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Home Loan latest Interest Rates: After the Reserve Bank of India cut the repo rate by 50 basis points and 1 percent 3 times in the June policy, banks have started making home loans cheaper. Public sector (PSU banks) Union Bank of India, Canara Bank, and Indian Overseas Bank have cut the interest rates on loans by 0.50 percent. Earlier, the Bank of Baroda and HDFC Bank had also cut interest rates.

Union Bank Home Loan Interest
Union Bank said in a statement that the External Benchmark Lending Rate (EBLR) and Repo Linked Lending Rate (RLLR) have been cut by 0.50 percent. That is, Union Bank has reduced the interest rates for loans linked to EBLR and RLLR in line with the recent RBI cut in repo rate. After this cut, RLLR has come down to 8.35 percent, which was earlier 8.85 percent. The new rates have come into effect from June 11, 2025.

Canara Bank Home Loan Interest
Canara Bank has also announced a cut of 0.50 percent in the repo-based interest rate. According to the bank's statement, with this cut, the repo-based interest rate has come down from 8.75 percent to 8.25 percent. The new rates have come into effect from June 11, 2025. With this move of the banks, loans related to repo-based interest will become cheaper. This will benefit new and existing retail customers taking housing loans, vehicle loans, and personal loans as well as MSME borrowers.

HDFC Bank Home Loan Interest
HDFC Bank has also reduced its MCLR by 0.10 percent. This will benefit those who have taken loans. HDFC Bank has changed the MCLR for different periods and cut the interest rates of different periods by 10 basis points. For example, the rate of overnight and one-month term loans is now 8.90%, which was 9% earlier. The interest rate on a three-month term has been reduced from 9.05% to 8.95%. The rate of six-month and one-year term loans is now 9.05%, which was 9.15% earlier. The rate of two- and three-year term loans has also come down to 9.10%, whereas earlier it was 9.20%.

Bank of Baroda Home Loan Interest

BOB said in a statement that according to the reduction in repo rate by RBI, the bank has reduced its RLLR by 0.50 percent. This means that according to the changes made by RBI, BOB has also changed its interest rates. The bank said that now its RLLR is 8.15 percent. BOB also said that it has made the same cut as RBI has done.