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Applying for a home loan? Take a look at interest rates offered by top banks

Applying for a home loan? Take a look at interest rates offered by top banks

Applying for a home loan? Take a look at interest rates offered by top banks
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By CNBCTV18.com Aug 8, 2022 4:58:56 PM IST (Published)

Many leading banks including ICICI have already announced a hike in their home loan rates and others are expected to follow suit soon.

Following the Reserve Bank of India’s (RBI) announcement of a 50 basis points hike on August 5, the repo rates are back at the pre-pandemic level of 5.40 per cent. The effects of the increased repo rate, the rate at which RBI lends money to the banks, will soon be passed on to the borrowers across categories of loans both secured and unsecured.

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However, home loan borrowers are likely to be affected the most as the interest burden over long-term tenures is more. Many leading banks including ICICI have already announced a hike in their home loan rates and others are expected to follow suit soon. If you have looking to apply for a home loan, here is what the top banks are offering.
SBI
The home loans of India's largest public sector lender SBI are available at an interest ranging from 7.55 to 7.95 percent, depending upon the borrower's CIBIL score and other credentials. SBI loans come with a repayment tenure of up to 30 years and no pre-payment charges make it an attractive offer. Further, the bank also offers a 0.05 per cent concession on the interest on home loans for women borrowers. SBI charges processing fees of 0.35 per cent of the loan amount to a maximum of Rs 10,000 plus applicable GST rates.
HDFC
HDFC home loans are available with interest rates starting at 6.8 per cent with tenure of up to 30 years depending upon the credentials like the CIBIL score of the borrowers and other details. The bank charges a maximum processing fee of Rs 3000 plus applicable taxes for employed individuals whereas the charges go up to Rs 5,000 for self-employed borrowers.
ICICI
ICICI Bank charges interest starting at 8.10 per cent on home loans for salaried individuals. For self-employed borrowers, the interest rates start at 8.2 per cent presently. Additionally, a processing fee of 0.50 per cent of the loan amount is also charged. The loan can be availed for up to 30 years.
Kotak Mahindra Bank
Another leading private sector bank Kotak Mahindra Bank offers home loans starting at 7.5 per cent for both salaried and self-employed. Additionally, a 0.5 per cent processing fee on the loan among other applicable charges is also levied on the borrower. Kotak Mahindra Bank's home loans come with maximum repayment tenure of 20 years.
Bank of Baroda
Bank of Baroda home loan is available with interest rates starting at 7.95 per cent and going up to 9.3 per cent depending upon the borrowers' CIBIL score and other credentials. The bank charges processing starting at 0.25 per cent of the total loan amount. The loan repayment tenure is up to 30 years.
 
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