It is everyone's dream to buy their favorite house. But not everyone has enough money to buy a house, so many people resort to home loans. Through a home loan, the favorite house can be bought in installments. However, in this, interest may also have to be paid along with the principal amount.

Home loan at 7.50% less

After the recent cut in the repo rate by RBI, the home loan interest rate in many banks has become 7.50%. However, some banks have not yet revised the interest rate. But today we will talk about such banks, in which the interest rate is less than 7.50 percent.

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

7.50% low home loan rate

There are currently three banks offering home loans at 7.35% interest. These include the Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, and Union Bank of India. All these banks are offering home loans at a minimum of 7.35 percent. However, the loan interest rate also depends on many other factors such as CIBIL score, income source, and loan capacity.

At present, Canara Bank is offering home loans at 7.40 percent.

How much will be the EMI?

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

How much will be the processing fee?
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, the Bank of Maharashtra and Indian Overseas Bank have the highest processing fee. 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.

Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.