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Millions and millions of home buyers in India often look for the lowest and best rate of interest for home loans. We have collated a list of top 5 banks in India offering the lowest interest rates for home loans.
Prepaying home loans can help homeowners save money and become debt-free faster, but it depends on individual circumstances
This new HDFC Home Loan offer will apply to all new loan applications irrespective of the loan amount or employment category.
"Earlier a borrower availing of a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15 percent with the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70 percent," says the lender.
Due to the pandemic, the Reserve Bank of India had reduced the Repo Rate to 4%. The biggest benefit if that has been to the Home Loan segment as the interest rates fall to a decade low.
HDFC Ltd has disbursed subsidy amounting to Rs 4,700 crore to over 2,00,000 homebuyers under the Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) becoming the first lender to do so. It has also approved home loans of over Rs 47000 crore. The Credit Linked Subsidy Scheme (CLSS) was introduced in June 2015 under the Pradhan Mantri Awas Yojana (PMAY) for home loans to customers from the Economically Weaker Section (EWS), Low Income Group (LIG) and was extended to the Middle Income Groups (MIG) from January 2017.