Mortgage interest rates: Check out the latest rates from major banks


Latest mortgage interest rates: Here is a list of banks that offer variable rate home loans.

Latest mortgage interest rates: Here is a list of banks that offer variable rate home loans.

In 2020, the Indian economy suffered a huge shock due to the Covid-19 pandemic. As a result, the Reserve Bank of India lowered the repo rate to 4%, a record high to boost lending and economic recovery.

This in turn prompted banks to lower their floating interest rates on home loans. As the economy had experienced enormous difficulties due to the pandemic, the real estate sector also suffered price corrections to empty its inventory. This has led to making the housing market economical for a buyer.

If you had thought of buying a house, you might think of buying a house now at decades of low interest rates.

BankBazaar says homebuyers need to be mindful of their credit rating, which is now more relevant than ever. It is important to understand that repo linked home loans introduced by banks usually also have a credit risk margin. According to this, the lowest possible interest rates are usually reserved for eligible applicants with stellar credit scores above 750-800.

If you are considering buying a home, it is suggested that you maintain a good credit rating to get the lowest possible rates.

Here is a list of 15 banks that offer variable rate home loans starting at less than 7% pa

Latest mortgage interest rates. (Image: Bankbazaar.com)

To note:

1. The applicable interest rate in your case would be calculated based on factors such as the size and location of your property, your age, income, gender, credit rating, loan amount, lender, among other conditions set by your bank, as mentioned by BankBazaar.

2. When the RBI increases the pension rate, the EMIs for pension-linked loans would also increase proportionately. Therefore, you can make maximum partial prepayments in addition to EMI payments.

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