You can easily buy your favorite house through a home loan. Today, many banks and financial institutions offer home loans. Under a home loan, you can buy a house, and there is no impact on savings.

Along with this, the emergency fund also does not get spoiled. However, on taking a loan, you have to pay interest along with returning the principal amount. If this interest is minimal, then you can save as much money as possible.

Today we will talk about such banks, in which a loan is offered at the lowest interest rate.

The cheap loan is available in these banks.

According to Bankbazaar's research, Canara Bank is currently offering a loan at the lowest interest rate. Apart from this, there are many banks, which offer loans at even 8 percent less interest. EMI per lakh on this loan will be Rs 824 to Rs 836.

Name of banks Interest rate

Canara Bank 7.80%
Bank of Maharashtra 7.85%
Central Bank of India 7.85%
Union Bank of India 7.85%
Indian Bank 7.90%
Indian Overseas Bank 7.90%

All the banks mentioned above are offering interest rates of less than 8%. According to Bankbazaar, Canara Bank is offering a home loan at a 7.80% interest rate. After this, Bank of Maharashtra, Central Bank of India, and Union Bank are offering 7.85% loan. Apart from this, Indian Bank and Indian Overseas Bank are offering a 7.90% interest rate.

Bankbazaar.com CEO Adil Shetty advises that in this period of falling interest rates, borrowers can shift to repo-linked home loans. This will reduce EMI.

How is EMI decided?

EMI includes interest along with the principal amount. This is the same amount that the borrower pays to the bank every month in the form of installment.

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