Cheapest Home Loan: These banks are giving the cheapest home loans, 7.99% available at the initial rate
The Reserve Bank of India has cut the policy rates (repo rate) by 0.50 percent in recent months, after which banks have also cut the debt rate. Talking about home loans, it has become cheaper than before in recent times. Some banks are also offering home loans at the cheapest starting interest rate. You are also looking for the cheapest home loan, so there are many banks who can offer to fulfill your need. One thing here must know that you will get the cheapest home loan only when your CIBIL score is excellent. The CIBIL score is estimated between 300 and 900. CIBIL score reflects your credit qualification. This score is based on your credit history, which includes your previous loan and credit card payment. Let us talk about some such banks and housing finance companies here that can provide you home loans at the cheapest interest rate.
SBI is giving at an initial rate of 8 percent
State Bank of India i.e. SBI is currently offering a home loan at an initial interest rate of 8 percent. If your CIBIL score is excellent then you can get a home loan from SBI at this rate. The bank’s home loan external benchmark is linked to the lending rate i.e. EBLR. That is, in the event of a change in the benchmark rate (REPO), the interest rate in the home loan account will also change. If the repo rate increases, the home loan interest rate will increase.
Home loan at an initial rate of just 7.99%
If you are looking for a cheap home loan, then you can also take a home loan from Bajaj Housing Finance. This housing finance company is currently offering a home loan at an initial rate of only 7.99 percent. In this, you can take a home loan of maximum Rs 15 crore and choose a repayment period up to 32 years. However, understand here that the shorter the loan repayment period, the less expensive it will be.
LIC Housing Finance Home Loan
Another housing finance company is LIC Housing Finance, from which you can take home loans at a cheaper rate. It is currently providing home loans at an initial interest rate of 8 percent. The company has recently implemented this new rate from 28 April 2025.
Home loan of Bank of Baroda
Public sector Bank of Baroda is currently offering home loans at an initial rate of 8 percent. The bank has recently reduced its initial interest rate 8.40 percent to 8 percent.
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