Whenever you apply for a home loan, the interest rate will depend on your CIBIL score, while the loan amount will depend on your eligibility. All this is decided by the banks. Home loan is a long term loan.
Having your own house is the dream of most people. Many times there is a need to take a home loan to buy a house. If you are looking for a home loan and want to apply, then you have to pay attention to where you can get cheap home loans. How much EMI will be made also has to be seen. From the biggest banks of the country to many housing finance companies offer home loans. But here we discuss the home loans offered by the country’s leading banks – SBI, HDFC Bank, Bank of Baroda and ICICI Bank. Here we also get an idea of how much the EMI will be on the home loan.
SBI Home Loan
The country’s largest bank SBI is currently offering home loan at an initial interest rate of 8.50 percent. However, this introductory rate is offered to customers with excellent CIBIL score (around 800 or more). If your CIBIL score is slightly weak then you will be offered home loan at an expensive rate. Suppose you are offered a loan of Rs 40 lakh at an interest rate of 8.50 percent for 20 years, then according to the calculation, you will have to pay an installment of Rs 34,713 every month. On this basis, you will pay only interest of Rs 4,331,103 to the bank.
HDFC Bank Home Loan
If you apply for a home loan from private sector HDFC Bank these days, you will be offered home loan on the basis of interest rate ranging from 8.75 percent to 9.95 percent per annum. The interest rate will depend on your CIBIL score. You can roughly understand the EMI on the loan. If you are getting a home loan of Rs 40 lakh at an interest rate of 8.75 percent on the basis of repayment of 20 years, then according to the calculation, your monthly EMI will be Rs 35,348. Apart from the loan amount, you will pay only interest of Rs 4,483,623 against this loan.
BoB Home Loan
Home loan can also be taken from Bank of Baroda at attractive rates. According to the official website of the bank, Bank of Baroda is offering home loan at an initial interest rate of 8.40 percent per annum. Understand that the bank is charging 8.40% to 10.60% interest on home loan. The interest rate depends on the loan limit and CIBIL score of the applicants. On this basis, if you are taking a home loan of Rs 40 lakh from the bank for 20 years, then according to the calculation, your monthly EMI will be Rs 34,460. In return for this loan, you will pay Rs 4,270,443 only as interest.
ICICI Bank Home Loan
Private sector leader ICICI Bank is also offering home loans at interest rates ranging from 9.00 percent to 10.05 percent. Yes, home loan is being offered at the rate of 8.75 percent to pre-approved customers. In such a situation, if you are being offered a home loan at an annual interest rate of 9 percent, then according to the calculation of a home loan of Rs 40 lakh for 20 years, the EMI will be Rs 35,989. According to the calculation, only interest of Rs 46,37,369 will be paid on this loan.
