Home Loan: This bank is offering home loan of Rs 75 lakh at very cheap interest rates

News Club (Bureau).  Everyone dreams of buying their own house. A big investment is required for this. People invest their entire life savings to fulfill this dream. 

But still they have to resort to home loans. This is the biggest loan of any person's life. Therefore, before taking a loan, one must find out about the interest rates. By the way, there are two types of interest rates for home loans. The first is fixed and the second is floating.

Let us tell you that the interest rates on loans are linked to external benchmarks like the repo rate set by the Reserve Bank of India.

As the external rate changes, the interest on the loan also changes. In such a situation, it is very important to understand the factors affecting home loan interest rates. 

Home loan borrowers can also save a lot of money during the loan tenure by taking informed decisions. To ensure that borrowers can repay their home loan quickly without additional charges.

RBI imposed a ban on prepayment interest

Recently, the Reserve Bank of India (RBI) has taken an important decision in the interest of borrowers. Actually, it has banned prepayment penalty on loans with floating rates. To encourage openness and justice in the loan lending process, banks lending at fixed rates are required to make it clear whether there is any prepayment fee at the loan approval stage. 

Fixed rates are fixed for the duration of the loan, while floating rates fluctuate depending on monetary policy and market conditions. Each has its own advantages and disadvantages when it comes to interest payments.

These banks are giving loan of 75% at low interest rate - 

The country's largest public sector bank, State Bank of India, charges interest ranging from 8.50 to 9.85 percent on home loans up to Rs 75 lakh.

Bank of Baroda charges 8.40 to 10.65 percent interest on loans up to Rs 75 lakh.

Union Bank of India (Union Bank of India Loan Interest Rate) charges 8.35 to 10.75 percent interest on loans up to Rs 30 lakh, while it charges 8.35 to 10.90 percent interest on loans of Rs 30 to 75 lakh.

on loans from Rs 30 to 75 lakh. Bank of India charges 8.40 to 10.85 percent interest on loans up to Rs 75 lakh.