Most of the banks offer special offers during the festive season under which they provide home loans at affordable rates...

New Delhi:

After the recent hike in the repo rate by the Reserve Bank of India (RBI), that is, the Reserve Bank of India, almost all the banks have also increased the interest rates.

RBI had announced a 50 basis point (bps) increase in the repo rate on 30 September as part of the monetary policy review, taking the repo rate in the country to 5.9 percent.

State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda and ICICI Bank, after the hike by the Central Bank (RBI), have also increased the rate on loans given by them. Interest rates have been revised, which simply means that taking loans from banks will become more expensive than before, and the monthly installments (EMIs) to be paid for their payment will increase.

So, now those who are planning to take a fresh personal loan, car loan or home loan to buy a house, they will get more due to changes in the interest rates by various banks and Non-Banking Financial Institutions (NBFCs). The amount will have to be paid.

But don't be discouraged - you can still get a cheaper home loan despite the hike in interest rates.

Read below, and learn how...

Festive Offers


Most of the banks offer special offers during the festive season under which they make home loans available at affordable rates.

In addition, some banks also reduce or eliminate their processing fees for home loans during festivals.

You can make your home loan affordable by accepting such offers.

Credit Score


The credit score of any person is a record of his past loans, and it is known from this that how much the bank considers him to be eligible for giving loans.

When you apply for a home loan with any bank, banks check your credit score and past record to determine your eligibility for the loan.

But at the same time, if you have a good credit score, you can get a home loan at a lower interest rate, whereas if you do not have a good credit score, you will be given a loan at a higher interest rate.

Explore Options


Today, many banks and Non-Banking Financial Institutions (NBFCs) are offering home loans at different interest rates.

It is better to explore the various options available in the market than to choose any lender in a hurry and get the best home loan interest rate as per your eligibility.

However, interest rates from different institutions can vary greatly depending on your profession (business) and credit score and past record.

Also, the interest rates may vary depending on the loan amount and the tenure chosen for loan repayment.

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