Cheapest Home Loan Offer: If you are preparing to take a loan to buy a house, then there is good news for you. After SBI, now the private sector major bank Kotak Mahindra Bank has reduced the interest rates of home loans from March 1. Kotak Bank has cut home loan interest rates by 10 basis points (bps). After this deduction, the interest rate of home loan has come down to 6.65 percent. Kotak Bank claims that this offer is the cheapest in the home loan market. This special offer of the bank is applicable till 31 March 2021.
Credit score will be important
This offer of Kotak Bank is applicable in all loan accounts. These home loan rates will be linked to the credit score and loan to value ratio of the customers. This rate will be applicable on home loan and balance transfer loan. Both the job and self-employed can take advantage of this offer. It is one of the cheapest home loan offers in its segment. Applying through Kotak Digi Home Loans to take a home loan, the processing time will also be very short.
Perfect time to buy a home
According to Kotak Mahindra Bank, this is the best time to buy a house amidst the recovery in the economy. Kotak Bank has strengthened its position as a price leader in the home loan market. We have decided to give our customers a special year-end bonus. The bank has said that these reduced interest rates will be applicable to salaried and self-employed customers.
SBI also cheaper home loan
On March 1, the country’s largest state-run State Bank of India (SBI) has announced a discount of up to 70 basis points on the interest rate of home loan to customers under its special offer. Under this offer, the interest rates of Homalon will start from 6.70 per cent, which is a record low so far. This offer will be based on the CIBIL score and a loan amount of the customers. At the same time, SBI has also waived the processing fee on the home loan till 31 March. SBI says that customers whose repayment history is better, will get the benefit. What is SBI offer… ..
- Customers whose CIBIL score will be better, they will get a discount of up to 70 basis points on Hom loan.
- For such customers, interest rate will be 6.70 percent on taking loan up to Rs 75 lakh. At the same time, on taking a loan from 75 lakh to 5 crore, they will have to pay interest at the rate of 6.75 percent.
- If there is a woman taking a loan, then she will be given an additional 5 percent discount under this offer. This extra women day is being given keeping in mind.
- However, for an additional 5 percent rebate, they will have to apply this loan through the digitally YONO app.
- According to this offer, till March 31, the processing fee will be waived on Home loan i.e. 100% discount will be given on the processing fee.