The best time to buy a home in India over a period of six years is now as lot of banks have being revising there Home loan rate.
PNB Home Loan Interest Rate Range is 8.9-9.1%, SBI have 8.6-8.7%, ICICI Bank have 8.7-8.8%, HDFC LTD 8.7-8.75% and various other banks are following the trend. The Prime Minister Shri Narendra Modi has announced a special home loan subsidy scheme to promote “housing for all”.
The most preferred home loan provider in India SBI have cut the Interest rate to the lowest in six years to 9.1%, HDFC have cut home loans rate by 0.45% , Axia bank have reduced interest rates for loan against property by 0.65%, DHFL has cut home loan rate by 0.5%.
For loans upto Rs 75 Lakh SBI have reduced from 9.3% to 9.1%, ICICI Bank have reduced from 9.35% to 9.2% while HDFC have reduced from 9.35% to 9.2%.
So for those who have been willing to buy a property in India, this is a good time to get a Home Loan. Housing Loans are all set to become cheaper with several PSU and private banks steeply reducing benchmark lending rate by up to 1.48 per cent after spurt in deposits following demonetization.