With the onset of the festive season, several banks in the country have cut their home loan rates to make housing affordable for all. The latest to join is HDFC. “Under this special offer, customers can avail HDFC Home Loans with effect from 6.70 per cent as on 20 September 2021,” the mortgage lender said in a release.
Last week, the country’s top lender launched a bouquet of festive offers for home loan customers. like sbi HDFC Home Loan The offer will be applicable to all new loan applications irrespective of loan amount or employment category. The special rate is linked to the borrower’s credit score of 800 and above.
Top loan rates for salaried customers before this special offer ₹75 lakh and 800 and above had a credit score of 7.15 per cent and 7.30 per cent for the self-employed.
Therefore, the effective deduction for these customers can be up to 45 bps for the salaried and 60 bps for the self-employed.
It is a closed-ended scheme and will be valid till October 31, 2021, the lender said.
“Housing today is more affordable than ever before. Over the years, property prices have remained more or less the same in key areas across the country, while income levels have gone up. Record low interest rates, subsidies under PMAY . . and the tax benefits have helped, too.” Renu Sood Karnad, Managing Director, HDFC Ltd. said.
SBI Home Loan at 6.7%
In a first of its kind initiative, SBI is offering Credit Score Linked Home Loan at just 6.70%, irrespective of the loan amount. Previously availing more loan than a borrower ₹75 lakh, interest rate of 7.15% had to be paid. With the introduction of festive offers, a borrower can now avail a home loan for any amount at a minimum rate of 6.70%. The offer results in a savings of 45 bps which is . Large interest of more than translates into savings ₹8 lakh, a. For ₹75 lakh loan with a tenure of 30 years.
State Bank Of India This distinction between salaried and non-salaried borrower has been removed. The interest rate applicable to a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower. Now, no business-linked interest premium is being charged from potential home loan borrowers. This will result in further interest savings of 15 bps to non-salaried borrowers.
“This time around, we have made the offers more inclusive and the offers are available to all sections of borrowers, irrespective of the loan amount and profession of the borrower. The 6.70% home loan offer is also applicable on balance transfer cases. We believe that zero processing fee and concessional interest rates will make home ownership more affordable during the festive season,” said CS Setty, Managing Director (Retail & Digital Banking), SBI.
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