Festive offer: These 5 banks offering cheapest home loans

Buying a home is a dream for almost everyone. But buying a house is not a routine purchase that can be wrapped up easily. Most need a loan to fulfil their dream. Banks are offering discounts on home loan interest rates during the festive season. Now it has come down at the lowest level. It has attracted a number of borrowers. The tenure of home loans can be as long as 25 years. Even a minor half a percentage difference can make an immense difference to the amount of money one repays to the lender. Therefore, scanning the web for cheap rates is a must before finalising a loan scheme.

Now, you can get a loan at 6.40% interest rate from leading banks. If you are planning to apply for a home loan, take a look at the lowest interest rates offers by leading banks

Union Bank of India

Union Bank of India (UBI), one of the major public sector banks, is the latest bank which cuts the interest rates on home loans. Now they are offering home loans at the lowest interest rates among all banks and non-banking financial companies. Under the ‘Loan Utsav’ offer customers will get home loans as low as 6.40% interest. In addition there will be no processing fees.

Bank of Baroda

Bank of Baroda is now offering home loans with interest rates starting at 6.50% both for salaried and non-salaried individuals. In addition, they are offering various benefits such as low processing charges, higher loan amounts, free accidental insurance, longer repayment tenures etc. This special rate will be available till December 31, 2021.

Kotak Mahindra Bank

Kotak Mahindra Bank very recently announced the reduction of its home loan interest rates by 15 bps to 6.50%. This is a limited time offer and will be available till November 8, 2021.

Bank of India

As a part of festive offers, Bank of India (BOI) also reduced the interest rates on home loans by 35 bps. With this revision, the minimum rate on these loans now starts from 6.5%.

Punjab and Sind Bank

On the other hand, the Punjab and Sind bank is also offering home loans at the interest rate of 6.5% under PSB Apna Ghar scheme.