The country’s largest mortgage lender HDFC on Tuesday announced a festive offer with peers like SBI with home loans starting at 6.70 per cent. Last week, SBI made a discounted offer as part of the festive bonus home Loan At the rate of 6.70 percent under Festive Offer. It was followed by other lenders like Punjab National Bank and Bank of Baroda.

Managing Director Renu Sood Karnad said, “Housing today is more affordable than ever before. Over the years, property prices have remained more or less the same in prime localities across the country, while income levels have risen.” HDFC Ltd.

He said record low interest rates, subsidies and tax benefits under PMAY have also helped.

“Customers can avail HDFC home loans starting at 6.70 per cent per annum with effect from September 20, 2021. This offer will be applicable to all new loan applications irrespective of loan amount or employment category,” HDFC said in a statement.

The special Utsav offer at 6.70 per cent is for all loan slabs and all customers with a credit score of 800 and above.

Prior to this special offer, the rate was 7.15 per cent for salaried customers with loans above Rs 75 lakh and credit scores of 800 and above, 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.

The special rate is linked to the credit score of the borrower, adding that it is a close-ended scheme and will be valid till October 31.