What is the Present Housing Bank Rate of Interest? Birla Evara
People looking at Birla Evara ask,“What is the present housing bank rate of interest?” It is a valid question for buyers to ask. A small difference in interest rate can mean paying a large sum over time. The loan rate of interest in India at present starts at 7.35% per annum.
The different types of home loans are:
- Fixed Rate:In these, the interest rate remains the same, and EMIs are not affected by market rates.
- Floating Rate:Also called a variable rate of interest, it is based on the market lending rates. EMIs can change during the tenure of the loan.
- Hybrid Rate:For these, the rate is fixed for a period and then changes to a floating rate.
Buyers must compare the rates offered by different banks before deciding on a loan for Birla Evara. The present housing bank rate of interest varies from bank to bank.
Some banks with low rates are:
Bank of India, Indian Overseas Bank, Bank of Maharashtra, and Union Bank of India.
Here are some bank rates of interest:
| Bank | Interest Rate |
|---|---|
| Bank of India | 7.35% to 10.10% |
| Bank of Maharashtra | 7.35% to 10.15% |
| HDFC Bank | 7.90% onwards |
| HSBC Bank | 7.70% onwards |
| ICICI Bank | 7.70% onwards |
A housing finance company (HFC) is a non-bank company that gives home loans. Aditya Birla Capital is a top HFC in the country, whose rate of interest is from 8.25%. Its website has details such as the interest rate calculator. The sales team helps with processing fees and loan eligibility.
Some factors that determine the interest rate of a home loan are:
- Credit Score – With a higher credit score, it is easier to get a lower interest rate.
- Occupation and Income – The occupation and income impact the rate, and salaried people with steady incomesget lower rates.
- Type of Loan and Tenure – The higher the loan, the lower the interest, and the rates are lower for longer tenures. There are standard rates for regular home loans. Interest rates on plot loans or home loans for NRIs are usually higher.
- Property Location and Size – Properties in prime areas usually are charged a lower interest rate.
- Type of Interest – The rate will change based on whether a fixed, floating, or hybrid scheme is being applied for.
The prices of apartments in Birla Evara start at Rs. 68 lakhs onwards for a 1-BHK. The builder, Birla Estates, is a well-known name with a strong reputation in the market. Buyers can get loans from many banks and HFCs like Aditya Birla Housing Finance Ltd.
