After increasing the repo rate of the Reserve Bank, many banks have increased the interest rates of their loans, after which it has become expensive for the people to take loans. That is, if you take a car loan, home loan or any bank loan, then you will have to pay more EMI. If you want to take a home loan, then here are five such banks that will give your loan at the lowest interest rate.
Bank with lowest interest rate
Bank of Maharashtra with Repo Linked Loan Rate (RLLR) is 7.2%, minimum interest rate is 6.8% and maximum is 8.2 percent. After this, the RLLR rate of Bank of Baroda is 6.9%, lower interest rate – 6.9% and maximum interest rate – 8.25%. At the same time, the interest rate of Union Bank of India ranges from 6.9% to 8.6%. While the RLLR rate is 7.2%.
Punjab & Sind Bank offers an interest rate of 6.9% to 7.75% while the repo link loan rate is 6.6%. Bank of India has a minimum home loan interest rate of 6.9% and a maximum of 8.6%, while the RLL rate is 7.25%. Let us tell you that all these rates are as per the update till 9 June 2022.
How much did the loan EMI increase due to the increase in the repo rate (Home Loan EMI)
There has been a total increase of 0.9 percent in the repo rate since May. Lenders such as banks and housing finance businesses are raising their lending rates in response, due to the increase in central bank rates, which means your EMIs will also increase. If you have taken a home loan with a balance amount of Rs 30 lakh and a balance tenor of 20 years at 7% annual interest, your EMI will increase from Rs 1,648 to Rs. For every lakh rupees you will have to make an additional payment of 55 rupees.
According to the HDFC Bank website, if you want to take a home loan, then you have to give the details of your property. If your property is 50 lakh rupees then you will be given 80 percent of the property, that is, you will get 40 lakh rupees. On the other hand, if your property is 10 lakh rupees, then you will be given 8 lakh rupees as a loan.