Home loan interest rate: These banks offer the cheapest home loans, checklist

For many it is a dream and a goal in life to have their own home. However, building your dream home is a costly affair. Many banks including State Bank of India, Central Bank of India, Kotak Mahindra Bank and Punjab National Bank offer home loans at competitive interest rates. To buy your own home, you can take advantage of the cheapest home loan at an interest rate of just 8.5 percent.

You can avail the home loan if you meet certain eligibility criteria. The borrower must repay the loan amount along with the interest rate within the agreed term.

Currently, most banks offer home loans not only for ready-to-move houses, but also to facilitate the construction of a house from scratch. In addition, one can also avail home loans for the renovation of an existing property.

It is important to know how to choose the right home loan according to your needs. You should consider the interest rate, any fees and any hidden costs before finalizing the loan offer. It is advisable to determine the total repayment amount as most home loans come with variable interest rates, unlike other loans where banks charge a fixed rate.

Top banks offer the cheapest real estate loans

Here are the cheap real estate loans offered by different banks:

• Bajaj Housing Financing: The lowest interest rate one can secure on a home loan with Bajaj Housing Finance is 8.6 percent. The home loan interest rate can be as high as 15 percent, depending on various factors, including your credit rating.

• Central Bank of India: The bank offers home loans at interest rates ranging from 8.35 percent to 9.35 percent.

• Punjab National Bank: Depending on the profile of the borrower, the Punjab National Bank mortgage starts at 8.75 percent and can go up to 11.25 percent.

• HDFC bank: HDFC Bank, India’s largest private sector leader, offers home loans from 8.5 percent.

• axis bench: Home loans have interest rates ranging from 8.75 to 9.15 percent.

• Union Bank of India: Home loans secured by UBI start at an interest rate of 8.7 percent.

• Kotak Mahindra Bank: Home loans from Kotak Mahindra Bank are available at interest rates ranging from 8.85 percent to 9.4 percent.

• IDFC First Bank: Home loan financing at IDFC First Bank starts at 8.85 percent.