The biggest banks and builders in India are counting on you for a revival. There are loans with 10-year lows on offer Rate of interest, deferred payment, discount. Some banks are also levying a foregone fee.

A flush of money from Mint Street is helping rates fall, allowing lenders to go all out to entice a relatively safe set of borrowers to deal a Covid blow to asset quality.

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State Bank of India, Kotak Mahindra Bank, Punjab National Bank, Bank of Baroda are among banks that have reduced home loan rates by about 15-60 basis points to 6.5-6.7% – the lowest in a decade .

Kotak Bank reduced rates on all loan amounts, fresh loans and balance transfer cases to 6.5% from September 10 to November 8, as the bank seeks to expand market share and increase book size.

SBI is giving home loans At 6.7%, which is usually associated with discounted interest rates, irrespective of the amount or profession of the borrower. The bank has also waived processing fees on home loans.

A recent JLL-RoofFloor survey reveals that most of the potential homebuyers are looking to buy a property in the next three months with self-use as a primary reason. Experts believe that that situation, along with stable home prices, will lead to lower loan rates. residential sale.

HDFC Bank, India’s largest private bank, is partnering with fintech companies to accelerate access to its credit cards during this three-month period.

The rate cut has been bolstered by the recent directive by Finance Minister Nirmala Sitharaman to state-run banks to conduct lending and credit outreach programs across India from October. Anuj Puri, chairman, Anarock Group, told ET, “We are likely to see a significant improvement in the housing segment during this period.

The latest research shows that currently the highest demand is in the premium segment, where properties are priced at Rs 80 lakh or more, he said.

“The continued recovery and resilience shown during the second wave of COVID-19 is indicative of a fundamental shift in the sense of home ownership,” said Sriram Krishnaswamy, COO, Roofundfloor.

With the return of outreach programmes, credit flows to productive sectors are likely to increase. Some experts believe that developers may post record sales booking numbers in the second half of FY22.