These 5 banks offer lowest home loan interest rates

economictimes.indiatimes.com:

The RBI states that banks are permitted to charge borrowers a margin plus risk premium in addition to the external benchmark rate. Interest rate on home loans depend on various factors such as Cibil score, loan amount, tenure, income etc. The duration of home loan typically ranges from 3 to 30 years because home loans include a significant amount of money.Here are 5 banks offering the lowest interest rates on home loans.What is the difference between a fixed rate and floating rate of interest?

Home loan FAQs: Interest calculation to repayment period, home loan prepayment charge

In the case of a fixed interest rate, the interest is constant for the course of the loan regardless of changes in market circumstances, while in the case of a floating interest rate, the interest might change based on changes in the market.

According to the Union Bank of India website, there are two types of insurance covers available for Home Loan; Property insurance, liability insurance: Property Insurance Insurance coverage is necessary to protect the Bank's interest against any loss to the Property caused by unforeseen catastrophes and natural disasters. A property insurance policy should cover both the building and any belongings inside. Liability Insurance or Life Insurance This is entirely up to the borrower's discretion and is optional. To ensure that family members are taken care of in the event of an unpleasant circumstance, it is always good to obtain liability and life insurance coverage. As per the website, “For the benefit of the borrowers, one time Liability Insurance premium can be added in the cost of the property so that the burden can be reduced.”Wh