Ahead of the festive season, India’s top lenders — State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB), Kotak Mahindra, Bank of Baroda (BoB) and Yes Bank — is offering a lucrative discount on home loan interest rates. State Bank of India, India’s largest lender, has for the first time offered credit score-linked home loans at just 6.70%, irrespective of the loan amount. Earlier a borrower availing of a loan greater than ₹75 lakh, had to pay an interest rate of 7.15%. “We are pleased to launch the festive offer for our prospective home loan customers. Generally, the concessional interest rates are applicable for a loan up to a certain limit and are also linked to the profession of the borrower. This time, we have made the offers more inclusive and the offers are available to all segments of borrowers irrespective of the loan amount and the profession of the borrower. The 6.70% home loan offer is also applicable to balance transfer cases. We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable., C.S. Setty, Managing Director (Retail & Digital Banking), SBI had said.
Punjab National Bank: Public lender PNB has also slashed the interest rate on home loans above ₹50 lakh by 0.50% to 6.60%. The home loan rates are lowest among public sector banks, the Bank claimed.
Kotak Mahindra Bank is offering home loans from 6.50%.
Customers of ICICI Bank can avail of attractive interest rate (repo rate linked) starting from 6.70% and processing fee starting from ₹1,100 on fresh home loans and balance transfer of home loans from other banks.
Yes Bank has announced that it is lowering home loan rates at 6.7% per annum during the festive season for a limited period. The 90 days offer from the Bank, provides an additional 0.05% benefit (the interest rate at 6.65%) for prospective salaried women home buyers.
Mortgage lender HDFC has also unveiled its special limited period offer for the upcoming festival season. Under this special offer, customers can avail of HDFC home loans starting at 6.70% per annum.
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