Home Loan @ 6.90%*

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Home Loan Interest Rates 2021

Bank Name Interest Rate Processing Fee Loan Amount  Tenure
HDFC Home Loan 6.95-7.50% (floating) Up to 0.5% Rs 5 lac- 10 cr 1-30 years
Axis Bank Home Loan 7.85-11.75% (fixed/floating) 0.50% Rs 5 lac- 10 cr 1-30 years
ICICI Bank Home Loan 7.45-10.35% (floating rate) up to 0.50% + tax Rs 5 lac- 10 cr 3-30 years
PNB Housing Loan 8.85-9.85% up to 0.25% + GST Min. 8 lac 1-30 years
SBI Home Loan 6.95-7.50% 0.35% Rs 5 lac- 10 cr 1-30 years
Bank of Baroda 6.85-7.85% Loan amount up to Rs.50 lakh – 0.50% 
Loan amount above Rs.50 lakh – 0.25%
Rs 1 lac- 2 cr 30 years
Canara Bank 6.90-8.90% 0.50%  Rs 1 lac- 50 lac 30 years
DHFL Home loan 9.75-10.50% up to 0.50% Rs 1 lac- 3 cr 1-30 years
Federal Bank Home Loan 8.5-10 years Up to 0.50% Rs 10 lac-15 cr 1-30 years

home loan Home Loan

A Home Loan is a secured retail product provided against the value of property or house that you want to buy. A Home Loan can be availed for buying a house, constructing a new place or renovating an old house. A home is a place where we live the best moments of our lives. But buying your own house is not an easy task.

It needs good funding. If you want to buy a new house and need finance to fulfil your dreams, you can apply for a home loan. A home loan is designed to cater to all these needs. All major Banks and non-banking finance companies provide home loans throughout the country.

Compare all offers online across the leading banks and NBFCs of India with Dialabank. Get the Lowest Interest Rates for your home loan by applying online or contact us on  98789-81166.

Top 10 Banks Offering Lowest Home Loan Interest Rates in India

Lenders Lowest Interest Rate EMI/Lakh**
Kotak Mahindra Bank 6.65% Rs. 641
HDFC Bank 6.95% Rs. 646
ICICI Bank 6.70% Rs. 646
Bank of Baroda 6.75% Rs. 648
Union Bank of India 6.80% Rs. 652
Punjab National Bank 6.80% Rs. 652
Bajaj Finserv 6.80% Rs. 652
Punjab & Sind Bank 6.85% Rs. 655
Central Bank of India 6.85% Rs. 655
Tata Capital Housing Finance 6.90% Rs. 658

Home Loan: Features

The main features of a home loan are as follows:

  • Low-Interest rates: Home loans are cheaper than the other loans because of its long term tenure period. 
  • Tax Benefits: Availing of a home loan can provide you with tax benefits on both principal amount as well as interest rates. Section 24 and 80 C allows a person to claim a tax deduction of up to 2 lakh on availing a home loan.
  • Home Loan balance transfer: allows a person to transfer the entire outstanding amount to a new lender, who offers a lower rate of interest.
  • Flexible Loan Tenures: The home loan tenures usually go up to 30 years. An individual can also choose to prepay the entire amount if he is eligible to do so. 

Compare and Apply for Home Loan Online

Lenders Lowest Interest Rate EMI/Lakh** Processing Fees (exclusive of GST)
Kotak Mahindra Bank 6.65% Rs. 641 Up to 0.50% plus statutory dues
ICICI Bank 6.70% Rs. 646 0.50% – 2.00% of the loan amount or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher
Bank of Baroda 6.75% Rs. 648 0.25% – 0.50% of loan amount (Min. Rs. 8,500 & Max. Rs. 25,000)
State Bank of India 6.75% Rs. 648 Up to 0.4% of the loan amount (Min. of Rs 10,000 & Max. of Rs. 30,000)
Union Bank of India 6.80% Rs. 652 0.50% of the loan amount (Max. Rs. 15,000)
Punjab National Bank 6.80% Rs. 652 Up to 0.35% of the loan amount (Min. Rs. 2,500 & Max. Rs. 15,000)
Punjab & Sind Bank 6.85% Rs. 655 0.15% – 0.25% of the loan amount (Processing fee concession of 50% till 30.06.2021)
Central Bank of India 6.85% Rs. 655 0.50% of the loan amount (Max. Rs. 20,000)
Tata Capital Housing Finance 6.90% Rs. 659 Up to 0.5% of the loan amount
Axis Bank 6.90% Rs. 659 Up to 1% of the loan amount (Min. Rs. 10,000)
Canara Bank 6.90% Rs. 659 0.50% of the loan amount (Min. Rs. 1,500; Max. Rs. 10,000)

