Get a Home Loan at 8.10% Interest Rate, Affordable Option from 3 Government Banks

Home Loan : A home loan is a big loan of long duration, and it is usually expensive too. If you are also dreaming of buying or building a house, then this time can be great for you. At present, 3 government banks are offering home loans at cheap interest rates. You can fulfill your dream bying out a home loan at low interest rates from these banks.

Home Loan rates of the Central Bank of India

The Central Bank of India is now offering home loans to its customers at an interest rate of 8.10 percent. This rate is the starting interest rate at this time, which makes it an excellent option for a cheap home loan. For this loan, 0.50 percent plus GST is charged as a processing fee up to Rs 20,000, and Rs 1350 plus GST will have to be paid as a documentation charge.

Home loan rates of Bank of Maharashtra

Bank of Maharashtra is also offering home loans to its customers at an interest rate of 8.10 percent. If you take a loan from this bank, then you will not be charged a processing fee. Also, an additional discount of 0.05 percent is given in this bank for women and defense personnel. Apart from this, no charge is taken on prepayment, pre-closure, or part payment in this bank, which makes it even more attractive.

Union Bank of India Home Loan Rates

Union Bank of India is also offering home loans to customers at an interest rate of 8.10 percent. However, on taking a home loan from this bank, the bank charges 0.50 percent of the loan amount as a processing fee. If you take a loan from this bank, then you have to take care of this fee.

Take care of your CIBIL score.

A CIBIL score plays a very important role in getting any loan. If your CIBIL score is good, then you will get a loan from these three banks at an interest rate of 8.10 percent. CIBIL scores range from 300 to 900, and this score shows how responsible you are about your loan payment. With a better CIBIL score, the chances of loan approval increase, and you can get a loan at a lower interest rate.

Home Loan EMI Calculation

Now let’s talk about EMI, as it is an important part of your budget. If you take a home loan from these banks at an interest rate of 8.10 percent, then you will have to pay an EMI of Rs 33,707 in a period of 20 years. This means that you will pay interest of Rs 40,89,674 on this loan in 20 years and will finally return a total of Rs 80,89,674 to the bank. If you take the same loan for 15 years, then your monthly EMI will increase to Rs 38,457. On the other hand, if you take a loan for 30 years, then your monthly EMI will decrease to Rs 29,630.

Conclusion

If you are thinking of buying or building a house and want to take a home loan, then this can be a great opportunity to get a loan at cheap interest rates from the Central Bank of India, the Bank of Maharashtra, and the Union Bank of India. With an 8.10 percent interest rate and affordable processing fees, you can make your dream come true. Keep in mind that the CIBIL score also plays an important role in this process, so check your CIBIL score timely and keep it good.

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