Home Loan Interest Rates Hit 15-year Low: SBI, Bank of Baroda, HDFC Bank Launch Festive Offers

SBI is offering home loans at an interest rate starting at 6.90 per cent for upto Rs 30 lakh and 7 per cent for above Rs 30 lakh and below Rs 2 crore.

New Delhi: Now is the best time to buy that dream home that you have been wanting to buy for years. Top lenders — State Bank of India (SBI), Kotak Mahindra Bank, Axis Bank and Bank of Baroda — recently reduced their home loan interest rates to an all-time low of 15 years. Banks have added scores of offers and discounts to boost demand amid the festive season.

“Coupled with the bottomed-out property prices and additional discounts and offers by developers, there are very real savings to be secured on life’s most cost-intensive investment,” said Santhosh Kumar, vice-chairman – ANAROCK Property Consultants, as quoted by Livemint.

Here are the various home loan interest schemes being offered by various banks:

State Bank of India

SBI is offering home loans at an interest rate starting at 6.90 per cent for upto Rs 30 lakh and 7 per cent for above Rs 30 lakh and below Rs 2 crore. The same concession would be applicable for home loans of up to Rs 3 crore in eight metro cities.

Borrowers will also get an interest concession of 25 bps on loan amount above Rs 75 lakh based on their CIBIL score. Those who apply through YONO will get an additional 5 bps concession.

Kotak Mahindra Bank

Kotak Mahindra customers can get home loans starting at 6.9 per cent per annum this festive season, with a special discount rate for women applicants.

Moreover, if borrowers switch their loan account from another bank to Kotak, they will be eligible to save up to Rs 20 lakh for transferring the balance, the bank stated.

Bank of Baroda

On Saturday, the state-run bank announced a 15 basis points reduction in its repo-linked lending rate for housing loans, reducing home loan rates to a starting price of 6.85 per cent.

Axis Bank, HDFC Bank

Axis bank has reduced their home loan rates starting at 6.9 per cent annually. The same is applicable at HDFC Bank. However, all private banks charge 0.5 per cent of the loan amount as processing fees, capped at Rs 3,000.

Union Bank of India

Home loans at the Union Banks start from 7 per cent interest rate and there will be no processing fee till December 31. The bank has slashed its home loan interest rate by 10 basis points for loans above Rs 30 lakh. Women borrowers will get an additional concession of 5 basis points in the interest rate.