Mumbai: Recent consecutive rate cuts by RBI seem to have brought a sigh of relief for home loan borrowers. Passing it on, banks by way of reduced lending rates and, ultimately a lower EMI, will keep some cash in your pockets.
Usually, the processing fee to be paid upfront is 1% of the loan amount for tenure ranging from 1 year to 30 years. Presently interest rates start from 8.70%, however opting for floating rate option may bring it further down on further rate cuts by RBI and consequent prime lending rate by banks.
The home loan interest rates and processing charges may vary. It also depends on your property’s location, total amount being borrowed, existing loans, CIBIL score and your monthly salary. At the time of writing, there was no prepayment charge listed by the above banks.
Do not miss to check for concession in interest rates for female applicants.
