Save Lakhs on Interest with These Affordable Home Loans

Following the Reserve Bank of India's recent repo rate cuts, several banks and housing finance companies have reduced their home loan interest rates, bringing relief to borrowers planning to buy or construct a house. Experts suggest that even a small reduction in interest rates can significantly reduce the overall repayment burden, especially for long-term home loans.

Among major lenders, LIC Housing Finance is offering home loans starting at 7.15% interest. For a ₹20 lakh home loan with a tenure of 10 years, the monthly EMI comes to approximately ₹23,377, while the total interest payable is around ₹8.05 lakh. Bajaj Finserv offers loans starting at 7.25%, resulting in an EMI of ₹23,480, while Tata Capital's 7.50% interest rate leads to an EMI of ₹23,740. PNB Housing Finance offers home loans at 7.75%, with a monthly EMI of ₹24,002. Borrowers are advised to compare rates, tenure options, and eligibility criteria before choosing a lender.