Lowest EMI Home Loan available in India 2024

In order to crack the best deal for yourselves, you must find out the lowest home loan available in the market. A shelter is considered as a basic need for a person, in fact the necessary want. However, unlike the pre-civilized times where shelter was free and available in abundant amount, nowadays we have to buy home on our own. This is actually a result of increasing population and dearth of land. Buying a home with payment of full amount can be difficult, if you have no enough savings. Therefore, there is another option of borrowing the amount to buy a home from bank or any other financial institution. This is generally called as home loans, in financial field.

Home Loans and Affecting Factors in India

• PLR, CRR, SLR: PLR is a short form of prime lending rate. It is a primary base of interest rates of various financial institutions. The loan rates will change directly as per the changes in PLR. Cash Reserve Ratio (CRR) is also a prominent determinant of the interest rates overall India. It is a total ratio of the amount which banks have to keep with RBI in cash. If the CRR increases, loan rates may also increase as a consequence. Statuary liquidity ratio amounts to the total liquidity a bank needs to keep with itself. It also affects interest rates directly.
• Loan type and duration: Generally, secured loans have low interest rates, while unsecured loans have high interest rate. If the loan is for shorter duration, then the interest rate may be high and vice-a-versa.
• BPLR: Benchmark Prime Lending rate, commonly known as BPLR, is an interest rate below which no bank can lower its loan rate. It also determines the maximum loan rate above which no bank should increase their rate.
• Repo rate and Reverse Repo rate: Repo rate represents the loan interest rate of RBI, when it offers money to banks. Reverse repo rate is the rate that banks offer to RBI on loan. Both of these rates affect the interest rates on various types of loans.

After considering all these factors, one has to study the current home loan rates and future changes in these figures. Following are some of the bank interest rates for housing loans:

Lowest Home Loan Interest Rates 2024

Among all these banks, State bank of India and Axis Bank are considered best for the housing loans. SBI loan rates, being unchanged for a long period, can be considered as fixed and secured. Apart from that the EMI is affordable and lowest; which is convenient for most customers in India. There are some other banks also which provide lowest rates like UCO Bank and UBI. However, the final decision should solely based on one’s financial needs and personal requirements.