home loan low rate of interest bank in Kerala 2021

home loan low rate of interest bank in Kerala
home loan low rate of interest bank in Kerala
Spread the love

Everyone dream of owning a home. But one thing that often pulls everyone back is the lack of financial conditions to buy or build a house. In such a situation everyone is relying on home loans. But most banks charge high interest rates for loans. Initially there are no major problems but these can lead to financial obligations later. In such a situation, it is important to choose a home loan that offers the lowest interest rates. In the wake of Corona, many banks have slashed interest rates on their home loans. Let’s take a look at the different banks and their interest rates on home loans.

Each bank charges interest differently. The loan amount is based on the credit score and financial status of the applicant. You also have to pay something to get a loan. Therefore, if they do not repay the loan properly, they will use the house for the loan and repay the property. It is very easy to get a home loan for those with a credit score above 750. Holders of existing home loans can also transfer their home loan to a bank that offers lower interest rates. This way you can make a huge amount of profit. Most banks usually charge an interest rate of 6 %to 7 %, but if you pay such an amount for 20 years as interest only, the same amount will be charged as interest on the first installment. So even if you think the interest rate is low when you hear it quickly, you are spending a huge amount.

Read More >> Used Car Loan upto 95% | How to apply

If you take about Rs 25 lakh at 6.65% interest for 30 years, you will have to pay a monthly EMI of Rs 16,049. In other words, when you pay for thirty years, you will have to pay Rs 57,77,682. Of this, Rs 32,77,682 is paid as interest only. In other words, such a large amount has to be paid in interest for Rs 25 lakh. From this we can understand exactly how low the interest rate home loan is but the large amount that has to be repaid. In addition to this, if you make any kind of delay in payment, then the amount to be paid will also vary. For all these reasons, before you take out a home loan, think about whether you need it and take only the amount you need.

 

സബ്സ്ക്രൈബ്

 

Check out the interest rates charged by different banks for 20 years for the loan amount of Rs 15 lakh.

SBI charges an interest rate of 6.7% for a home loan. If Rs 15 lakh is taken at an interest rate and paid as EMI at the rate of Rs 11,361 for 20 years, the total repayment will be Rs 27,26,618. Of this, Rs 15 lakh is loan amount and the remaining Rs 12,26,618 is going as interest.

Kotak Mahindra Bank charges 6.65% interest on home loans.If Rs 15 lakh is taken at an interest rate for 20 years and paid as EMI at the rate of Rs 11,316 for 20 years, the total repayment will be Rs 27,15,949. Of this, Rs 15 lakh is loan amount and the remaining Rs 12,15,949 is paid as interest.

Read More >> Things to Know While You Close Your car Loan

HDFC Bank charges 6.75% interest on home loans.If Rs 15 lakh is taken at an interest rate for 20 years and paid as EMI at the rate of Rs 11405 for 20 years, the total repayment will be Rs 27,37,310 Of this, Rs 15 lakh is loan amount and the remaining Rs 12,37,310 is paid as interest.

Federal Bank charges 7.65% interest on home loans.If Rs 15 lakh is taken at an interest rate for 20 years and paid as EMI at the rate of Rs 12,222 for 20 years, the total repayment will be Rs 22,33,247. Of this, Rs 15 lakh is loan amount and the remaining Rs 14,33,247 is paid as interest.

Union Bank and panjab national bank charges 6.8% interest on home loans.If Rs 15 lakh is taken at an interest rate for 20 years and paid as EMI at the rate of Rs 11,450 for 20 years, the total repayment will be Rs 27,48,025 Of this, Rs 15 lakh is loan amount and the remaining Rs 12,48,025 is paid as interest.

Central Bank&Bank of baroda charges 6.85%interest on home loans.If Rs 15 lakh is taken at an interest rate for 20 years and paid as EMI at the rate of Rs 11,495 for 20 years, the total repayment will be Rs 27,58,755. Of this, Rs 15 lakh is loan amount and the remaining Rs 12,58,755 is paid as interest.

Bank of maharashtra, Axis bank, canara bank, IDBI, LIC HOUSING Loan
charges 6.9%interest on home loans.If Rs 15 lakh is taken at an interest rate for 20 years and paid as EMI at the rate of Rs.11,540 for 20 years, the total repayment will be Rs 27,69,510 Of this, Rs 15 lakh is loan amount and the remaining Rs 12,69,510 is paid as interest.

This way you can make sure you have a credit score above 750 and find a bank that charges low interest rates for your home loan and apply for a loan. Watch the video to know more.


Spread the love
Leave a Comment

Comments

No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *