After increasing the repo rate, the cheapest home loan is available here, check the rates of 10 banks

From May to September this year, the repo rate has been increased by 190 basis points. With this, the repo rate has reached a three-year high of 5.9%. The biggest effect of increasing the repo rate is seen in the form of increase in home loan interest rates.

Home loan rates hike after repo rate hike

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TV9 Bharatvarsh

TV9 Bharatvarsh | Edited By: Ravikant Singh

Oct 02, 2022 | 4:04 PM

On September 30, the Reserve Bank increased the repo rate. In one stroke, the rate has increased by 50 basis points. This is the fourth time after the month of May this year that the Reserve Bank has increased the repo rate. From May to September this year, the repo rate has been increased by 190 basis points. With this, the repo rate has reached a three-year high of 5.9%. The biggest effect of increasing the repo rate is seen in the form of increase in home loan interest rates. Since the day of 30 September, many banks have made the home loan or the rest of the loan expensive. Loans which are linked to the repo rate, their rates are applicable immediately. In such a situation, it is important to know which bank is the cheapest to the customers. home loan is giving. Let us take information about 10 banks here.

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  1. Kotak Mahindra BankKotak Mahindra Bank is giving home loan to its customers at the rate of at least 7.50 percent. 0.50 percent of the loan amount will have to be paid as processing fee.
  2. City Bank– Citibank is providing home loan to the customers at the rate of minimum 6.65 percent. 10,000 will have to be paid as processing fee.
  3. Union Bank of IndiaUnion Bank of India is offering home loan at an introductory rate of 7.90 percent. Information about the processing fee will have to be taken in the bank branch.
  4. Bank Of BarodaBank of Baroda is providing home loan at an introductory rate of 7.45%. To get information about the processing fee, one has to contact the bank branch.
  5. Central Band Of IndiaCentral Bank of India is giving home loan at the rate of 7.20 percent to 7.65 percent. A processing fee of Rs 20,000 will have to be paid.
  6. bank of indiaHome loan interest rate is starting from 7.30 percent. This is the lowest rate. Information about processing fee will be available in the bank branch.
  7. State Bank Of IndiaState Bank is offering home loans to its customers at an initial rate of 8.05 percent. At least 0.35 percent of the loan amount will have to be paid for processing fee.
  8. HDFC HomeHDFC Home Loans is offering loans to its customers at an introductory rate of 8.10 percent. 0.5% of the loan amount or Rs 3,000, whichever is higher, will be charged as processing fee.
  9. LIC Housing Finance– LIC Housing Finance is offering home loans at an introductory rate of 7.55 percent. For processing fee, Rs 10,000 to Rs 15,000 will have to be paid.
  10. Axis BankAxis Bank is offering home loans to its customers at an introductory rate of 7.60%. A processing fee of Rs 10,000 will have to be paid.

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