In the present time, it has received some softening in the present time after a period of constant home loans. Some government banks are offering home loans at an initial interest rate of just 8.10 percent. If you are also looking for a home loan, then you can take advantage of getting a loan at a cheaper rate by contacting these banks. Some of these banks are not even taking processing fees. Some have waived processing fees by 31 March 2025. Let us discuss the home loans of such banks here which are available at the initial rate of only 8.10 percent at this time.
Central bank of india
Public sector Central Bank of India is also currently giving home loan at an initial rate of only 8.10 percent. The special thing is that the bank takes 0.50% plus GST up to Rs 20,000 as processing fees, but it is waived till 31 March 2025. That is, you do not have to pay any processing fees. Yes, Plus GST is to be repaid Rs 1350 as a documentation charge.
Bank of Maharashtra
You can also take a home loan from the government sector Bank of Maharashtra at an initial rate of only 8.10 percent. Bank of Maharashtra is currently not taking any processing fees on home loans. If you are a woman or a defense personal then you will get an additional discount of 0.05 percent. No pre -payment or pre closure or part payment charge is also to be paid.
Union bank of india
The public sector Union Bank of India is currently offering a home loan at an initial rate of only 8.10 percent. Yes, the bank is taking 0.50% of the loan amount as processing fees.
Keep in mind
These three banks will offer you a home loan at just 8.10 percent only when your CIBIL score or credit score is excellent. The CIBIL score is estimated between 300 and 900. Actually, the CIBIL score shows your payment history how serious you are about paying on time. The home loan approval is sometimes dependent on banks. He will approve the home loan only after assessing you well.
Banks will offer you home loan at the initial interest rate only when your CIBIL score or credit score is excellent.
EMI on home loan of 40 lakh rupees
If you take a home loan for 20 years at 8.10 percent interest from these banks, then according to the home loan calculator, your monthly installment i.e. EMI will be made ₹ 33,707. On this loan you will pay ₹ 40,89,674 interest in 20 years. That is, the bank will finally return a total of ₹ 80,89,674 to the bank. If you take the same loan for 15 years, then the monthly installment will be made ₹ 38,457 and if you take for 30 years then your monthly installment will be ₹ 29,630.
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