With the approaching festive season, banks across India have started giving offers and discounts. One such phenomenon that has been trending recently is the home loan interest rates, which are among the lowest in the country. was one of the recent entrants to the list of financial institutions to cut their rates Mahindra Bank Box. The lender had reduced its interest rate by 15 basis points, reducing it to 6.50 per cent per annum. This makes it the lowest interest rate on home loans in the country. The bank announced that it would offer reduction in rates across all loan amounts in both fresh and balance transfer cases.
There has been a sharp cut in bank interest rates in recent days reserve Bank of India (RBI) reduced repo rates to increase market liquidity to counter the negative economic effects of the COVID-19 pandemic.
Dr Anant Singh Raghuvanshi, Senior Executive Director, Sales & Marketing, Experian Developers, said, “Low interest rate regime, competitive pricing and stable supply are the key factors this festive season. Apart from the attractive low interest rate regime, the fact that developers will be offering festive schemes and this will help boost real estate sales.
Anuj Puri, Chairman, ANAROCK Property Consultants said, “For affordable and mid-range home buyers, home loan interest rates are almost as important as property rates. Cost-sensitivity affects all aspects of their home buying journey. And a reduction in interest rate can make the difference between a purchase decision and indecision. With the festive season looming large, it is apt to lower interest rates. Sentiment is high during this period, and a lot more waiting to hit the market this year. There is demand.It is to be expected that this move of Kotak will be followed by other major lenders as well.
Home Loan Interest Rates for September 2021 (As per information accessed from Bank’s websites and Paisabazaar)
Kotak Mahindra Bank – 6.50 per cent per annum
Punjab & Sind Bank – 6.65 percent p.a.
LIC Housing Finance – 6.66 percent p.a.
State Bank of India – 6.70 percent per annum
Tata Capital Housing Finance – 6.70 percent p.a.
HDFC Bank – 6.75 per cent per annum
ICICI Bank – 6.75 percent p.a.
Bajaj Finserv – 6.75 percent p.a.
Bank of Baroda – 6.75 percent p.a.
Punjab National Bank – 6.80 percent p.a.
Union Bank of India – 6.80 percent per annum
Central Bank of India – 6.85 percent per annum
Bank of India – 6.85 percent p.a.
IDFC First Bank – 6.90 per cent per annum
Axis Bank – 6.90 per cent per annum
Canara Bank – 6.90 percent p.a.
UCO Bank – 6.90 percent p.a.
HSBC Bank – 6.90 percent p.a.
Indian Overseas Bank – 7.05 percent p.a.
Karur Vysya Bank – 7.15 percent p.a.
Jammu and Kashmir Bank – 7.20 percent p.a.
South Indian Bank – 7.25 percent p.a.
PNB Housing Finance – 7.35% p.a.
Standard Chartered Bank – 7.49 percent p.a.
Karnataka Bank – 7.50 percent p.a.
Federal Bank – 7.65 percent p.a.
Fullerton Grihashakti – 7.99 per cent per annum
IIFL – 8.20 per cent per annum
DHFL – 8.75 percent p.a.
Shriram Housing Finance – 8.90 percent p.a.
Yes Bank – 8.95 percent p.a.
Aditya Birla Housing Finance Limited – 9.00 percent p.a.
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