Home loan Interest rate: All the government and private banks of the country (Government bank home loan rule) provide loan facilities to the people to build houses. Banks give loans to people at low interest rates. Inflation is increasing very fast in the country. Due to the increase in inflation, people have to resort to loans to build houses (Home Loan Scheme).

Apart from banks in the country, other institutions also provide loans to people to build houses at high interest rates (High Interest on home loans). Banks keep changing the interest rates of home loans from time to time.

RBI reduced repo rate

The Reserve Bank of India has reduced the repo rate in the annual meeting to be held in February to provide relief to the people. RBI keeps changing the repo rate according to inflation in the country. Based on the rate of repo, RBI provides home loans to banks (Repo rate in RBI). RBI (RBI meeting on Repo rate) reduced the repo rate from 6.5% to 6.25% on 7 February. Due to the reduction in the repo rate, there has been a difference in the interest rates of the loan.

Home loan is available at an interest rate of about 8 percent.

All banks in our country provide home loan facilities to the customers. People have got relief in the interest rates of home loans this year. Recently, some government banks of the country have been providing loan facilities to the people to build and buy houses at low interest rates. Some government banks are offering home loans at an initial interest rate of just 8.10 percent. Some of these banks are not even charging processing fees. Some have waived the processing fees till March 31, 2025. These government banks are providing cheap home loans

Central Bank of India

Central Bank of India, one of the largest government banks in the country, is providing loan facilities to people for building and buying houses at low interest rates. Central Bank of India (CBI bank home loan) is also currently offering home loans at an initial interest rate of just 8.10 percent.

Central Bank is also not charging home loan processing fees from people till the end of this month. This bank is only charging a fee of Rs 1350 plus GST as a documentation charge from the customers.

Bank of Maharashtra

Apart from the Central Bank of India, Bank of Maharashtra, one of the leading government banks in the country, is also providing cheap home loans to its customers at low interest rates. You can also take a home loan (Home loan in Bank of Maharashtra) from Bank of Maharashtra at an initial interest rate of just 8.10 percent. Bank of Maharashtra is also not charging any processing fee on home loans from its customers at present. Bank of Maharashtra is offering many types of offers on home loans for women.

Union Bank of India

Union Bank of India has joined the list of banks providing cheap home loans at low interest rates in the country. Union Bank of India is currently offering home loans to its customers at an initial interest rate of just 8.10 percent (home loan). The bank is charging 0.50% of the loan amount as processing fee on Union Bank of India home loans.