Types of Home Loans 

Banks and NBFCs in India provide different types of home loan options according to various needs. Here’s a list of the main types of housing loans availing in India:

  1. New Home Loans: are offered to customers looking to purchase a new house or property for the first time.
  2. Home Renovation Loans: Home loans for renovation are offered to borrowers who wish to renovate/extend their existing house.
  3. Balance Transfer Home Loan: can be used to transfer an individual’s home loan from one bank to another, looking for lower interest rates. 
  4. Home Purchase Loans: are specifically provided to borrowers seeking to purchase a residential house or flat.
  5. Home Loan for Construction: is offered to customers who are looking to construct a new house on an existing piece of land.
  6. Plot Loans: are loans offered to customers looking to purchase a piece of land or plot for house construction.
  7. Home Loan Top Up: is an add-on facility offered by most banks and NBFCs that allows existing customers to borrow a certain amount above and over the already existing home loan.
  8. Step-up Loans: is when the borrower is given the liberty to pay a lower EMI amount during the earlier days of repayment which gradually increase as the tenure progresses.
  9. Bridge Loan: is a short-term housing financing that helps the borrowers to “bridge” the gap between their existing and new mortgages by allowing them to keep the equity of the current residence as a down payment for buying a new house, waiting for the sale of the old house.
  10. Interest Saver Loan: This allows the borrower to deposit his excess savings in a current account linked to his home loan account. While calculating the interest component, the bank deducts the balance in the current account from the borrower’s outstanding principal.
  11. Home Extension Loan: is a loan that can be availed to extend an already existing residential property by adding space or new rooms to it.

Home Loan Rejection

Do’s Don’t
Ensure that you have researched the loan you want to apply for Do not blindly sign the documents before you read every term and condition on it
Read the fine print before taking the loan Do not forget to compare interest rates offered by different loan providers
Look out for any charges applicable on prepayments and foreclosure Do not default on your monthly payments
Make sure you pay the equated monthly instalments (EMIs) on time Do not apply for a loan just for the sake of it
Ensure that you have a good credit score before you apply Do not sign the home loan agreement before reading the clauses
Apply for a loan amount you are eligible for Do not request for a change in tenure unless you have considered all the aspects
Submit all the necessary documents Do not submit an incomplete or mismatched loan application
Ensure that you have stable employment Do not have too many ongoing loans

What to do if your home loan application is rejected?

Credit score: Since housing loans are typically long-term retail loans, lenders consider the applicant’s ability to repay the loan before accepting or refusing it. Your credit score is essential in determining your ability to repay a loan.

If you have a low credit score, there’s a good chance your loan application will be turned down. Your creditworthiness is measured by your unsatisfactory credit score, which banks and financial institutions accept before approving your loan application. As a result, it’s a good idea to check your credit score and report before applying for a loan.

Loan Amount: Since buying or building a home is a one-time purchase, we sometimes forget the associated financial costs. By taking your current monthly salary, banks and financial institutions determine the maximum loan amount you are eligible for. There’s a good chance your application was turned down due to the loan sum you requested.

If the loan amount requested exceeds your loan eligibility, the lender has the option to refuse your application. In such situations, you may want to consider making a larger down payment on your home loan to reduce the total loan sum.

Other Ongoing Loans: If you have too many other loans, banks can choose to reject your home loan application. Since home loan lenders require that you contribute no more than 50% of your monthly income to your loan repayments, any other long-term loans could result in your application being denied.

Co-applicant: There are times when applications are turned down due to a lack of funds. In such circumstances, a co-applicant, such as a member of your immediate family, may be considered. This will raise the overall amount you are eligible for since the co-income applicant’s and creditworthiness will be considered when determining your eligibility.

