This offer is exclusively applicable to applicants who are salaried and self-employed professionals/non-professionals with a credit score of 750 and above. An interest rate of 8.4% is applicable on home loan, balance transfer loan, house renovation and home extension loan, the website said.
These loans are provided under adjustable rate home loan Plan. Rates change during the tenure of the loan and are based on HDFC’s benchmark rate.
According to the HDFC website, “HDFC offers an adjustable rate loan called a floating rate loan as well as a truefixed loan in which the interest rate on the home loan remains fixed for a specific period (the first two years of the entire year). Say) loan term) after which it converts into an adjustable rate loan.”
Note that the interest rates as per the credit/risk profile determined by HDFC vary based on various factors such as credit score, segmentation, and prepayment of loans.
State Bank Of India Festive Offerings
Low Home Loan Interest Rates: The state Bank of India (SBI) is offering a discount of 15 to 30 basis points on home loans from October 4, 2022 to January 31, 2023, as part of its festive discount. SBI home loan interest rates currently vary from 8.55% to 9.05%. But the interest rates vary according to the CIBIL score.
Processing Fee Waiver: No processing fee will be waived for Regular Home Loan and Top Up Loan. While the exemption for loan against property is flat Rs. 10,000/- plus applicable GST.
Factors Affecting Home Loan Interest Rate
According to HDFC, there are 7 main factors that can affect the interest rate on a home loan-
- interest rate type
- benchmark lending rate
- loan to value ratio
- Borrower’s financial profile
- repayment period
- property location
- reputation of home loan provider