New Delhi: Major public sector banks State Bank of India (SBI), Punjab National Bank (PNB) and Canara Bank offer low interest rates on mortgage loans. This can make home loan seekers happy this holiday season as they have the opportunity to own their dream home.Also read – Bigg Boss 15: Umar Riaz and Ieshaan Sehgal would they be friends turned enemies inside the house?
SBI, PNB, Canara Bank mortgage interest rates
- PNB offers zero percent processing fees or upfront fees and documentation fees on the mortgage loan.
- The Punjab National Bank also charges an interest rate of 6.80% per annum on home loans.
- Borrowers can avail affordable home loans from IMEs from Canara Bank. One will get instant approval, the bank said.
- “Canara Bank Home Loans in Affordable IMEs!” Apply for a home loan here and get instant approval, ”Canara Bank tweeted.
- Canara Bank offers 6.90 percent interest on the home loan.
- SBI launched home loans tied to 6.70 percent credit score regardless of the amount. Before the festive offer, a borrower with a loan greater than Rs 75 lakh had to pay an interest rate of 7.15%, according to an IANS report.
- “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 translates into 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 ”, t he said, according to the IANS report.
- Apart from this, the SBI has removed the distinction between a salaried borrower and a non-salaried borrower. “From now on, no interest premium linked to occupancy is charged to potential borrowers of mortgage loans. This would lead to a new interest saving of 15 basis points for non-salaried borrowers. Previously, the interest rate applicable to a self-employed borrower was 15 basis points higher than that of employees, according to the IANS report.
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