Home loan for the end of the year holidays: There is good news for home buyers. Several banks are offering real estate loans for the next Christmas and New Year holidays. In the midst of this COVID-19 pandemic, these offers from banks may be cause for celebration for housing seekers.
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Banks offering home loans this holiday season include public sector banks like State Bank of India (SBI), Bank of Baroda (BoB), Punjan National Bank (PNB). Besides the public sector banks, there are also Kotak Mahindra Bank and HDFC Bank.
National Bank of India
The country’s largest public sector lender offers home loans tied to the credit rating at just 6.70% regardless of the loan size. Previously, a borrower with a loan greater than Rs 75 lakh had to pay an interest rate of 7.15%. Now, with the introduction of festive offers, a borrower can now qualify for a home loan for any amount at a rate as low as 6.70%. The offer results in a saving of 45 basis points, which translates into a huge interest savings of over Rs 8 lakh, for a loan of Rs 75 lakh with a term of 30 years. In addition, the interest rate applicable to a self-employed borrower was 15 basis points higher than the interest rate applicable to a salaried borrower. SBI has removed this distinction between a salaried borrower and a non-salaried borrower.
National Bank of Punjab
The Punjab National Bank (PNB) announced on September 17, 2021 that it had revised the Repo Loan Rate (RLLR) from 6.80% to 6.55% effective September 17, 2021.
Bank of Baroda offers a 0.25% exemption from existing applicable rates for Baroda home loans. On top of that, BoB also offers this 0.25% exemption on auto loans. The bank’s mortgage rates start at 6.75% and auto loan rates start at 7%. It also waived processing fees on home loans. Customers can apply for home or auto loans using the lender’s mobile banking app or website for instant sanction.
HDFC Bank customers can benefit from home loans from 6.7% interest per annum, as of September 20, 2021. HDFC Bank has informed that the supply of home loans from 6.7% interest per year will be applicable for all new loans. requests, regardless of loan amount or job category. The bank also said that the special rate is tied to the borrower’s credit rating. Interested customers should note that this HDFC Bank offer is a closed program and will be valid until October 31, 2021.
Kotak Mahindra Bank
Kotak Mahindra Bank also started the holiday season by announcing that it has further reduced its mortgage interest rates by an additional 15 basis points (bps) from 6.65 percent to 6.50 percent per year. It should be noted that this special 6.50 percent per annum rate is a limited offer for the holiday season starting September 10, 2021 and ending November 8, 2021, the lender said.