Home Loan: Buying a home of their choice is everyone's dream, but often a lack of money comes in the way. In such a situation, a home loan is a great option. It allows you to buy a house in installments, so that you can fulfill your dream without paying a large amount at once. However, in this, you have to pay interest along with the principal amount.

Home loan at 7.50 percent less-

After the recent repo rate cut by the RBI, many banks have reduced home loan interest rates to 7.50%. However, some banks have not made any changes yet. Still, there are some banks whose home loan interest rates are even less than 7.50%, which provides even more affordable options to the customers.

Keep in mind that in the list of banks mentioned below, the loan period is 20 years and the loan amount is Rs 30 lakh.

Currently, Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, and Union Bank of India are offering home loans at a minimum interest rate of 7.35%. This rate is one of the lowest rates available in the market. However, the final interest rate will also depend on factors such as the applicant's CIBIL score, income source, and ability to repay the loan.

At the same time, Canara Bank is currently offering home loans at 7.40 percent.

How much will the EMI be?

Bank of Maharashtra ₹23,893

Central Bank of India ₹23,893

Indian Overseas Bank ₹23,893

Union Bank of India ₹23,893

Canara Bank ₹23,985

Due to normalization of interest rates, EMI is also the same in Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, and the Union Bank of India.

How much will the processing fee be?
Bank - Processing Fee

Bank of Maharashtra - More than 0.25%

Canara Bank of India - 0.50% + GST

Indian Overseas Bank - Up to 0.50%

Union Bank of India - 0.50% + GST

Canara Bank - 0.50% + GST

Among all the banks, Bank of Maharashtra and Indian Overseas Bank have the highest processing fees. In these, it is Rs 25 thousand. Apart from this, Canara Bank has a minimum of Rs 1500 and a maximum of Rs 10,000. Along with this, the processing fee in Union Bank is Rs 15 thousand.

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