The beginning of March this year has given new hope to the home borrowers as many public sector banks reduced their home loan interest rates to the lowest. The state bank of India is offering the lowest interest rates @ 6.7 %  on the home loan below 75 Lacs which is valid only till 31 March 2021. However, the borrower taking a home loan above 75 lacs, will need to pay 6.75% interest rates on their home loans. These home loans are easily available to salaried applicants having a CIBIL score over 800.

On International Women’s Day SBI even announced a further reduction in Home loan interest rates to the women home loan borrower. With this new announcement by SBI, women will get an additional concession of 5bps on borrowing home loans from SBI.

After SBI, ICICI bank also is going to offer the lowest home loan interest rates to the borrower till March 31st, 2021. The interest rates will be 6.7% which is the lowest in the past 10 years. One can get this interest rate below the amount of 75 Lacs, however, if you are planning to borrow a home loan of more than 75 lacs then you will need to pay interest rates of 6.75%.

To add on further, most of the public sector banks have waived off home loan processing charges which is like the cherry on the cake.

Compare Home Loan Interest Rates

You can check the following table to compare home loan interest rates which are Valid till March 31st, 2021.

So, If you are planning to purchase a home in the coming one or two months it’s time to speed up the process. You might need to pay more interest rates after March 31, 2021. With the decrease in home loan interest rates and stamp duty registration charges in few states like Maharashtra and Karanataka, this is the best opportunity to save your money. Even If you have a present home loan from any of the banks and you are paying more interest rates then this is the time to go with a home loan transfer.

If you are a first time home buyer then check this guide to reduce your Home Loan EMI

Guide to Reduce Your Home Loan EMI

Find A Lender

The very first step that you need to take is to go hunting home loan lenders who can get you the home loans with the lowest interest rates. But at the same time, you have to make sure there are no hidden charges and misleading information shared by the home loan lender. So, make a choice of reputed home loan lender with the lowest interest available with them. To find out the lowest home loans available in your city, you can go online and compare the home loans. Once you shortlist the lenders, you can go personally and have a discussion with the authorized person available in the bank or any home loan lending company.

Decide Your Home Loan Tenure

Home loan tenure plays a vital role in decreasing and increasing your home loan EMI. More the tenure you go with the less will be the EMI you will need to pay. However, you have to keep one more thing in mind that as you go on stretching your home loan tenure you will need to pay more interest against your home loan. So, you should find a perfect balance and opt-in for the tenure that would save on interest rates at the same time will not hamper your expenses for daily needs.

Down Payment

Instead of paying the minimum required down payment, go with paying a bigger amount as a down payment if possible. Paying more downpayment will help you save more on interest rates and you can also save on your easy monthly installments and save yourself from the stress of paying EMI every month. However, if you can not pay a hefty amount of downpayment then do not go for it and create financial struggle unnecessarily.

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