SBI, Kotak Mahindra and others cut home loan rates ahead of festive season
Sep 17, 2021
Credit: BCCL
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.
Credit: BCCL
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.
Credit: BCCL
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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.
Credit: BCCL
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.
Credit: BCCL
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.”
Credit: BCCL
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.
Credit: BCCL
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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.
Credit: BCCL
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.
Credit: BCCL
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.
Credit: BCCL