Home loan

Banks ring in the feast with sharp cuts in mortgage rates

It’s raining festive offers in the banks. A private lender on Friday announced holiday specials, including 6.7% home loans as well as instant and cash back rebates available on thousands of products, including luxury items. premium brands and leading e-commerce platforms.

“We have noticed that over the past 12 to 18 months, customers have curbed their spending and there is a lot of pent-up demand that has built up in the system,” said Anup Bagchi, executive director of ICICI Bank. “In recent months, macroeconomic indicators show that there is a clear increase in consumption and purchasing habits. To support this demand and overall economic growth over the coming holiday season, we are offering a full package of offers, discounts and cash backs to our customers, ”

Meanwhile, the private lender

also announced home loans at 6.7% interest rate for a limited period. The Bank’s 90-day offer offers an additional advantage of 0.05% (interest rate at 6.65% *) for future female employees who buy a home.

As part of this offer, salaried homebuyers can take advantage of a flexible loan term of up to 35 years with affordable EMI options and zero prepayment charges with minimal documentation. Offer applies to home loans for the purchase of property as well as balance transfers from other lenders.

“Given our focus on continuing to build the retail book, mortgage lending is a segment that we plan to develop and plan to double the size of the book over the next three months,” said Prashant Kumar. , Managing Director and CEO of YES BANK.

Foreign lender HSBC also announced that it had cut interest rates on home loans by 10 basis points, from 6.55% to 6.45%. The special will be in effect from October 1, 2021 to December 31, 2021.

“We believe this reduction in mortgage rates will help reduce the interest burden on customers and make home ownership more affordable,” said Raghujit Narula, Head Wealth and Personal Banking, HSBC India.


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