Jobs: In some situations, the applicant’s employment status may influence whether or not the loan application is accepted or denied by the lender. If the lender discovers that you have been transferring jobs repeatedly, your application will be denied.

Unstable jobs may have a detrimental effect on your loan application in some cases. Stable jobs with a recognised organisation, on the other hand, will help your application stand out.

Documentations: Housing loans require a lot of paperwork, such as identification evidence, proof of residency, bank account statements, income tax reports, income proofs, property papers, documents authorised by relevant authorities, and so on. Even if one of the necessary documents is missing, your loan lender has the right to refuse your application.

Top Home Loan Schemes & Offers

  1. Kotak Mahindra Bank – Best for Low-Interest Rate
    • Low interest rates start at 6.65% per annum.
    • Loan term of up to 30 years Processing fee of up to 0.50 per cent of the loan sum
    • There are no fees for paying in advance.
    • Balance transfer with the option of a top-up loan is open.
  2. SBI Bridge Home Loan – Best for Short-Term Requirements
    • Attractive interest rates begin at 9.50 per cent per annum.
    • 0.35 per cent of the loan amount is charged as a processing fee.
    • Loans with a maximum term of two years are available.
    • There is no penalty for paying in advance.
    • There are no secret fees.
  3. ICICI Bank Extra Home Loans– Best for Long Term Requirements
    • Low interest rates start at 6.90 per cent per annum.
    • Loans with a maximum term of 30 years are available.
    • 0.5 per cent of the loan amount is charged as a processing fee.
    • Both salaried and self-employed individuals are eligible.
    • There are no fees for paying in advance.
  4. Canara Bank Housing Loan – Best Interest Rate for Women
    • Women’s low-interest rates start at 6.90 per cent per annum.
    • A maximum repayment period of 30 years is available.
    • A fee of up to 0.50 per cent of the loan amount can be charged as a processing fee.
    • Can be used to buy or build a home or apartment.
      There are no fees for paying in advance.
  5. Axis Bank Home Loan – Best Interest Rate for Salaried Employees
    • Low-interest rates starting from 6.90% p.a.
    • Loan amount of up to Rs.5 crore
    • Maximum repayment tenure of 30 years
    • Processing fee of up to 1% of the loan amount
    • No prepayment/foreclosure charges
  6. SBI Home Loan – Joint Home Loan
    • Low interest rates start at 6.70 per cent per annum.
    • Loans with a maximum term of 30 years are available.
    • If you apply via the YONO app, you’ll get a 100% refund on your processing fee.
    • There are no secret fees.
    • Borrowers who are women are eligible for interest rate reductions.
  7. HDFC Reach Home Loans for self-employed professionals
    • Attractive interest rates begin at 8.75 per cent per annum.
    • Repayment terms of up to 30 years are available.
    • 2% of the loan sum as a processing fee
    • With a minimum annual income of Rs.2 lakh, minimal documentation is needed.
    • For lower interest rates, add a female co-owner.
  8. LIC HFL Home Loan for Pensioners/Senior Citizen
    • Low interest rates start at 6.90 per cent per annum.
    • Repayment period of up to 15 years or until age 70
    • A processing fee of between Rs.10,000 and Rs.15,000 is charged.
    • By the age of 70, the loan must be repaid.
    • Individuals over the age of 50 who are already working but have a pension plan are also eligible to apply.
  9. SBI Privilege Home Loan for Government Employees
    • Low interest rates start at 6.95 per cent per annum.
    • There is no payment charge.
    • Loans with a maximum term of 30 years are available.
    • Women’s borrowers would benefit from lower interest rates.
    • When a checkoff is given, interest is reduced.
  10. Axis Bank NRI Home Loan: Best for NRIs
    • Attractive interest rates begin at 6.90 per cent per annum.
    • Loans with a term of up to 25 years are available.
    • Documentation is minimal, and funds are disbursed quickly.
    • Production charges are kept to a minimum.
    • There are no fees associated with the foreclosure.
  11. HDFC Ltd. Home Loan for Purchase
    • Low-interest rates start at 6.75 per cent per annum.
    • Loans with a term of up to 30 years are available.
    • A fee of up to 0.50 per cent of the loan amount can be charged as a processing fee.
    • Through an alliance with AGIF, special arrangements have been made for Indian army personnel.
    • Expert legal and professional advice is available.
  12. Indiabulls Housing Finance Loan for Construction
    • Attractive interest rates begin at 8.75 per cent per annum.
    • Repayment plans that are flexible
    • A processing fee of up to 2% of the loan amount may be charged.
    • There are no fees for paying in advance.
    • Full loan processing on the website or via a smartphone app.

