Good news for all the people interested in buying your new house, Home loan interest rates have fallen to a new low and have come down by 2.5%. If you want a loan for Rs 27 lakhs add Pradhan mantra Was Yojna benefits, tax exemption, you can get the loan at 2.5% interest payment which is way cheaper than before.
However, you have to be eligible for Pradhan mantra Was Yojana (PMAY) if you are not, then the Home loan interest rates would be at 4%.
Home loan interest rates fall, reaches new low, see best home loan schemes
Again there are more eligibility criteria to the Home loan interest rates, if you are not eligible for Pradhan Mantri Was Yojna followed by cant get tax exemptions then the house loan would be available at 6 per cent approximately coming close to 6.80 %
Home loan interest rates in comparison with 2000, 2002, and 2020, in the 2000 year the interest at Rs 27 lakh was Rs 3.57 lakh, in 2002 Rs 2.90 lakh and now in 2020, the interest would be Rs 1.85 lakh.
Home loan interest rates change rapidly, so before the rates go up, it is better to get lined up and take the loan at a lower interest rate.