If you are searching for low-interest home loans or banks that offer home loans at a low interest rate, you have come to the right place.
Even a small change in the interest rate can make a huge change in how much money you pay in the long run. So in this article, let’s take a look at the interest rates on home loans taken from top banks.
Several major banks, including HDFC Bank, Punjab National Bank, and Bank of Baroda, have cut their home loan interest rates following the Reserve Bank of India’s 25 bps repo rate cut to 5.25%, offering relief to borrowers.
HDFC Bank trimmed its MCLR slightly, while PNB and BoB lowered their repo-linked benchmark rates, which should reduce EMIs or overall interest costs for both existing and new home loan customers.
With Moneyview, it is now easier than ever to fund your dream house. Home loans from Moneyview are easy to apply for and do not come with any hidden charges or fees.
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Interest Rate |
Starting from 7.75% p.a. |
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Processing Fees |
Processing fee is not charged by Moneyview but by the partner lenders. Varies from ₹1,000 to ₹7,000 (based on partner and loan amount) |
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Late Payment Fee |
Based on the partner lender |
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Interest on Overdue EMIs |
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Foreclose Procedure |
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Check/NACH Bounce Charges |
You can apply for a home loan through Moneyview in a few simple steps. Here is the whole process:
1
Check Eligibility
Install the Moneyview app or go to the website and check your eligibility in 2 minutes!
2
Select a Loan Plan
Use the slider to select the amount of money that you want.
3
Provide the documents
Get a call from the lending partner. You can submit soft copies of your documents.
4
Site visit and in-person discussion
Lender schedules a visit for legal and technical verification.
5
Loan approval & get funds disbursed!
Once the loan is approved and sanctioned, your loan amount gets transferred to your bank account.
Home loan interest rates depend on multiple factors. Since creditworthiness and risk levels differ for each person, loan terms and interest rates also vary from one borrower to another. Let us take a look at the various factors that affect interest rates for home loans -
Your credit score is based on your credit history. It indicates your creditworthiness. Therefore, the higher your credit score, the easier it will be for you to negotiate a lower rate of interest.
How much you earn and whether you are self-employed or salaried have a great impact on both your loan amount and your interest rate.
In most cases, salaried people are able to get lower interest rates as they have a steady source of income.
The location and size of the property obviously have a big impact on your loan. If your property is located in a prime location, you can get a lower interest rate. This is because these properties maintain or increase in value throughout time.
If your loan amount is higher, your interest rate will be lower. Also, if you are willing to take a longer tenure, your interest rates might be lower.
But with a longer tenure, even though your interest rate will be lower, you will end up paying more money in interest.
There are two types of interest rates - floating and fixed.
Floating rates depend on the market and keep fluctuating, whereas the fixed rate is decided at the time of the loan disbursal.
Floating interest rates are lower at first, but it might be a gamble as the market is volatile, and your interest might go up in the near future.
Moneyview, with its partner lenders, gives you access to quick home loans with reasonable interest rates.
As discussed above, interest rates depend on multiple factors. Factors such as the location of the property, the tenure of the loan, your credit score, and even the type of interest can affect the overall cost of borrowing.
Once you do some preliminary research, you can come to a decision on which one will be the best for your case.
Visit the website or download the Moneyview app for home loans with interest rates starting from 7.75%.Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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