Many banks including SBI and Bank of Baroda have recently cut home loan interest rates. Home loan interest rates in Canara Bank start from 7.80%. At the same time, SBI’s interest rate starts from 8.00%. In such a situation, if you are planning to buy a house these days and want to apply for a loan for it, then before that it is very important for you to know which bank can prove beneficial for you to take a loan. We are telling you about the home loan interest rates of 10 such banks, which are offering loans at 8% or less interest. Interest rates may decrease further in the coming days
RBI is set to cut the repo rate by 0.50% from June next month to Diwali. According to officials associated with the matter, the next meeting of the RBI’s Monetary Policy Committee is to be held from 4-6 June. Earlier in February and April this year, RBI has cut interest rates by 0.25%-0.25%. That is, this year the repo rate has decreased by 0.50%. Due to this, banks have also reduced the interest rates of loans. Keep these 3 things in mind while taking a home loan 1. Be sure to know about pre-payment penalty
Many banks impose penalty on repaying the loan before time. In such a situation, take complete details about this from the banks, because on repaying the loan before time, banks get less interest than expected. In such a situation, some terms and conditions are imposed by them. Therefore, get complete information about this while taking a home loan. 2. Take care of your CIBIL score
The CIBIL score shows the credit history of a person. In the case of personal loan, banks definitely look at the CIBIL score of the applicant. The credit score is decided by many special credit profiling companies. In this, it is seen whether you have taken a loan before or how you have used credit card etc. The credit score of any person is determined by his repayment history, credit utilization ratio, existing loans and timely payment of bills. This score is in the range of 300-900, but a score of 700 or more is considered good by lenders. 3. Pay attention to the offers
Banks keep providing better offers to loan takers from time to time. In such a situation, before taking a loan, you should find out about the offers of all the banks. Because taking a loan in a hurry can prove to be wrong for you. Investigate properly before taking a loan.
