Home loan interest rates and EMI in top 14 banks, in November 2020 | Agrawal Builders BLOG

The festive season is on and the real estate housing market is expecting a revival in demand. Major Banks have already dropped their interest rates on home loans, which are now as low as around 6.75%. Sectors like auto, steel, cement, etc., have shown signs of revival that indicate chances of a surge in housing hike, as well. The finance minister has also introduced an Atmanirbhar Bharat scheme 3.0 which indicates that the government will take all measures, to improve economic demand.

The Reserve Bank of India (RBI) has continuously taken steps for monetary easing and in the near future, it is expected to slit the interest rate further.

The global economy is now showing a sought of stability after the US election and also the coronavirus vaccine research is showing great hope, several pharmaceuticals companies are claiming to provide the vaccine in the upcoming days. The share market in India and other major economies bounce back and are on all-time highs.

Interest rate and processing charge on home loan by banks (with indicative EMI) :

Lender’s NameFloating interest rate (per annum)EMI per Rs one lakh (in Rs)Processing fee
Axis Bank7.75-8.55821-871

Up to 1% of the Loan amount, subject to a minimum of Rs 10,000.

Bank of Baroda6.85-8.20

766-849

0.25% to 0.5% of the loan amount (Rs 8500 to Rs 25,000).

Bank of India6.85-7.75

766-821

0.25% of loan amount (Minimum of Rs 1,500 and maximum of Rs 20,000).

Canara Bank6.9-8.9

769-893

0.50% (Minimum of Rs 1,500 and maximum of Rs10,000).

Central Bank6.85-7.3

766-793

0.50% of the loan amount, subject to a maximum of Rs 20,000.

Indian Bank7.0-7.15

775-784

0.230% on the loan amount, with a maximum of Rs 20,470.

HDFC Ltd6.90-8.0

769-836

For salaried individuals and self-employed professionals: Up to 0.50% of the loan amount or Rs 3,000, whichever is higher.
Self-employed non-professionals: Up to 1.50% of the loan amount or Rs 4,500, whichever is higher.
(Taxes extra)
ICICI Bank6.90-8.05

769-840

0.50% of the loan amount, plus applicable taxes.

IOB7.05-7.3

778-793

0.5%, up to Rs 25,000.

PNB7.10-7.75

781-821

Full waiver of upfront/processing fees and documentation charges during the festival bonanza period from September 7, 2020, to December 31, 2020.

SBI6.95-7.6

772-812

0.40% of the loan amount plus applicable GST, subject to a minimum of Rs 10,000 and a maximum of Rs 30,000, plus GST.

South Indian Bank7.90-9.55

830-935

0.50% of the loan amount (Minimum of Rs 5,000 and maximum of Rs 10,000).

UCO Bank7.15-7.25

784-790

0.50% of the loan amount (Minimum of Rs 1,500 and maximum of Rs 15,000).

Union Bank6.8-7.40

763-799

0.50% of the loan amount, subject to a maximum of Rs 15,000 (plus applicable tax).
Data taken from respective bank’s website, as on November, 2020

Even though a small modification in interest rates makes heaps of difference, once it involves the overall cost of the home loan compensation, consumers should be conscious of the actual fact that rates aren’t the sole criterion, supported that they ought to decide their usurer. a bit like builders or developers, you must choose your investor with utmost caution.

Written By – Mukund Kumar Pandey

About Agrawal Builders: It is a premium real estate developing firm in Bhopal with a wide range of residential properties and beautiful amenities like a modern clubhouse, gymnasium, swimming pools, parks, and garden, etc.

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