As it is the festive season now, many banks and non-banking financial institutions are announcing their festive offers like lower interest rates on loans and waiving processing fees. mortgage lender, Housing Development Finance Corporation or HDFC, said it would offer home loans at 6.7% Rate of interest For people with credit scores over 800, according to the lender’s website.

“This offer will be applicable to all new loan applications irrespective of loan amount or employment category. The particular rate is linked to the credit score of the borrower. This is a close-ended scheme and will be valid till 31 October 2021,” HDFC said in a press release.

According to HDFC, “Prior to this special offer the rate was 7.15% for salaried customers with loans above Rs 75 lakh and credit score of 800 and above and 7.30% for self-employed. Hence, effective for these customers.” The deduction can be up to 45 bps for the salaried and 60 bps for the self-employed.”

HDFC has also reduced its processing fee to Rs 3,000 and tax (from Rs 10,000 plus tax).

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.

Bank of Baroda has also launched retail loan offers ahead of the festive season. 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 6.75% and car loans at 7%. The bank is also waiving processing fees on home loans.