Top 10 Banks With The Cheapest Interest Rates On Home Loans
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5 Best Commercial Banks With The Cheapest Interest Rates On Home Loans
Punjab & Sind Bank, followed by the State Bank of India (SBI), are now offering the lowest interest rates on home loans among government sector banks. Here are the top five commercial banks that are presently offering the best home loan interest rates.
| Banks | Interest Rates |
|---|---|
| Punjab & Sind Bank | 6.65% to 7.35% |
| State Bank of India | 6.70% to 7.15% |
| Bank of Baroda | 6.75% to 8.25% |
| Union Bank of India | 6.80% to 7.35% |
| Punjab National Bank | 6.80% to 7.60% |
| Source: Bank Websites |
5 Best Private Sector Banks With The Cheapest Interest Rates On Home Loans
Kotak Mahindra Bank, followed by ICICI Bank and HDFC Bank, is now offering the lowest interest rates on home loans among private sector banks. Here are the top five private sector banks that are presently offering the lowest home loan interest rates.
| Banks | Interest Rates |
|---|---|
| Kotak Mahindra Bank | 6.65% to 7.30% |
| ICICI Bank | 6.75% to 7.30% |
| HDFC Bank | 6.75% to 7.30% |
| IDBI Bank | 6.95% to 10.05% |
| Axis Bank | 6.90% to 8.55% |
| Source: Bank Websites |
Note
Just as a matter of concern, borrowers should and should first check their credit score before applying for a home loan. But just like all other criteria, CIBIL score criteria also vary from lender to lender. As it is widely known that a CIBIL score of 750 is required by the banks to sanction a loan amount, but there are some lenders which may provide you a loan with a CIBIL score of 700. And finally, as an advice home loans should be availed by female borrowers, as banks provide an additional 5-10 basis points to male borrowers on loan amounts.
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