Which bank offers the cheapest home loan?
Friends, if you want to know which bank gives the cheapest home loan in today’s time, then you must read this article.
In this article, we will tell you what you should do while taking a home loan so that you can take full advantage of it. Also, you will know how to take a home loan at the lowest interest rate.
This article is especially for women who are planning to buy their dream home through a home loan. I myself work in the field related to home loan and I am sharing the right information with you.
The main theme of the article
Which bank offers the cheapest home loan?
Things you need to know to get a home loan cheaper
Term of the home loan (Tenure)
The effects of a high loan amount
Other charges and their management
FAQ: What Is The Cheapest Home Loan?
Which bank offers the cheapest home loan?
Whenever we apply for a home loan, the first question that comes to our mind is how much interest rate we will get. This is very important to know for cheap home loans.
Here is the interest rate data of the last 10 years, which will help you understand how the home loan interest rate has been in different years.
| Sr. | Year | Rate of Interest |
|---|---|---|
| 1 | 2015 | 8.75% – 9.50% |
| 2 | 2016 | 8.50% – 9.25% |
| 3 | 2017 | 8.30% – 9.05% |
| 4 | 2018 | 8.35% – 9.10% |
| 5 | 2019 | 8.00% – 9.00% |
| 6 | 2020 | 7.80% – 8.55% |
| 7 | 2021 | 7.30% – 8.05% |
| 8 | 2022 | 7.00% – 7.75% |
| 9 | 2023 | 8.40% – 9.15% |
| 10 | 2024 | 8.25% – 9.25% |
The lower interest rate depends on your CIBIL score and profile. Apart from this, there are some other important aspects that should be kept in mind so that your home loan becomes cheaper.
Things you need to know to get a home loan cheaper
Affordable home loans are not just about interest rates. There are many other aspects that need to be managed properly.
Duration of the home loan (tenor)
If you keep the tenure of the home loan high, it can be an expensive deal. Try to keep the tenure of the loan short so that the total cost of interest is reduced.
High loan amount (2)
Taking a large amount of home loan without thinking can be expensive. Keep your OCR contribution high so that the loan amount is low and the interest rate burden is also reduced.
(3) Other charges.
Take information about the processing fees associated with the home loan, insurance fees, bounce charges, partial payment charges, etc. in advance. These charges can add to the financial burden if they come up suddenly.
FAQ: What Is The Cheapest Home Loan?
Q. Which is the cheapest home loan?
Ans: At present, banks like Bank of India, Bank of Maharashtra and companies like Bajaj Housing Finance, LIC Housing Finance are offering low interest rates of home loans (starting from 8.30%).
Q. Which bank provides 90% of the home loan?
Ans: Many banks and financial institutions offer home loans up to 90%. Before taking advantage of this, be sure to know the terms of the relevant institution.
Any other questions, please don’t hesitate to contact us. Be sure to read our other guide on how to get a 100% home loan.
Your dream home is not far away!