âThe new rates will be available to clients applying for new loans, a loan transfer or looking to refinance their existing loans, making the offer more inclusive. A zero processing fee on the home loan was already offered and has been extended until 12/31/21, “a press release issued by the bank said.
HT Solanki, GM-Mortgages and Other Retail Assets, Bank of Baroda said, âOur customers will benefit from this offer this holiday season. With this reduced interest rate, Bank of Baroda home loans now offer the most competitive rates across categories for a limited period until 12/31/2021. ”
Bank holiday offers
State Bank of India (SBI) Offers 6.70% Holiday Home Loans Regardless of Loan Size, Kotak Mahindra Bank Cut Rates to Record Highs of 6.5 %.
SBI has also waived processing fees on home loans. Click here to read the full story.
Separately, Kotak’s 6.5% party offer is the lowest in the industry and will run from September 10 to November 8. The limited holiday period offer will be applicable to all loan amounts, and to both new loans and balance transfer cases.
The Punjab National Bank waived service charges and processing fees on all retail products.
The mortgage lender, Housing Development Finance Corp or HDFC, has said it will offer home loans at an interest rate of 6.7% for those with a credit score above 800, according to the lender’s website. Click here to read the full story.
As part of ICICI Bank’s âFestive Bonanzaâ, from October 1, clients can benefit from rep rate-linked home loans at an interest rate of 6.7% and processing fees from Rs 1,100. Those looking to take out a personal loan can get a loan from 10.25%. Read the full story here.
Bonanza for borrowers: low interest rates on home loans and other holiday deals
Festive cheer on home loans
The holiday season has started and banks as well as non-bank financial institutions have already rolled out a plethora of festival offers such as lower interest rates on loans and waivers of processing fees. Indian banks are aggressively pushing loans for home and gadget purchases at record interest rates, capitalizing on holiday optimism.
Last month, Finance Minister Nirmala Sitharaman called on state banks to step up lending and set up credit programs across India from October to bolster various stimulus packages. With the return of the awareness programs thus planned, the flow of credit to the productive sectors of the consumer economy is expected to increase further. Here’s the joy some major lenders bring you this holiday season.