Before you apply for a Home Loan

  • Check the EMI Calculator
  • Current Home Loan Interest Rates
  • Check Home Loan Processing Fees
  • Check Home Loan Eligibility
  • Check all the documentation for the Home Loan
  • Pradhan Mantri Awas Yojana

Home Loan Interest Rates

There are two basic kinds of Home Loan Interest Rates:

  • Fixed-Rate Home Loan: The loan EMIs remain constant for the Fixed-rate home loans, and do not depend on lending rate fluctuations. The rates are usually higher for a Fixed-rate home loan.
  • Floating-Rate Home Loan: The EMI amount for these home loans alter with changes in the interest rates with time. It comprises of Index and Spread in which Index is the benchmark rate that alters with RBI’s policy changes and Spread remains constant as it is the additional charge that a bank adds to cover up the risk factor.
Fixed Interest Rate Floating Interest Rate
Higher Interest Rate Lower Interest Rate
Not affected by financial market conditions Affected by changes in the financial market
Fixed EMIs EMIs change as per interest rate or MCLR
Budget planning possible Difficult to budget or manage financials
Sense of security Generates savings
Suitable for short/medium term (3-10 years) Suitable for long term (20-30 years)
Lesser risk Higher risk
Name of Lender Interest Rate
HDFC 6.95% onwards (floating)
DHFL Home loan 9.75% onwards
Bank of Baroda 6.85% onwards
Axis Bank 7.85% onwards (fixed/floating)
IDBI  10.25% onwards
ICICI Bank 7.45% onwards (floating)
Oriental Bank 10.5% onwards
State Bank of India 7.95% onwards

Other than the interest amount, there are various other fees and charges that your lender might levy on you from the time of applying for the home loan till you repay it entirely. Some of the main charges are as follows:

Home Loan Fees and Charges 

  1. Application Fee is charged by lenders to cover the preliminary expenses that the lender has to bear for conducting the verification.
  2. Processing Fee covers the cost of credit appraisal and depends on the borrowers’ credit profile, income and the home loan scheme. Not all lenders may levy processing fee.
  3. The administrative fee is charged only by those lenders who split the processing fee into two parts. The part that is charged after the loan sanction is known as the administration fee. 
  4. Foreclosure/Prepayment Charges are levied when a borrower prepays the home loan either fully or partially before the end of the loan tenure. All lenders earlier used to charge prepayment penalties and foreclosure charges on the home loan. But RBI has now banned lenders from charging individuals with prepayment penalties on floating rate home loans. As far as fixed-rate home loans are concerned, only some lenders levy these charges.
  5. Repayment Mode Related Charges are levied when the borrowers place a request to their lenders to change their existing repayment mode during the loan tenure period. The fee usually ranges up to Rs. 500 per swap and varies from one lender to another.
  6. Rate conversion/switching fees are charged when borrowers request their lenders to switch or reduce their existing interest rates due to various reasons. The fee varies from one lender to another and usually goes up to 2% of the outstanding principal amount.
  7. CERSAI Charges is the central online security interest registry of India. Potential lenders visit CERSAI website to check whether the pledged property is not claimed by some other lender. For this process, the lenders pay a nominal fee, which they later collect from borrowers.
  8. Overdue Charges on EMI are levied when a borrower misses or delays in any form the timely payment of loan EMIs. It attracts penal interest rates on the outstanding dues or overdue instalment over the prevailing loan interest rates. Therefore, borrowers must pay the loan EMIs on time.
  9. EMI Bounce Charges are levied on the borrower when you fail to make timely loan payment due to insufficient funds in your bank account. Lenders usually levy Rs. 500 on such defaults which may vary from one lender to another.
  10. Franking Fee, also knows as the stamp duty fee is a tax levied by the state government on any form of a monetary transaction involving the transfer of rights of a property.

