts - Business2Business