Home Loan Rates: In the festive season, there is a competition between big private and public sector banks to provide loans to customers at low interest rates. Now Bank of Baroda (BoB) has cut its home loan rate by 0.25 percent i.e. 25 basis points. With this, now the new interest rate for home loan in BoB has become 6.50 percent. These new rates will be effective from today i.e. 7 October and customers can take advantage of it till 31 December 2021.
New customers applying for a home loan can take advantage of this offer. Apart from this, customers who have already taken loan and want to do balance transfer or refinance can also take advantage of this offer. The bank has already waived off the processing fee on the home loan and this offer is also applicable till December 31, 2021.
In order to woo the customers in the festive season, many types of offers are being offered by the banks. If you want to take a home loan at an affordable interest rate, then this festive season can prove to be a profitable deal for you. Here we are telling you about other such banks, where you can take a loan at low interest rate.
State Bank of India (SBI)
SBI has announced to offer home loans at the rate of 6.7 percent to borrowers whose credit score is more than 800. With this decision of SBI, customers taking home loan will get savings of 45 basis. There is no limit on the loan amount under this offer, that is, home loan can be taken from SBI at 6.7 percent rate as needed. However, for this you need to have a good credit score. Apart from this, the bank has also completely waived the processing fee for the home loan borrowers.
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Kotak Mahindra Bank
Kotak Mahindra Bank is offering home loan at the lowest interest rate since November last year. The bank reduced the home loan rates by 15 bps to 6.50 percent. For such customers who want to do balance transfer, the rate of interest will also be 6.50 percent. This is a limited period offer, available for two months. The bank has also completely waived the processing fee.
HSBC India Bank
HSBC INDIA BANK is also offering very cheap home loans. HSBC has reduced the interest rate for customers on home loan transfer to 6.45 percent. This is one of the lowest interest rates in the banking sector. This interest rate will be effective till 31 December 2021. However, for new customers, this rate is 6.7 percent. The bank has also completely waived the processing fee for its customers.
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Punjab National Bank
Punjab National Bank has also cut home loan interest rates in view of the festive season. Customers can take a home loan from this bank at an interest rate of 6.60 percent. This rate is applicable on both new home loan and balance transfer. The bank has announced 100% discount on processing fees and documentation charges.
HDFC Bank has also introduced a special home loan offer for the customers. The bank is offering home loans at interest rates starting from 6.7 percent. This interest rate will be available to only those people whose credit score is 800 or above. This special scheme will be available till 31 October 2021 only.