Ahead of the holiday season, India’s leading lenders – State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB), Kotak Mahindra, Bank of Baroda (BoB) and Yes Bank – are offering a lucrative discount on interest on mortgage loans. rates. The State Bank of India, India’s largest lender, for the first time offered home loans tied to credit rating at just 6.70% regardless of the loan size. Previously, a borrower with a loan greater than ??75 lakh, had to pay an interest rate of 7.15%. âWe are happy to launch the festive offer for our potential mortgage loan clients. Generally, concessional interest rates are applicable for a loan up to a certain limit and are also related to the profession of the borrower. This time, we have made the offers more inclusive and the offers are accessible to all segments of borrowers regardless of the amount of the loan and the profession of the borrower. The 6.70% mortgage offer is also applicable to cases of balance transfer. We believe that zero processing fees and concessional interest rates during the holiday season will make homeownership more affordable, âsaid CS Setty, Managing Director (Retail & Digital Banking), SBI.
National Bank of the Punjab: the public lender PNB also reduced the interest rate on mortgage loans above ??50 lakh from 0.50% to 6.60%. Mortgage rates are the lowest among public sector banks, the bank said.
Kotak Mahindra Bank offers home loans starting at 6.50%.
ICICI Bank customers can benefit from an attractive interest rate (linked to the pension rate) from 6.70% and processing fees from ??1,100 on new mortgage loans and transfer of mortgage balances from other banks.
Yes Bank has announced that it is lowering mortgage rates to 6.7% per annum during the holiday season for a limited period. The Bank’s 90-day offer provides an additional benefit of 0.05% (the interest rate at 6.65%) for future female employees who buy a home.
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