HSBC on Friday reduced home loan interest rates to 6.70 percent. Whereas an interest rate of 6.45 percent has been announced on the loan transferred from other banks. These rates have now become equal to the interest rates of SBI and HDFC Bank. Yes Bank has also reduced the home loan interest rates to 6.70 percent. Yes Bank wants to double the home loan book size. For this reason the bank has reduced its home loan rates. Last month, Kotak Mahindra Bank reduced its home loan rates to 6.50 per cent.
Real estate boom after COVID-19 increased competition among banks
Real estate has registered a boom after the decline in the wave of COVID-19. Banks want to capitalize on this boom in the sale of houses and commercial properties. Therefore, through aggressive offerings, they are trying to attract the home loan customers of each other bank to themselves. In recent times, many banks have reduced interest rates on home loans transferable from other banks. Some banks have waived the processing fee for transferable loans. Since home loans are secured and have a long tenure, there is a strong competition among banks to strengthen their position in this market. Banks keep earning interest income for 10 to 20 years because of the long term loan.
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HSBC Bank offer till 31st December only
HSBC Bank has said that it has waived processing fees on home loans transferred from other banks. However, this offer of new home loan rates is only till December 31. At present, the bank will give a home loan of Rs 30 crore at the rate of 6.70 percent. On the lines of HSBC Bank, YES Bank has reduced its home loan interest rates to 6.70 percent. Home loan rates for salaried women have been further reduced to 6.65 per cent.
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