The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part of the borrower giving the banker a conditional ownership over the property i.e. if the borrower failed to pay back the loan, the banker can retrieve the lent money by selling the property.
Home Loans are provided by almost every bank these days and even the rates are competitive enough to cater to the needs of the applicant. Most of you the applicants look for home loans at best interest rates and the lending institutions don’t disappoint them.
Different banks charge different interest rates for Home Loans. The rate of interest also varies based on the different aspects like 1.) The amount of the loan; and (2) period for which loan is intended to be availed etc.
It becomes extremely important for the consumer who wishes to avail Home Loan that he or she is able to get the loan at lowest rate of interest so that they can save on EMI.
It is not possible to give the name of one bank which charges the lowest rate of interest for all tenures and all levels of loan amount. Moreover, these rates are frequently changed by banks and that too without announcing. Hence, once you visit the bank you will get to know what the current rate of interest is going on. Sometimes the details are not even updated on the website or they are so confusing that it becomes impossible to decipher the details. Hence a physical visit to the bank is recommended.