The RBI’s generous slashing of Repo Rates through 2019 and the better half of 2020 has created an extremely desirable environment for consumers. Hence, various banks have made Loans extremely luring by offering significant cuts on the interest charged.
This move has deliberately been coincided with the onset of the festival season in India, with the country going through an adamant couple of years fiscally and due to the pandemic.
The impetus for increased spending and generating more demand is intended not only to revive the slowing economy but also boost the morale and uplift the mood of a brow-beaten but resilient nation.
Thus, for people planning to buy homes, there might be a luminescent silver lining in the giant mess of the pandemic after all.
Leading offers for Home Loans
The HDFC bank, one of the leading lenders of the country is offering special interest rates for Home Loans starting at a meagre 6.9 per cent per annum as part of its “Monsoon Bonanza” which will continue till 31st October for logins and till 30th November. The processing fee charged for the same has been kept to a minimum of 3,000 and can reach up to 1.5% of the loan.
The Bank of Baroda is offering Home Loans ranging from 7.00 to 8.60 per cent per annum along with a full waiver of processing fees on Home Loans and top-up Home Loans and a 0.25 per cent concession over the interest rate in case of Home Loan Transfers.
Punjab National Bank has completely rid itself of the Processing Fees for Home Loans until 31st December, this year.
India’s largest lender- the State Bank of India is also charging no processing fees if applied through the flagship YONO App and a concession up to 10 bps (1 bps is 1/100th of a percentage point) based on the credit score of the customer and another 5 bps upon the usage of YONO App.
ICICI Bank, another leading private lender and is offering Home Loans and Home Loan Transfers in the interest range of 6.90 to 8.05 per cent.