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Diwali is approaching. People plan to buy or build a home on this auspicious occasion. In today's inflation, it's difficult to afford a home. Therefore, people consider taking out a home loan. If you're also considering a home loan, this article may be helpful.

Today, we'll tell you which banks offer home loans at lower interest rates. Lower interest rates also reduce your EMIs, making them less of a burden.

We've listed some of the major banks below.

Where can you find the cheapest home loans?

Bank Interest Rates
State Bank of India 7.50% - 8.95%
HDFC Bank 7.90%
ICICI Bank 7.70%
Axis Bank 8.35% - 11.90%
Punjab National Bank 7.50% - 9.35%
The interest rate on home loans also depends on several other factors. For example, if the CIBIL score is good, banks may offer loans at lower interest rates. Using the CIBIL score, banks assess the borrower's ability to repay the loan.

The higher the CIBIL score, the lower the chances of getting a loan.

Similarly, banks offer interest rates based on income sources. If the income is stable, a loan can be obtained at a lower interest rate. However, banks often hesitate to lend to individuals whose income source is unstable.

You can also reduce the loan interest rate by increasing the down payment. Also, be sure to consider various charges such as processing fees and late charges when taking a loan. If you can borrow money from a friend or relative to purchase a home, avoid taking a loan.

Disclaimer: This content has been sourced and edited from Dainik Jagran. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.