Reserve Bank of India: Lending banks have increased interest rates on home loans as well as other loans due to successive rate hikes by the Reserve Bank.
Home loan interest rates have seen a rise in the past few months. The Reserve Bank of India (RBI) has so far increased the repo rate 3 times in a row due to which interest rates have increased in various types of loans. Currently, the repo rate has increased to 5.40 percent. Most home loan interest rates taken after October 1, 2019 are linked to an external benchmark. In most cases this benchmark for interest rates is the repo rate.
Lending banks have hiked interest rates on home loans as well as other loans due to successive rate hikes by the Reserve Bank. Interest rates on home loans vary from bank to bank and financial institution. This is why one should compare the interest rates of other banks before taking a home construction loan. Why not, the loan should be taken from the place where the lowest interest rate and other benefits are available. In this report, there is a detailed discussion about how much interest a bank is charging on a loan of 75 lakh rupees for a repayment period of 20 years.
Indian Overseas Bank
According to a report by media outlet Moneycontrol, among all banks in India, Indian Overseas Bank currently charges the lowest interest on loans up to Rs 75 lakh over a 20-year term. Borrower has to pay interest at the rate of 7.15 percent per annum by taking loan from this bank.
Central Bank of India
If a person is interested in taking a home loan for building a house, he should contact the Central Bank of India. The Central Bank of India is charging 7.2 percent interest per annum on a home loan of Rs 75 lakh with a repayment period of 20 years. The EMI or monthly installment for this loan will be Rs 59,051.
Bank of Maharashtra
If you take a home loan from Bank of Maharashtra for a period of 20 years, you have to pay 7.3 percent interest per annum on a loan of Rs. 75 lakh. If such a person takes a loan from this bank and constructs a house, he will have to pay Rs 59,507 as monthly installment.
Bank of India
In the case of home loans of this bank, 7.3 percent interest has to be paid annually on a loan of Rs. 75 lakhs. That is, 59,507 rupees should be paid monthly as loan.
Punjab National Bank or PNB, Union Bank and UCO Bank have an annual interest rate of 7.4 percent on home loans. At this rate, if you take a loan of 75 lakh rupees for a period of 20 years, you will have to pay monthly installments of 59,962 rupees annually.
Bank of Baroda
If a person takes a home loan of Rs 75 lakh from Bank of Baroda for a period of 20 years to build a house, he has to pay an interest rate of 7.45 per cent per annum. Calculating the interest at Bank of Baroda rate, it will be seen that the borrower will have to pay a monthly EMI of Rs.60,190.
LIC Housing Finance
If you take a home loan of Tk 75 lakh from LIC Housing Finance for a repayment period of 20 years, you will have to pay interest at the rate of 7.5 percent per annum. In case of this home loan, the company has to pay Rs 60,419 monthly as EMI. Along with this, IDBI Bank (IDBI Bank) and Kotak Mahindra Bank (Kotak Mahindra Bank) also charged an annual interest of 7.5 percent on a loan of 75 lakh rupees for a period of 20 years.
State Bank of India
India’s largest bank charges interest at 7.55 percent per annum on a 20-year tenor of Rs 75 lakh. Monthly installments of Tk 60,649 have to be paid by taking loan from State Bank.