Government banks along with some private numbers and financial institutions are running in a front panel by offering lowest interest rates on home loans at the rate of 8.35% to 18.20%. The front runners are SBI, ICICI, Standard chartered bank and LIC. SBI and ICICI bank has given a privilege to its women borrowers by providing them a home loan interest rate lesser than the home loan interest rate provided to the male borrowers.
Hello Shaik, You have to pay the monthly EMI of Rs.12489 for Rs.1000000, for a period of 10 years from SBI.
Before going for a home loan, you must be careful enough to see the nature of its interest rates. There are two types of interest rates i.e. fixed interest rates and floating interest rates. You have to carefully choose between the two. Fixed home loan interest rates will remain fixed all over the tenure and floating home loan interest rate will keep on changing with the change in the base rate. But, the floating home loan interest rates are cheaper than the fixed home loan interest rates on the first front.
Apart from that, we should always take the loan from centralised banks and not from private banks. As private banks interest rates are too high compared to centralised banks. The normal range of Home loan interest rates are from 8.35% to 14.00%. As per the current SBI Home Loan Rate, you have to pay Rs.12292 pr month for a period of 10 years.