Home Loan Interest Rates Slashed

The best time to buy a home in India over a period of six years is now a lot of banks have been revising there Home loan rate.

PNB Home Loan Interest Rate Range is 8.9-9.1%, SBI has 8.6-8.7%, ICICI Bank has 8.7-8.8%, HDFC LTD 8.7-8.75% and various other banks are following the trend. The Prime Minister Shri Narendra Modi has announced a special home loan subsidy scheme to promote “housing for all”.

The most preferred home loan provider in India SBI has cut the Interest rate to the lowest in six years to 9.1%, HDFC has cut home loans rate by 0.45%, Axia bank has reduced interest rates for a loan against property by 0.65%, DHFL has cut home loan rate by 0.5%.

For loans up to Rs 75 Lakh SBI has reduced from 9.3% to 9.1%, ICICI Bank has reduced from 9.35% to 9.2% while HDFC has reduced from 9.35% to 9.2%.

So for those who have been willing to buy a property in India, this is a good time to get a Home Loan. Housing Loans are all set to become cheaper with several PSU and private banks steeply reducing the benchmark lending rate by up to 1.48 percent after spurt in deposits following demonetization.