Home Loan Interest Rates: Whenever the Reserve Bank of India (RBI) starts its monetary policy meeting (MPC), a majority of common men fixed their gaze on the repo rate decision as it impacts their home loan equated monthly instalments (EMIs). The repo rate is the interest rate at which the RBI lends money to commercial banks. When the repo rate is high, lenders increase home loan interest rates, leading to a higher EMI for home loan borrowers. However, the RBI has maintained a calm stance for over a year and hasn't increasing the repo rate since February 2023. The central bank will announce the latest repo rate after the MPC meeting ends at 10 am on Friday. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

In this write-up, we will tell you interest rates offered on a Rs 70 lakh home loan by banks such as State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, ICICI Bank, HDFC Bank, and Axis Bank (As per paisabazaar.com data). The article also includes your EMI on a Rs 75 lakh, 20-year loan (we are not including the processing fee and other charges here). Also, banks may offer the same loan to different people at different interest rates. 

State Bank of India

SBI offers Rs 75 lakh loan in the range of 8.50 per cent-9.85 per cent. It means that for a 20-year home loan, your EMI can be between Rs 65,087 and Rs 71,633. 

Punjab National Bank

PNB is offering Rs 75 lakh, 20-year loan in the range of 8.40 per cent and 10.15 per cent interest rates. For a 20-year loan, your EMI can be between Rs 64,613 and Rs 73,124. 

Canara Bank

The PSU bank is offering a Rs 75 lakh home loan in the range of 8.45 per cent and 11.25 per cent. With that rate, a borrower's home loan EMI can be between Rs 64,850 and Rs 78,694 for a 20-year loan. 

ICICI Bank

The private lender starts its Rs 75 lakh home loan at a 8.75 per cent interest rate. It means, one needs to pay at least Rs 66,278 EMI for a 20-year loan.

HDFC Bank Ltd.

The largest lender in India also starts its home loan interest rate at 8.75 per cent. The least EMI in such a case will be Rs 66,278 for a 20-year loan.

Axis Bank

The bank offers its Rs 75 lakh loan in the range of 8.75 per cent and 13.30 per cent. In such a case, the EMI for a 20-year loan will be in the range of Rs 66.278 and Rs 89,476.