Eligibility Criteria for Availing a Home Loan

There are certain eligibility requirements that are required to be fulfilled to avail a home loan. The basic requirements that are applicable to India, irrespective of the bank/NBFC are as follows:

Home Loan Eligibility Criteria
Nationality Indian Residents, Non-Indian Residents (NRIs) and Persons of Indian Origin (PIOs)
Credit Score 750 or above
Age Limit Minimum – 18 years
  Maximum – 70 years
Work Experience At least 2 years
Business Continuity At least 3 years
Minimum Salary At least Rs. 25,000 per month (varies across lenders & locations)
Loan-to-Value (LTV) Ratio Up to 90% of the property’s value

Check on how you can increase your home loan eligibility.

Essential Documents Required to Avail a Home Loan

In order to get your home loan application approved, there are certain essential document requirements for home loan that need to be duly fulfilled. The main documents required are as follows:

Identity Proof  Residence Proof  Other Documents
Driving License Copy of Electricity Bill/Water Bill/Telephone Bill Employer Identity Card
PAN Copy of valid Passport/Aadhar Card/Driving License Duly filled loan application form affixed with 3 passport size photographs
Voter ID   Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid Passport   Bank account statements for all the bank accounts owned by the applicant for the last six months

Income Proofs:

For Self-employed Applicant/Co-applicant: For Salaried Applicant/Co-applicant:
Income Tax Returns for the last 3 years Salary Slips for the last three months
Certificate of Qualification (for Doctors/C.A. and other professionals) Copy of Form 16 or Income Tax Returns for the last two years
Balance Sheet audited by a certified C.A and Profit and Loss account for the previous 3 years  
Business License Details  
Business address proof  
TDS Certificate  

Documents Required for NRI applicants:

Identity Proof Residence Proof  Other Documents
PAN Telephone bill Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
Valid Passport Electricity bill Proof of residence indicating the applicant’s current overseas address
Driver’s License Water bill Employer Identity Card
Voter ID Card Piped Gas bill If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
  Valid Passport PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
  Driving License The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
  Aadhar Card  

Property Documents Required: NOC from Society/Builder, detailed estimate of the cost of construction of the house, registered sale deed, allotment letter and an approved copy of the building plan. 

Home Loan Prepayment and Foreclosure

  • Home Loan Prepayment is the partial payment of his/her home loan before the end of the loan tenure. Loan prepayment ultimately helps in reducing the loan principal amount, further reducing the EMI amount. 
  • Home Loan Foreclosure is when a borrower fully repays the home loan in a single payment instead of paying in instalments before the loan tenure completion.

Note: On fixed-rate home loans, some lenders still levy prepayments and foreclosure charges.

Home Loan Balance Transfer

A home loan balance transfer is a facility that allows the borrowers to transfer their entire outstanding home loan to a new lender offering a lower interest rate. Paying your loan EMIs regularly helps determine your loan transfer facility. But before going for home loan balance transfer it is essential to calculate the difference between the interest rates offered by the two lenders, the amount of the loan left unpaid and the loan tenure left.

Also, the new lender would charge you a processing fee for the balance transfer.

Check the SBI Bank Home loan Balance Transfer here.

How to Apply for Home Loan at Dialabank

Applying for a housing loan is an easy process. There are mainly two steps by which a person can avail a housing loan.

Online process: Follow the steps below to avail of a housing loan online instantly:

  • Visit our website Dialabank.
  • Fill in your basic details like name, income, location, the loan you are looking for in the form as per requirements.
  • Click on Request a Quote.
  • Our relationship manager will soon get in touch with you over your application and will help you choose the right loan for yourself.

Offline Process: The process of applying offline for a housing loan is an easy process. Just visit the nearest branch of your lender providing a housing loan and the experts will guide you through the entire process.

Home Loan EMI Calculator

A Home Loan EMI calculator is an online tool that helps calculate the monthly instalments i.e EMIs to be paid during the entire loan tenure, depending on your loan amount and interest rate. Dialabank offers you a free home loan EMI calculator so that you know the EMI in advance. The home loan EMI calculator is also beneficial for comparing different loan options available in the market. 

Click to calculate your EMI amount using Home Loan EMI Calculator.

