In line with four consecutive repo rate hikes by the RBI over the last six months, banks and NBFCs have jacked up their lending rates to help the central bank rein in inflation, which is soaring at multi-year highs. But with the festive season on, some lenders including HDFC and SBI have reduced their rates on home loans to attract new borrowers.
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As part of its festive offer, SBI is offering a concession of up to 0.25 percent on home loans, with rates starting at 8.40 percent. The country’s largest lender is also offering a concession of 0.15 percent on top-up loans, and 0.30 percent on loans against property. SBI has further sweetened the deal for borrowers by waiving the processing fee on home loans till January 2023.
Private sector HDFC is offering just one rate of 8.4 percent on home loans for a credit score of 750 and above, irrespective of the loan amount. This offer is valid till November 30. Prior to this offer, HDFC’s home loan rates ranged between 8.60 and 9 percent, de-pending on the loan amount and credit score.
Bank of Maharashtra also cut its home loan interest rates by 30-70 basis points. Home loans will now be available at a minimum of 8 percent per annum rate.
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Bank of Baroda’s home loans are available at 8.45 percent per annum. So, if you are considering getting a home loan to buy a house of your own this festive season, the time is now.
Bajaj Housing Finance, the wholly owned subsidiary of Bajaj Finance Limited, has cut its home loan interest rate to 8.2 percent per year for salaried and professional applicants. The Diwali Special Offer will remain valid from October 14 to November 30 and is only applicable at select locations.
