Buying a home is a dream for most of us. It is a long-term financial commitment if one is taking home loans. Due to their regular and reliable source of income salaried persons can get home loans relatively easily since they are considered as highly creditworthy borrowers by financial institutions of our country. On the other hand, non-salaried persons are treated a bit differently. Some banks charge slightly higher interest rates for them. Banks are offering discounts on home loan interest rates during the festive season. Now the lowest home loan starts from 6.55%. Let’s take a look at the list of the banks which are offering the lowest interest rates on home loan to non-salaried borrowers.
Punjab National Bank (PNB), the country’s second largest public sector bank, is offering the cheapest home loan for non-salaried individuals. The interest rates start from 6.55% with a 20-year tenure.
Kotak Mahindra Bank is at the second position. Its interest rate for non-salaried home loan borrowers is 6.6%. This is also the balance transfer rate.
State Bank of India (SBI), the country’s largest lender, charges 6.7% interest rate for non-salaried home loan customers. The largest private lender HDFC Bank also offers the same interest rates.
State-run lender Bank of Baroda (BoB) charges 6.75%. The rate is the same for salaried and non-salaried individuals applying for home loans. IDBI Bank, too, offers the same interest rate.
ICICI Bank, second largest private lender, charges similar interest rates for salaried as well as non-salaried individuals applying for home loans. It starts from 6.75%.
Just like banks, housing finance companies (HFCs) are a type of financial institution that offer home loans to individuals.
Among HFCs, LIC Housing Finance offers the best rates. This government-owned housing finance giant is offering home loans at interest rate of 6.66%. HDFC and Tata Capital, two major HFCs charge 6.7% from non-salaried customers.
(Follow Money9 for latest Personal finance stories and Market Updates)
One of the trends that got accentuated during the pandemic was stays at small properties of five to 10 rooms in picturesque locations
In India, the segment of ETFs is slowly taking off and several mutual fund houses are offering ETFs to investors.
The NIP will help augment India’s productive capacity, contribute to our overall growth and bring down the logistics costs, improving competitiveness
Diversification is key and should be followed for stable and steady returns in the long run.