This offer will be applicable to all new loan applications irrespective of the loan amount or employment category.Close on the heels of the nation’s leading banks slashing their home loan interest rates in view of the upcoming festive season, India’s premier housing finance company HDFC today unveiled its limited period festival season offer. Under this special offer, home buyers can avail HDFC Home Loans starting at 6.70% per annum effective 20th September 2021.
This offer will be applicable to all new loan applications irrespective of the loan amount or employment category. The special rate, however, is linked to the borrower’s credit score. According to the HFC, this offer will remain valid till 31st October 2021.
Commenting on the offer, Renu Sud Karnad, Managing Director, HDFC Ltd, said, “We are pleased to announce the special home loans rates for the upcoming festive season. I am sure that this offer will help prospective house buyers to realize their house buying dream and bring festive cheer.”
“Housing is much more affordable today than it ever was. In the last couple of years, property prices have more or less remained the same in major pockets across the country while income levels have gone up. Record low interest rates, subsidies under PMAY and tax benefits have also helped,” she added.
It may be noted that Kotak Mahindra Bank Ltd on the 9th September had reduced its home loan interest rates by 15 basis points from 6.65% to 6.50% per annum. This limited period festive season offer is valid from the 10th September to the 8th November 2021, and is applicable across all loan amounts and on both fresh and balance transfer cases.
Soon after Kotak Bank, the State Bank of India (SBI) on September 16 announced their festive bonanza for prospective home loan customers. Under this offer, SBI is offering credit score-linked home loans at 6.70% irrespective of the loan amount, and for balance transfer cases also. Earlier a borrower availing an SBI loan greater than Rs 75 lakh had to pay an interest rate of 7.15%.
Bank of Baroda on September 16 also came out with its retail loan offer applicable for both home loan and car loan product, wherein the bank is offering waiver of @0.25% in the existing applicable rates for Baroda Home Loans and Baroda Car Loans across the board. In addition, it is offering a waiver of processing fee in home loans. With this their home loan rates now start at 6.75% and car loans at 7.00%.
Commenting on the above festive offers, Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE, said, “India’s residential sales have flourished significantly despite the pandemic. With homeownership becoming a priority and the government’s active mass vaccination initiatives, we can expect further growth in the residential sector, especially during the upcoming festive season. Historically, the festive season in India has been an auspicious time for home purchase, aided by lucrative by developer-led schemes. With banks like HDFC, PNB, Kotak and SBI offering further reduced interest rates, the residential sector is expected to witness an uptick – along with infusing a lucrative demand for housing properties in the forthcoming festive season.”
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