Home loan interest rates at 15-year low: Latest offers by SBI, Bank of Baroda, HDFC, ICICI Bank2 min read . Updated: 01 Nov 2020, 04:52 PM IST
- Several lenders has recently reduced the home loan rates to boost demand during festive season
- Take a look at home loan interest rates and other discounts offered by the various banks
Owning your dream home could become a reality soon. India's top lenders — State Bank of India (SBI), Kotak Mahindra Bank and Axis Bank, Bank of Baroda — has recently reduced the home loan interest rates to boost demand during festive season. In addition to the all-time low interest rates, there are tons of offers including discounts on processing fees or special benefits for women buyers to lure the home buyers.
"Home loan interest rates are at a 15-year low. Coupled with the bottomed-out property prices and additional discounts and offers by developers, there are very real savings to be secured on life's most cost-intensive investment," said Santhosh Kumar, vice chairman – ANAROCK Property Consultants.
Take a look at home loan interest rates offered by the various banks:
State Bank of India: State Bank of India, India's largest lender, now offers interest rates starting at 6.90% for a home loan of up to ₹30 lakh and 7% for above ₹30 lakh. The borrowers will get an interest concession of 25 bps on a home loan of above ₹75 lakh, based on their CIBIL score the lender said.
"In an extension of its festive offers announced recently, the SBI offers a credit score-based concession of up to 20 bps, raised from 10 bps earlier, for a home loan of above ₹30 lakhs and below ₹2 crore across India," the lender said. The same concession would also be applicable for a loan amount of up to ₹3 crore in eight metro cities. An additional 5 bps concession for all home loans will be given if applied through YONO, it added. 5 bps interest concession will be provided to women borrowers, the bank further mentioned.
Kotak Mahindra Bank: Customers can now avail the home loans starting at 6.9% per annum this festive season at Kotak Mahindra Bank. If borrowers of another bank switches the loan account to Kotak Mahindra Bank, they will be eligible to save up to ₹20 lakh for transferring the balance, the bank said. Moreover, women applicants can get special rates across the loan products.
Bank of Baroda: The state-run bank on Saturday announced a 15 basis points reduction in its repo-linked lending rate for housing loans. The home loan rates at the Bank of Baroda will start at 6.85%, starting Sunday.
Union Bank of India: The lender said it has slashed its interest rate by 10 basis points for home loans above ₹30 lakh. Moreover, women borrowers will get further concession of 5 basis points in rate of interest over and above this reduction for such loans. Home loans at the Union Bank will start from 7% interest rates. There will be no processing fee on home loans till 31 December, the lender mentioned.
Axis Bank is also offering home loans starting at 6.9% per annum. Customers can avail home loans starting at 6.9% per annum at the HDFC Bank. The private lender charges 0.5% of the loan amount as processing fees. However, the fees is capped at a maximum of ₹3,000. ICICI Bank offers home loans at 6.95%, going up to 7.95%.