At the time when the economy is drastically hit owing to the Coronavirus induced lockdown, buy a dream house may continue to be a mere dream for many. However, several banks including the State Bank of India (SBI), Kotak Mahindra Bank, Bank of Baroda, Union Bank of India have announced to cut the interest rate on home loans to turn your dreams into reality soon. ALSO READ | Income Tax Return Filing Deadline Extended till Dec 31 - Check These 5 FAQs About ITR For FY2019-20

Home loan or the housing loan is an amount of money borrowed by an individual, from a lender which is usually a bank or Housing Finance Companies, (HFCs) to purchase a house. Factors such as interest rate, loan amount, loan tenure and credit score highly influence your decision while taking a home loan. At present, home loan interest rates are at a 15-year low.

Moreover, several interesting offers such as special benefits for women buyers are available for you to consider before making your big decision.

Have A Look At Home Loan Interest Rate Offered By Various Lenders


State Bank of India: India's largest lender SBI is offering interest rates starting at 6.90 per cent for a home loan of up to Rs 30 lakh and 7 per cent for above Rs 30 lakh. As quoted in a Mint report, the lender said that the borrowers will get an interest concession of 25 bps on a home loan of above Rs 75 lakh. If applied through YONO, the bank will offer the customer additional 5 bps concession on the home loan. Moreover, women borrowers will get 5 bps interest concession .

Union Bank of India: UBI has reduced their interest rates on home loans by 10 basis points ahead of Diwali. The Lender reportedly offers all home loans above Rs 30 lakh at 6.95 per cent for applications where there is a woman borrower. The bank has also announced on charging no processing fee on home loans till 31 December.

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Bank of Baroda: Bank of Baroda has reduced its external benchmark-repo linked rate by 15 basis points. Hence, the home loan is available at 6.85 per cent.

Kotak Mahindra Bank: The lender has announced to offer the home loans starting at 6.9 per cent per annum. While the women customers can avail some special rates across the loan products, the applicants who switch their loan account from other banks to the Kotak Mahindra Bank, will be eligible to save up to  Rs 20 lakh for transferring the balance.

In addition these lenders, private lenders such as Axis Bank and HDFC Bank is offering home loans starting at 6.9 per cent per annum while the ICICI Bank is offering home loans at 6.95 per cent.