The credit market in India has seen a substantial fall in interest rates after the Reserve Bank of India relaxed policies and cut its rates to infuse liquidity into the economy. The steps were aimed at facilitating economic recovery in the aftermath of the COVID-19 pandemic and encouraging people to make larger purchases. Now, ahead of the grand festive season in India, many banks are involved in State Bank Of India, ICICI Bank, PNB, Bank of Baroda, Yes Bank and Kotak Mahindra Bank are offering home loans at attractive concessional interest rates. So, if you are looking to buy a new home this season, these discounted interest rates can help you save on the deal. Here is a list of banks that have cut their home loan interest rates ahead of the festive season.
state Bank of India
Leading the charge is India’s largest public sector lender SBI. The bank is offering credit-linked home loans starting from just 6.70 per cent. This is irrespective of the quantum of loan amount. Earlier borrowers had to pay an interest rate of up to 7.15 per cent for loans above Rs 75 lakh. Additionally, in some cases there is no processing fee and interest rates are applicable for balance transfer cases as well.
Punjab National Bank
Another public sector bank, PNB, has also cut home loan interest rates. For loans up to Rs 50 lakh, the bank has reduced the interest rate by 0.50 percent to 6.60 percent. PNB also claims that the home loan offered by them is also the lowest among public sector banks.
Bank Of Baroda
As part of its special offer, Bank of Baroda is offering a discount of 0.25 percent on its existing home and car loans. Additionally, the bank is offering processing discounts and the interest rate for new home loans starts from 6.75 per cent.
Yes Bank
Yes Bank has reduced its home loan rates to 6.7 per cent per annum for the festive season. Apart from this, the bank has also introduced a special 90 days offer, under which it will provide an additional 0.05 percent benefit for salaried women home buyers. The effective interest under this offer will be 6.65 percent
Mahindra Bank Box
Kotak Mahindra Bank is offering home loans at low interest rates up to 6.50 percent. These interest rates are part of the Bank’s festive offer and are available from September 10 to November 8.
ICICI Bank
Home loan interest rates for ICICI Bank customers start at 6.70 per cent, with processing fees starting from Rs 1,100 for new home loans as well as balance transfer of home loans from other banks.
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