Just as many other banks have done in the past month, today it has announced that it has reduced its
home loan interest rate For a limited period during the festive season. Bank of Baroda has announced that it has
home Loan Interest rate 6.5% with effect from October 7, 2021. The special home loan interest rate will be available till December 31, 2021.
“The new rates will be available to customers who are applying for new loans, transferring loans or looking to refinance their existing loans to make the offer more inclusive. Zero processing charges on home loans already on offer. and the same has been extended up to 31/12/21,” a press release issued by the bank said.
HT Solanki, General Manager – Mortgage & Other Retail Properties, Bank of Baroda said, “Our customers will benefit from this offer this festive season. With this low interest rate, Bank of Baroda Home Loans are now offering the most competitive rates. categories for a limited period up to 31/12/2021.”
festive season offers of banks
State Bank of India (SBI) is offering festive season home loans at 6.70% irrespective of loan amount, Kotak Mahindra Bank has reduced rates to 6.5%.
SBI has also waived processing fees on home loans.
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Separately, Kotak’s festive offer of 6.5% is the lowest in the industry and will be valid from September 10 to November 8. The limited celebration period offer will be applicable to all loan amounts and both new loan and balance transfer cases.
Punjab National Bank has waived service charges and processing charges on all retail products.
Mortgage lender, Housing Development Finance Corp or HDFC said it will offer home loans at 6.7% interest rate for people with credit scores above 800, according to the lender’s website.
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As part of ICICI Bank’s ‘festive bonanza’, from October 1, customers can avail representative rate linked home loans at an interest rate of 6.7% and processing fees starting from Rs 1,100. Those looking to take a personal loan can get a loan starting from 10.25%.
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Borrower’s Bonus: Lower Home Loan Interest Rates & Other Festive Season Offers
Festive Cheer on Home Loan
The festive season has begun and banks as well as non-banking financial institutions have already launched a plethora of festive offers such as lower interest rates on loans and waiver of processing fees. Indian banks are aggressively lending for both home and gadget purchases at record low interest rates, tapping into the optimism of the festive season.
Last month, Finance Minister Nirmala Sitharaman had asked state-run banks to conduct lending and credit outreach programs across India from October to enhance various stimulus packages. Thus with outreach programs planned to return soon, credit flows to productive sectors of the consumer economy are likely to increase further. Here’s what some of the leading lenders bring to you this festive season.
State Bank Of India
The country’s largest public sector bank, State Bank of India (SBI), has announced that as part of its festive season plan, it will offer credit score linked home loans at 6.7%, irrespective of the loan amount. SBI has also waived processing fees on home loans. Click here to know how to get SBI Home Loan.
Mahindra Bank Box
Kotak Mahindra Bank’s festive offer of 6.5% is at a record high and lowest in the industry. It will be valid for a period of 60 days from September 10 to November 8. The limited festive period offer will be applicable on all loan amounts and both for fresh loan and balance transfer cases. The minimum rate of 6.5% will be applicable for the salaried class and those with a credit score above 800.
HDFC
Mortgage lender, Housing Development Finance Corp (HDFC), said it will offer home loans at 6.7% interest rate to people with credit scores above 800, as told on the lender’s website. This offer is applicable to all new loan applications, irrespective of loan amount or employment category. Close-ended scheme and will be valid till 31 October 2021. Additionally, HDFC has reduced its processing fee to Rs 3,000 from the earlier Rs 10,000 plus taxes. Click here to know if you are eligible for the loan.
Bank Of Baroda
Ahead of the festive season, Bank of Baroda has also launched retail loan offers. The bank is offering a discount of 25 basis points on the prevailing interest rates for home and car loans. Home loans for the public lender start at 6.50% and car loans at 7%. The bank is also waiving processing fees on home loans.
