Buying a home is a significant financial milestone, influenced by various factors such as current income, future income expectations, and financial goals. Before opting for a home loan to realize this dream, it’s crucial to compare interest rates offered by different lenders. Currently, many banks are offering home loans at slightly reduced interest rates, making it an opportune time for prospective homebuyers.
To facilitate an informed decision, we present an unbiased comparison of interest rates offered by top lenders:
State Bank of India (SBI):
– Interest rates vary between 8.6% and 9.65% based on the applicant’s credit score.
– The lowest rate is 8.6% for those with a credit score exceeding 750.
– Rates increase for scores between 700-749 (8.7%), 650-699 (9.45%), and 550-649 (9.65%).
– SBI offers special discounts on interest rates for home loan borrowers until Dec 31, 2023.
Bank of Baroda (BoB):
– BoB provides home loans with interest rates ranging from 8.40% to 10.60%.
– Rates depend on the loan limit and credit score of the applicants, applicable to both salaried and non-salaried individuals.
Punjab National Bank (PNB):
– PNB offers home loan interest rates between 8.40% and 10.10% annually.
– Rates are influenced by the LTV ratio, loan amount, and credit score.
HDFC Bank:
– HDFC provides home loans with special interest rates between 8.50% and 9.15%.
– Standard rates for both salaried and self-employed individuals range from 8.75% to 9.40%.
ICICI Bank:
– ICICI Bank offers home loan rates varying from 9% to 9.10% based on credit scores.
– Salaried employees enjoy a 9% interest rate, while self-employed individuals have rates of 9-9.10% based on credit scores.
Important Note: Special interest rates mentioned are valid until Dec 31, 2023. Standard rates for each bank may vary.
While interest rates are crucial, potential borrowers should consider additional factors like processing fees, post-loan disbursal customer care services, and customer reviews before finalizing a lender for their home loan.
Disclaimer: The information provided is for informational purposes only and does not constitute financial advice. Readers are advised to consult with financial professionals before making any financial decisions.