2 min read.Updated: 01 Oct 2021, 08:29 PM ISTLivemint
YES Bank has unveiled a festival offer, under which customers can get loans at 6.7% per annum
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Following suit after State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB) and several other financial institutions, private lender YES bank has announced that it is lowering home loan rates at 6.7% per annum during the festive season for a limited period.
YES Bank is currently offering home loans with interest rates ranging from 8.95% to 11.80%, as per the website. "The home loan rates announced today among the most competitive interest rates in the retail consumer market," an official statement from the Bank said.
The 90 days offer from the Bank, provides an additional 0.05% benefit (interest rate at 6.65%) for prospective salaried women home buyers.
Under this offer, salaried home buyers can enjoy flexible loan tenure of up to 35 years at affordable EMI options and zero prepayment charges with minimal documentation. The offer is applicable for home loans for property purchase as well as balance transfers from other lenders.
“Given our focus on further building the retail book, home loan is a segment we are looking at expanding and envisage growing the book size by 2X over the next three months. With its inherent long tenure, the home loan offering also gives us an opportunity to partner with our consumers across different life stages and lifecycles," Prashant Kumar, Managing Director & CEO, YES BANK, said.
In September many banks and financial instutions have announced a reduction in home and car loan rates. Let us check how YES Bank's rates fare with other banks.
ICICI Bank: The Bank's customers can avail of attractive interest rate (repo rate linked) starting from 6.70% and processing fee starting from ₹1,100 on fresh home loans and balance transfer of home loans from other banks.
SBI: With an eye on festive demand, the country’s largest lender, State Bank of India (SBI) has for the first time offered credit score-linked home loans at just 6.70%, irrespective of the loan amount. Earlier a borrower availing of a loan greater than ₹75 lakh, had to pay an interest rate of 7.15%
Punjab National Bank: Public lender PNB has also slashed the interest rate on home loans above ₹50 lakh by 0.50% to 6.60%. The home loan rates are lowest among public sector banks, the Bank claimed.
Kotak Mahindra Bank: Kotak Mahindra Bank has announced a 0.15 percentage point cut in its lending rate, offering mortgage loans from 6.50%.
HDFC: Mortgage lender HDFC has also unveiled its special limited period offer for the upcoming festival season. Under this special offer, customers can avail HDFC home loans starting at 6.70% per annum.
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