Buying a house? These 6 banks offer lowest home loan interest rates

livemint.com:

home loan may turn out to be an onerous task. Any wealth advisor worth their salt would advise you to weigh all the available options before you can zero in on the ‘right’ lender that can offer the best deal to you. Although different banks offer home loans at different rates of interest, the borrowers with a high credit score are usually offered loans at a lower rate of interest, and those with a lower score are given loans at a higher interest rate.

Here we give a lowdown on the home loans given by top lenders, and the rates of interest they offer: State Bank of India: As of now the State Bank of India (SBI) — under a special campaign — is offering home loans for a rate of interest that ranges between 8.6 percent to 9.65 percent per annum. Borrowers with CIBIL score of 750 plus are entitled to 8.6 percent effective rate and those with CIBIL score between 700-749 are entitled to a home loan for an interest rate of 8.7 percent per annum. This is relatively cheaper than the normal rate of interest (known as card rate) by 55-65 basis points.

Higher the CIBIL score, lower the rate of interest and lower the score, higher the interest rate. (Source: Various bank websites) ICICI Bank: This private bank offers home loans for anywhere between 9.25 to 9.65 percent (for salaried persons) and 9.40 percent to 9.80 percent (for self-employed) for houses costing up to ₹35 lakh. For the home loans ranging between ₹35 to 75 lakh, the rate of interest ranges between 9.5-9.8 percent (salaried employees), and 9.65 – 9.95 percent for self-employed.