New Delhi. Most of the banks and housing finance companies of the country give loans easily to the employed people. In fact, due to the regular income of the salaried people, the chances of loan default are very less. In such a situation, the lenders consider them as the most reliable borrowers. In such a situation, on the basis of their credit score and past loan payment records, interest rates are also discounted. At the same time, most banks charge a little more interest on loans from non-salaried people. However, some banks and housing finance companies are also providing home loans to non-salaried people at affordable rates. Let us tell you that at present the rates of cheap home loans are running between 6.55 to 6.8 percent.
The Reserve Bank of India (RBI) announces policy rates from time to time. Based on these, some banks offer affordable rates to the non-salaried as well. Punjab National Bank (PNB), one of the public sector lenders, is offering an interest rate of 6.55 per cent on loans above Rs 75 lakh for 20 years. For this, customers will have to pay an installment of Rs 56,139 every month. Let us know that apart from PNB, which banks and housing finance companies are currently providing home loans to non-salaried people at the lowest interest rate.
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Kotak Mahindra Bank is giving the cheapest loan from 2020
Private sector Kotak Mahindra Bank is continuously providing the cheapest home loan to the customers from 2020. At present, this bank is providing loans for non-salaried borrowers at an interest rate of 6.6 percent. Even if you do a balance transfer of your home loan from any other bank, the interest rate will remain the same. If you take a loan of more than Rs 75 lakh from this bank for 20 years, then you will have to pay an EMI of Rs 56,360.
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Interest Rates of LIC Housing and SBI
Government-owned LIC Housing Finance has an interest rate of 6.66 per cent for home loans above Rs 75 lakh for 20 years. In this the EMI will be Rs 56,627. The country’s largest lender State Bank of India (SBI) charges a minimum interest rate of 6.7 per cent even from non-salaried customers. At the same time, mortgage lending HDFC and Tata Capital also offer loans to such home loan customers at the same rate of interest. Their EMI will be Rs 56,805.
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BoB and IDBI also charge same rate of interest
Government lender Bank of Baroda charges the same rate of interest to salaried and non-salaried borrowers for taking a loan of Rs 75 lakh for 20 years. At present, its interest rate is 6.75 percent. Apart from this, IDBI Bank also charges the same interest rate from both types of borrowers.
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