Bank of Baroda reduces home loan interest rate to 6.5%: Get details here
"The new rates will be available for customers applying for fresh loans, loan transfer or looking to refinance their existing loans making the offer more inclusive. Nil processing fee on home loan was already on offer and has been extended till 31...
"The new rates will be available for customers applying for fresh loans, loan transfer or looking to refinance their existing loans making the offer more inclusive. Nil processing fee on home loan was already on offer and has been extended till 31/12/21," stated a press release issued by the bank.
H T Solanki, GM- Mortgages & Other retail assets, Bank of Baroda said , "Our customers will get benefited from this offering in this festive season. With this reduced rate of interest, Bank of Baroda home loans are now offering the most competitive rates across categories for a limited period till 31/12/2021."
Banks' festive season offers
State Bank of India (SBI) is offering festive season home loans at 6.70% irrespective of loan amount, Kotak Mahindra Bank has reduced rates to record lows of 6.5%.
SBI has also waived processing fees on home loans. Click here to read the full story.
Separately, Kotak's festive offer of 6.5% is the lowest in the industry and will be valid from September 10 to November 8. The limited festive period offer will be applicable across all loan amounts, and on both fresh loans and balance transfer cases.
Punjab National Bank has waived service charges and processing fees on all retail products.
Mortgage lender, Housing Development Finance Corp or HDFC, said that it will be offering home loans at 6.7% interest rate for those with credit scores above 800, according to the lender's website. Click here to read the full story.
As part of ICICI Bank's 'Festive Bonanza', from October 1, customers can avail of rep rate linked home loans at an interest rate of 6.7% and processing fee starting from Rs 1,100. Those looking take a personal loan can get a loan starting from 10.25%. Read the full story here.
Festive season has commenced and banks as well as non-banking financial institutions have already rolled out a plethora of festival offers like lower interest rates on loans and waiver of processing fees. Indian banks are aggressively pushing loans for both home and gadget purchases at record low rates of interest, tapping into festive season optimism.
Last month, finance minister Nirmala Sitharaman had asked state-run banks to step up lending and hold credit outreach programmes across India from October to bolster the various stimulus packages. With outreach programmes thus scheduled to return soon, credit flow to productive sectors of the consumer economy is likely to increase further. Here is the cheer that some major lenders are bringing you this festive season.
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