Applying for a home loan? Take a look at interest rates offered by top banks

Following the Reserve Bank of India’s (RBI) announcement of a 50 basis points hike on August 5, the repo rates are back at the pre-pandemic level of 5.40 per cent. The effects of the increased repo rate, the rate at which RBI lends money to the banks, will soon be passed on to the borrowers across categories of loans both secured and unsecured.

However, home loan borrowers are likely to be affected the most as the interest burden over long-term tenures is more. Many leading banks including ICICI have already announced a hike in their home loan rates and others are expected to follow suit soon. If you have looking to apply for a home loan, here is what the top banks are offering.

The home loans of India's largest public sector lender SBI are available at an interest ranging from 7.55 to 7.95 percent, depending upon the borrower's CIBIL score and other credentials. SBI loans come with a repayment tenure of up to 30 years and no pre-payment charges make it an attractive offer. Further, the bank also offers a 0.05 per cent concession on the interest on home loans for women borrowers. SBI charges processing fees of 0.35 per cent of the loan amount to a maximum of Rs 10,000 plus applicable GST rates.