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Home Loan: Looking For Banks Giving Loan Below 7%? Check This List

Team BankBazaar
·2-min read

Home loan interest rates have fallen below 7% levels. A home loan helps you in fulfilling your desire to own your house. Interest rate plays an important role in any loan. Therefore, whenever you take a loan, make sure to compare the interest rates of all the banks to bag the best deal. Many private and government lenders have revised their home loan rates recently and are offering loans below 7% interest rate. The Reserve Bank of India’s decision to keep the key policy rate unchanged during its monetary policy committee (MPC) meet earlier this month would ensure that home loans rates remain low, at least for the near future. This makes it an opportune time to take a home loan to fulfil your aspiration of buying your property.

If you’re planning to take a home loan, here’s a list of 15 banks that are offering loans at under 7% p.a interest rate. Do note, that the final interest rate for your loan would be decided after factoring in the property’s size and location, loan amount, income, age, gender, credit score etc.

Bank’s name

Lowest Interest Rates

Kotak Mahindra bank

6.75-8.45

State Bank of India*

>=6.80

Union Bank of India

6.8-7.35

Punjab National Bank

6.8-7.5

HDFC Bank

6.80-7.50

ICICI Bank

6.80-7.85

Central Bank

6.85-7.30

Bank of Baroda

6.85-8.20

Punjab & Sind Bank

6.9-7.6

Canara Bank

6.9-8.9

UCO Bank

6.90-7.25

Bank of Maharashtra

6.90-8.40

Axis Bank

6.90-8.55

IDBI Bank

6.90-9.90

Bank of India

6.95-8.35

Data based on lowest rates advertised by banks on their website as of February 19, 2021. Actual and final rates may depend on size of loan, borrower’s gender, borrower’s credit and income profile, loan-to-value ratio, and any other parameter as set by the lender.

Compiled by BankBazaar.com, India’s leading online marketplace for loans and credit cards. Need help in calculating your EMI? Use BankBazaar’s easy home loan EMI calculator.