SBI, Kotak Mahindra and others cut home loan rates ahead of festive season

Sep 17, 2021

By: Bhakti Makwana

Several banks lower home loan rates for festive season

With 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 cuts home loans rates to 6.5 percent from 6.65 percent

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 cut home loan rates to 6.7 percent from 7.15 percent

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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Zero processing fees on home loans by SBI

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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Bank of Baroda cuts home loan rates to 6.75 percent from 7.15 percent earlier

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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Punjab National Bank has waived off service fees on all retail loans

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’s offer of home loan rates at 6.8 percent is only till December 31

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.

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