2019: Find Lowest Home Loan Interest Rates

About a month ago, the Reserve Bank of India slashed the repo rate by 25 basis points after a gap of one-and-a-half years. While the nation waits with bated breath for the first bi-monthly policy, we decided to curate the list of current interest rates offered by major banks and the housing finance companies (HFCs) in India.

In case you are wondering, the repo rate is the rate at which the RBI lends to banks, which is why this rate impacts home loan interest rates.

Now, let’s look at the current interest rates offered by ten major banks in the country.

Let’s also see the rates offered by some of the leading housing finance companies.

Now that you have a fair understanding of the interest rates offered by various banks and HFCs, let us share some simple tips that will help you grab the best home loan deal.

•    First thing first, get home loans quotes from as many banks and housing finance companies as possible.

•    Compare various banks across parameters like interest rates, tenure, and expected EMIs.

•    Next comes the additional charges. Do not overlook the processing fees, prepayment charges, and all the other hidden costs.

•    Once you are done with the things mentioned above, start meeting the home loan managers of different banks to understand what they are offering. See if any bank is ready to waive off processing fee or any other charges for you.