Now Home loan has become cheaper, These 6 banks have reduced interest rates, lets check out

Good news for common people. Now you can easily build your dream home. Because Home Loan has become so much cheaper. Yes you’ve heard it right. Recently, the RBI decided to lower the repo rate, and now six major banks in the country have followed suit by cutting their home loan interest rates. This includes well-known banks like Canara Bank, Punjab National Bank (PNB), Union Bank of India, and Bank of Baroda, which have all reduced their repo linked lending rate (RLLR) by up to 0.25 percent.

So, what’s RLLR?

RLLR, or Repo Linked Lending Rate, is the interest rate that banks charge their customers for loans, and it’s directly tied to the RBI’s repo rate. If you choose a home loan linked to RLLR, your interest rate will go up or down based on changes in the RBI’s repo rate. Most borrowers opt for a floating rate, which is linked to RLLR. With the recent RLLR cuts, banks are giving customers the choice to either lower their EMI or shorten their loan tenure.

Canara Bank

Canara Bank has slashed its RLLR from 9.25 percent to 9.00 percent, effective February 12, 2025. This new rate applies to accounts opened after that date.

Bank of Baroda

Bank of Baroda has lowered its RLLR to 8.90 percent, effective February 10, 2025. Both existing and new customers will benefit from this change.

Bank of India

Bank of India has cut its RLLR from 9.35 percent to 9.10 percent, with the new rate taking effect on February 7, 2025. This will help reduce EMIs for both new and existing customers.

Union Bank of India

Union Bank of India has also reduced its RLLR from 9.25 percent to 9.00 percent, effective February 11, 2025, providing some interest relief for new home loan borrowers.

Indian Overseas Bank

Indian Overseas Bank (IOB) has decreased its RLLR by 25 basis points, lowering it from 9.35 percent to 9.10 percent, effective February 11, 2025.

Punjab National Bank (PNB)

PNB has lowered its RLLR from 9.25 percent to 9.00 percent, effective February 10, 2025. This change means that customers of PNB will benefit from more affordable home loans.