Sep 17, 2021
By: BI India BureauWith the festive season around the corner, several banks have lowered their home loan rates. Usually, purchase of high valued products like buying a home happens on auspicious occasions during festivities, in India.
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Kotak Mahindra Bank has reduced its home loan interest rates by 15 basis points from 6.65 percent to 6.50 percent per annum. This special rate is a limited period festive season offer beginning September 10 and ending November 8, 2021.
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The bank said that the special rate is available across all loan amounts and is linked to a borrower’s credit profile.
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SBI has announced that with the festive season nearing it will offer credit score linked home loan rates at 6.7 percent. Earlier a borrower availing a loan of more than ₹75 lakh, had to pay an interest rate of 7.15 percent and now with the introduction of the festive offers, a borrower can avail home loan for any amount at a rate as low as 6.7 percent.
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Moreover, the Mumbai based bank has also waived off the processing fees saying, “We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable.”
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Home loan rates by the lender will start at 6.75 percent while that of car loans will start at 7 percent. Apart from this, the lender is offering a waiver of 0.25 percent in the existing applicable rates for home and car loans.
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Earlier a borrower availing a home loan above ₹75 lakh, had to pay an interest rate of 7.15 percent. Now, it has also waived off processing fees on home loans.
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Only as a festive offer, the bank has waived off all service charges/processing fees and documentation charges on its retail products like home loans, vehicle loans, property loans, personal loans, pension loans and gold loans.
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PNB offers home loan rates at 6.80 percent and car loans at 7.15 percent. Customers can avail the offer only till December 31, 2021 through any of the PNB's branches around the country or via digital channels.
Credit: BCCL