Buying your own home is a dream of every salaried class person in India. Amid the ongoing coronavirus pandemic, several top lenders including the State Bank of India (SBI) have lowered the interest rates on home loans in a bid to attract customers. The banks believe that reducing home loan rates help them see a resurgence in demand from consumers. So here’s a comparison of banks that have slashed home loan rates.
ICICI Bank home loan interest rates
ICICI Bank has reduced the home loan interest rate to 6.70%. The revised interest rate is the lowest in 10 years by the Bank. Customers can avail of this interest rate for home loans up to ₹75 lakh. For loans above ₹75 lakh, interest rates are pegged at 6.75% onwards. These revised rates will be available till 31 March 2021.
HDFC home loan interest rates
Housing Development Finance Corporation (HDFC) has reduced home loans interest rates by 5 basis points to 6.75%. The change will benefit all existing HDFC retail home loan customers.
Kotak Mahindra Bank home loan interest rates
Kotak Bank also cut 10 basis points (bps) in its home loan rates for a limited period, claiming its offering to be the lowest in the market. Customers will be able to avail of home loans for 6.65% till 31 March as part of a special offer after the rate reduction, the bank said in a statement. The 6.65% rate is applicable to both home loans and balance transfer loans across amounts.
SBI home loan interest rates
State Bank of India (SBI) offers home loan interest rates starting from 6.70% per annum. This is a limited period offer ending on 31 March. The lender is also giving a 100% waiver on processing fees. The interest concession is based on the loan amount and CIBIL score of the borrower. SBI provides a host of various home loans for the customers.