During this festive season, major banks have slashed their home loan rates to attract the customers. Here are few such offers from major banks.
SBI
SBI, ‘the most preferred home loan provider’ of the country, offers home loans at 6.7%, for those whose credit score is above 800, irrespective of loan amount. So during this festival season, the bank offers this reduced interest rate even if the loan amount is above 75 lakhs. Further, non-salaried borrowers can also avail this loan if their credit score is above the said threshold. In short, SBI is giving this offer for all those who have a healthy credit score regardless of loan amount and occupation. The processing fee is also completely waived off.
HDFC
HDFC also offers home loans at 6.7% for those who have credit score of above 800 irrespective of loan amount and occupation. Moreover, the processing fee is reduced to Rs.3000.
LIC Housing Finance
In July, LICHF offered home loans at 6.6% to all new borrowers for the loan amount up to Rs. 50 lacs. Now they have extended this rate to all home loans up to Rs. 2 crores. This festival offer is available for borrowers who have credit scores of 700 and more regardless of their occupation. The offer is valid from 22-September to 30-November 2021.
Also, LICHF has now tied up with India Posts Payments Bank to provide home loan products through its network of 650 branches and 136,000 banking access points pan-India.
The above offers (from SBI, HDFC and LICHF) are really favourable for professionals and self-employed people. So far, non-salaried people had to shell out more interest as the interest charged to them is few basis points more than what is usually offered to salaried people.
Kotak Mahindra Bank
Kotak Mahindra Bank’s festive offer of 6.5% for salaried people is the lowest offer in this segment. And for self -employed it is 6.6% irrespective of loan amount. This festive offer is valid from 10th September to 8th November 2021.
Bank of Baroda
Another major lender who slashed home loan rates is Bank of Baroda. BoB home loans start at 6.75% and car loan interest rate starts at 7%.
Those who are planning to buy their dream home can make use of these offers and celebrate the festivals with great jubilation!
Updated on 10-Oct-2021
Last week (above), we wrote about the latest home loan rates and how major banks have reduced their home loan interest rates and provide other benefits during this festival season. Few more banks have joined this long list:
ICICI bank
ICICI bank home loan rates are externally linked to repo rate. The reduced home loan rates start from 6.7% and processing fees start from Rs. 1100. Along with this, the bank has also announced a few other offers on a few select brands and e-commerce websites.
HSBC India
HSBC India has reduced its home loan rates to 6.45% for balance transfer home loans. This offer is applicable for all loan amounts and the processing fee is also completely waived off. This limited period offer is available from 1st October 2021 to 31st December 2021.
Yes bank
Yes bank has reduced its home loan rates to 6.7% and this offer is applicable for both new home loans as well as balance transfer. Additionally, it gives 0.05% (i.e., home loan interest rates at 6.65%) benefit to salaried women borrowers.