Want To Take A Home Loan This Diwali? Here Are Some Of The Best Rates Being Offered By Banks

Capitalising on this sentiment, many public and private banks are offering consumers the option to go for a home loan at attractive rates courtesy of the festive season

Diwali is considered an auspicious time by Indians to make new purchases. In addition to gold and silver, many people also buy new card or move into new homes during the festival, believing it to be a prosperous time to begin such ventures.

Capitalising on this sentiment, many public and private banks are offering consumers the option to go for a home loan at attractive rates courtesy of the festive season. The lenders are providing customers lucrative interest rates, flexible repayment plans, and lower processing fees. 

Data from Paisabazaar.com showed that a home loan of Rs 75 lakh for a period of 20 years is being offered at interest rates ranging between 8.35 per cent and 8.7 per cent by the top 15 banks in the market. Let's take a look at some of the best rates available in the market by top banks.

Bank of India, Bank of Maharashtra, and Union Bank of India are providing home loans to the customers at the interest rate of 8.35 per cent. Meanwhile, the rate being offered by the Bank of Baroda, Canara Bank, Indian Bank, Indian Overseas Bank, and Punjab National Bank starts from 8.4 per cent.

HSBC Bank, State Bank of India, and Karnataka Bank are charging the public 8.5 per cent on home loans. While the home loan interest rates for the Tamilnad Mercantile Bank start from 8.6 per cent. The South Indian Bank is offering customers bank loans at 8.7 per cent.

However, individuals are advised to practice caution while opting for loans as such financial decisions should be made after thorough consideration and planning.

It is to be noted that these are indicative rates and actual rates offered by the lender might vary based on the customer’s income, credit history, profile, etc.