It is said that the right time to take a home loan on a floating rate is when the interest rates in banks start falling. In the last two monetary policies, the RBI has reduced the repo rate, after which loans in banks have also started getting cheaper. Right now the repo rate is at 6%. It is believed that in the coming days RBI can reduce the interest rates further. In such a situation, loans in banks can also become cheaper. Here know about those banks where you can get a loan at less than 8% interest.

If you apply for a home loan in Canara Bank, then you can get a home loan at 7.90% interest. Provided your CIBIL score should be good and you fulfill all the criteria of the loan. Canara Bank is offering home loans from 7.90% to 10.75%.

If your CIBIL score is 775 to 800 or more, then you can also get a home loan at 7.90% interest in Indian Overseas Bank. On the other hand, if the score is 750 to 774, then you can get a home loan at 8 percent interest rate.

If you apply for a loan under the Central Bank's "Cent Griha Lakshmi" scheme, then you can also get a loan at 7.85% interest. Under this scheme, the bank is offering 7.85% to 8.75% interest on home loans. This scheme helps women applicants to buy a house, especially when the woman is taking a home loan alone or is the primary applicant for a home loan. For general applicants, the interest rate for home loans is 8.15% to 9.15%.

If your CIBIL score is good, you can also get a cheap loan from Union Bank. Union Bank is offering interest from 7.85% to 10.25% on home loans.

You can also get a home loan at 7.85% interest from Bank of Maharashtra. For this, your credit score should be 800 or more. Bank of Maharashtra is offering interest on home loans from 7.85% to 9.90% for salaried and from 7.95% to 10.40% for non-salaried.