Owning your own home is most people’s dream. Buying a home often requires a mortgage. If you are looking for a construction loan and want to apply for a construction loan, you should consider where you can get a cheap construction loan. Also consider how much EMI is generated. We offer mortgage loans from the country’s largest banks to many real estate financing companies. But here we will talk about home loans offered by major banks of the country like SBI, HDFC Bank, Bank of Baroda and ICICI Bank. Here you will also know what your home loan EMI is.
SBI Home Loans
SBI, the country’s largest bank, currently offers home loans at an initial interest rate of 8.50%. However, this introductory tariff is offered to customers with a good CIBIL score (around 800 and above). If your CIBIL score is slightly low, you will be offered a home loan with a higher interest rate. Suppose you are offered a loan of Rs 40 million with a tenure of 20 years and an interest rate of 8.50%. According to the calculations, you will have to pay monthly installments of 34713 rupees. Accordingly, the bank only has to pay Rs 4,331,103 as interest.
HDFC Bank Home Loan
If you apply for a home loan with HDFC Private Bank today, you will be offered a home loan with interest rates ranging from 8.75% to 9.95% per annum. The interest rate varies depending on your CIBIL score. You can get an idea of the EMI of the loan. If you take a home loan of Rs 40,000 with a 20-year repayment and an interest rate of 8.75%, your calculated monthly EMI will be Rs 35,348. Apart from the loan amount, you only pay Rs 4,483,623 in interest on this loan.
Bob’s mortgage
You can also avail a home loan from Bank of Baroda with attractive interest rates. According to the bank’s official website, Bank of Baroda offers home loans at an initial interest rate of 8.40% per annum. Note that banks charge an interest rate of 8.40% to 10.60% for home loans. The interest rate depends on the credit limit and CIBIL score of the applicant. Accordingly, if you take a home loan of Rs 40 lakh for 20 years from a bank, your monthly EMI as calculated will be Rs 34,460. Instead of this loan, you will only pay Rs 4,270,443 as interest.
ICICI Bank Home Loan
Private sector leader ICICI Bank also offers home loans at interest rates ranging from 9.00% to 10.05%. Yes, home loans with an interest rate of 8.75% are available to pre-approved customers. In such a situation, if you are offered a home loan with an interest rate of 9% per annum, the EMI for a 20-year home loan of Rs 40 lakh will be Rs 35,989. According to calculations, only interest of Rs 4,637,369 will be paid on this loan.
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