• Source:JND

Government Bank Home Loan Interest Rate: Buying or building a home is one of the biggest dreams in anyone's life. Some aspire to build their ideal residence in a big city, while others may wish to own a spacious house in a smaller town. Simultaneously, many people seek to own a flat or an apartment within a society in a metro city.

To fulfil this lifetime dream of owning a sweet home in a desired city—be it in Tier-1, Tier-2, or Tier-3 cities—a home loan is the undisputed option that is helping people in buying or building their dream home.

Meanwhile, as technology advances and the personal earning potential of Indian increases, the procedure to take a home loan has also become significantly easier.

However, before finalising a home loan, one should always wonder: where to find the most affordable home loan and which bank offers the lowest Equated Monthly Instalment (EMI).

Notably, following the Reserve Bank of India’s decision to substantially reduce the repo rate last year, public sector banks have significantly lowered their home loan interest rates.

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Public Sector Bank's Home Loan Interest Rate

The home loan interest rate of several public sector banks starts as low as inthe  range of 7.10 per cent to 7.15 per cent

Public sector banks, including Bank of India, Central Bank of India, UCO Bank, Indian Overseas Bank, and Bank of Maharashtra, have bank loan offers at reasonable rates.

Bank of India

According to data from PaisaBazar, the initial interest rate for a home loan is 7.10 per cent
- Interest for home loans of Rs 30 Lakh to Rs 75 Lakh is between 7.10 per cent and 10.00 per cent
- Interest rate on loans above Rs 75 Lakh is 7.10 per cent to 10.25 per cent. 

Bank of Maharashtra

- Customers can avail a home loan with an initial Interest Rate of 7.10 per cent. While the Interest rate can vary between 7.10 per cent and 9.90 per cent across the amount.

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Indian Overseas Bank Home Loan Interest Rate

- The home loan interest rate starts at 7.10 per cent
- Interest rate for loans of Rs 30 lakh to over Rs 75 Lakh: 7.10 per cent to 9.15 per cent

UCO Bank Home Loan Interest Rate

The home loan interest rate for amounts between Rs 30 lakh and over Rs 75 lakh: 7.15 per cent to 9.25 per cent.

Private Sector Banks Home Loan Interest Rates

ICICI Bank: Starting from 7.65 per cent
HDFC Bank: Starting from 7.90 per cent
Axis Bank: Starting from an interest rate of around 8.35 per cent


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