Here’s where to find home loans with lowest interest rates

With no possibility of the RBI lowering the repo rate and banks providing higher interest rates, the cost of home loans is likely to rise.

The next MPC meeting of the RBI will be held in August. There is little expectation of a reduction in interest rates.
 

The repo rate is unlikely to be reduced because the Reserve Bank’s committee focuses on retail inflation data when deciding on rate cuts.
 

With retail inflation currently exceeding 5%, there is little expectation of a reduction in the repo rate.
 

Banks may raise interest rates because, in recent months, many have increased the interest on deposits. 
 

Higher deposit interest rates lead to higher borrowing costs, including for home loans. Thus, banks may increase home loan interest rates as well.
 

•    RBL Bank: 8.20%
•    UCO Bank: 8.30%
•    Union Bank: 8.35%
•    Indian Bank: 8.40%
•    IDBI Bank: 8.45%

•    Punjab National Bank: 8.40%
•    Bank of Baroda: 8.40%
•    Canara Bank: 8.45%
•    State Bank of India (SBI): 8.50%
•    Karnataka Bank: 8.50%

•    Kotak Mahindra Bank: 8.70%
•    South Indian Bank: 8.70%
•    J&K Bank: 8.75%
•    HDFC Bank: 8.75%
•    Axis Bank: 8.75%