Diwali 2022: HDFC, SBI, ICICI, other banks slash home loan rates

Hyderabad: To woo retail borrowers amid the Diwali season, a slew of banks like Bank of Baroda, HDFC Bank, ICICI Bank, and State Bank of India (SBI) have announced loan offers for a limited period. While some slashed their home loan rates, others have waived processing fees on home and car loans. According to BankBazaar, […]

Hyderabad: To woo retail borrowers amid the Diwali season, a slew of banks like Bank of Baroda, HDFC Bank, ICICI Bank, and State Bank of India (SBI) have announced loan offers for a limited period. While some slashed their home loan rates, others have waived processing fees on home and car loans.

According to BankBazaar, SBI has slashed home loan interest rates by 0.25 per cent. The base interest rate right now is 8.40 per cent. Also, it has waived the processing fee on home loans till January 2023. The concession is also applicable to customers who want to transfer their existing home loans from other banks and finance companies.

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The second-largest public sector bank, Bank of Baroda is offering home loans starting at 8.45 per cent per annum. It also offers car loans, starting at 8.45 per cent. There are no foreclosure charges on car loans.

ICICI bank has also come up with its festive bonanza. Customers can get a pre-approved home loan and pre-approved balance transfer with a processing fee of just Rs 999. The bank also offers processing fees of Rs 2,999 and Rs 999 on home loans and balance transfers respectively.

HDFC bank is offering a rate of 8.6 per cent on home loans. This offer is valid till October 31. On personal loans, the lender is offering interest rates starting at 10.50 per cent. In addition, the lender is offering a 50 per cent discount on processing fees of business loans.

Under Punjab National Bank Festival Bonanza Offer 2022, the lender has waived processing fees and documentation charges on home loans as well as on car loans. Also, it is offering home loan interest rates starting at 8.25 per cent.

Union Bank of India has also announced the waiver of processing charges on home and car loans this festive season.

IndusInd Bank is offering car loans for up to seven years. The bank is offering up to 100 per cent finance to purchase cars this festive season.

Bajaj Housing Finance Limited has slashed its home loan interest rate to 8.2 per cent per year for salaried and professional applicants. This offer is valid till November 30 and is only applicable at select locations.