By Admin 
- RBI has maintained the repo rate at 5.25%.
- Due to this, home loan EMI will remain stable in June.
- Many banks are offering home loan interest rates from 7.10%.
Home Loan Interest Rates: Everyone dreams of owning a house of his own, where he can live peacefully with his family. However, in this era of inflation, this is not within everyone’s reach. With the rapid increase in property prices, it is becoming difficult for common people to buy a house.
In such a situation, the biggest question is which bank to choose for home loan, where this facility is available to us at low interest rates. Many banks are offering home loans at good interest rates. These include many banks like Bank of Baroda, Bank of India, Indian Overseas Bank, State Bank of India. Meanwhile, RBI has also taken an important decision regarding interest rates.
RBI did not reduce the repo rate
The biggest relief for home loan borrowers is that the Reserve Bank has kept the repo rate at 5.25%, that is, there has been no change in it. Repo rate is the rate at which RBI lends money to other banks of the country. If this rate increases, banks generally make their loans more expensive.
After the Monetary Policy Committee (MPC) meeting, RBI Governor Sanjay Malhotra said that in view of the ongoing tensions across the world and the risk of inflation, the policy stance has been kept ‘neutral’. What this means for you is that there will be no increase in your home loan EMI in June and you will continue to avail the loan at the current rates.
Home loan interest rates offered by different banks
State Bank of India (SBI)- The country’s largest government bank is offering home loans at an interest rate of 7.25% to 9.05% per annum.
Bank of Baroda- Here home loan rates start from 7.20% and go up to a maximum of 9.25%.
Central Bank of India- The interest rates for home loans in Central Bank of India range between 7.10% to 9.15%.
Bank of India- Home loan rates in Bank of India range between 7.10% to 10.25%.
Union Bank of India- Here you can get interest rates ranging from 7.15% to 9.6%.
Canara Bank- Home loan rates in Canara Bank range between 7.25% to 10% per annum.
Indian Overseas Bank- For salaried people, rates start from 7.10%, while for non-salaried people, they start from 8.20%.
ICICI Bank- The initial interest rate for home loan in this big private bank is 7.5% per annum.
Kotak Mahindra Bank- Home loans in Kotak Bank start at 7.60%.
HDFC Bank- The country’s leading private lender offers home loans at the rate of 7.75%.
Axis Bank- Home loan rates at Axis Bank start from 8% to 11.9%, depending on the profile of the applicant.
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