FAQ’s About Home Loan

✅ What are fixed and floating rate housing loans?

The rate of interest for fixed-rate loans remain constant for the entire tenure of the loan. On the other hand, the interest rates for floating rate home loans can be changed depending on the RBI’s policy rates. 

✅ Am I eligible to prepay my outstanding housing loan amount?

Yes, you can choose to prepay your outstanding loan amount before the completion of your loan tenure. Fixed-rate home loans mainly attract a penalty up to 2% of the loan amount.

✅ Can I have a co-applicant for my housing loan?

Yes, you can have a co-applicant provided he/she is your immediate family member such as your spouse, your parents or your children. 

✅ What is MCLR?

Marginal Cost of Funds Lending Rate or MCLR is a benchmark rate set by a lending firm below which they cannot provide loans to the customers.

✅ When will my loan repayment period start?

The loan repayment period begins soon after the loan provider disburses the entire home loan amount into your bank account. Post which you will be required to pay the EMI on the disbursed loan on a monthly basis.

✅ Am I eligible to take 2 housing loans at the same time?

Yes, you can avail 2 home loans at the same period provided that your bank/NBFC approves your eligibility to repay 2 Equated Monthly Instalments (EMIs) at the same time. 

✅ Can I get 100% financing on a housing loan?

No. Banks/NBFCs do not grant 100% of the property value as a home loan. A margin is established on their loan i.e. the percentage of the cost that the lending institution will be covering. 

✅ Does having a personal loan affect housing loan eligibility?

Other ongoing loans like personal loans and car loans ultimately affect your eligibility as your overall spending power is eventually reduced. In case your other loan commitments exceed 60% of your monthly income, your home loan application may get rejected.

✅ Is a personal loan better than a housing loan?

If your purpose is to fund a house, a home loan is the best option. Also, the funds required for home funding are very high that a personal loan usually cannot fund.

✅ What are joint home loans?

A joint home loan can be availed by adding any immediate co-applicant such as your spouse, parents. Adding a co-applicant will eventually increase your eligibility criteria. All co-owners of the property are essentially required to be the co-applicant for a home loan. 

✅ How to avoid housing loan rejection?

The points below can help you prevent a home loan rejection in many ways:

Credit Score: It is recommended to maintain a credit score of 750 and above to have a good chance of your application being approved. Banks & Financial Institutions heavily depend on CIBIL score to approve your home loan application form and to check your credibility and your efficiency of loan repayment history. 

Insufficient Income: Banks and Non- Banking financial institutions check your monthly income to see if you will be able to repay your equated monthly instalments (EMIs) efficiently. It is advisable to take a home loan with EMI not more than 40% of your monthly income. Each lender has its own minimum income and employment requirements that play an important role in the process of the loan application. 

Too many applications for a home loan in a short span of time: If you keep applying for home loans from different lenders, it indicates the banks and financial institutions that you are falling short of credit and need to apply to several sources to fill the financial gap in. Lenders thus think that you will not be able to repay your loan amount efficiently, which would lead to rejection of your home loan application.

Existing loan portfolio: Currently, if you have a large number of loans to repay, then your lender might think that you will not be able to take on another EMI on your existing income, which will lead to your home loan rejection. So, it is better to apply for a housing loan once you have paid off a few of your other loans to reduce your EMI burden.

Are there any prepayment charges in case of a housing loan?

In case of a floating rate for a home loan, lenders don’t charge a pre-payment penalty as per the new directives of RBI regulations however a penalty may be applied in case of prepayment of a fixed-rate home loan.

Home Loan News

ICICI Bank has lowered its home loan interest rates to 6.75 per cent.

For the month of May, ICICI Bank cut home loan rates in order to draw more borrowers. The interest rates on new home loans begin at 6.75 per cent. Home loan borrowers will benefit from the new home loan rates.

Bajaj Home Finance has lowered the interest rates on its Top Up loans.

Top-up loan rates at Bajaj Home Finance have been reduced to 8%. The new rates will take effect on May 10, 2021.

Axis Bank lowered its balance transfer rates on home loans to 6.70 per cent.

In order to entice home loan borrowers, Axis Bank lowered its balance transfer prices. The new rates begin at 6.70 per cent and go up from there. The new rates will take effect on May 1, 2021.