Festive bonanza: Banks offer home loans at attractive rates

Consumers can avail Kotak's festive season bonanza, the 2020 edition of 'Khushi Ka Season' with home loans and balance transfer loans starting at 6.9 per cent per annum, the bank said in a statement

Mumbai: Kotak Mahindra Bank (Kotak) announced that it has reduced its rate on home loans by a further 10 basis points (bps) to 6.9 per cent per annum.

The new rate will be effective from October 21.

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Consumers can avail Kotak’s festive season bonanza, the 2020 edition of ‘Khushi Ka Season’ with home loans and balance transfer loans starting at 6.9 per cent per annum, the bank said in a statement.

They can make savings of up to Rs 20 lakh on balance transfer cases, the statement added.

Kotak home loans are linked to an external benchmark i.e. RBI’s policy repo rate.

SBI offers concessions

New Delhi: Lending major State Bank of India (SBI) announced concession in home loan rates by as much as 25 basis points.

Accordingly, an interest concession of 25 bps will be provided for buying homes of above Rs 75 lakh, based on ‘CIBIL score and through YONO’ (app).

In an extension of its festive offers announced recently, the SBI has offered a credit score based concessions of up to 20bps from 10 bps earlier, for a home loan of above Rs 30 lakh to Rs 2 crore across India.

“The same concession would also be applicable for home loan customers for a loan amount of up to Rs 3 crore in eight metro cities,” the lender said in a statement.

“An additional 5 bps concession for all home loans is given if applied through ‘YONO’.”

The lending major now offers interest rates starting as low as 6.90 per cent for a home loan of up to Rs 30 lakh and 7 per cent for above Rs 30 lakh.

CS Setty, MD (Retail and Digital Banking), SBI, said: “With the nation all geared up to the post-Covid era, we are witnessing increased customer demands and we at SBI will continue to offer lucrative benefits suiting needs and requirements of the customers.”

The lender has already announced a slew of special offers for its retail customers with 100 per cent processing fee waiver on car, gold, personal loans.

Retail customers can avail the low interest rate starting from 7.5 per cent on a car loan.

In terms of gold loan and personal loan customers can avail benefits of low interest rates of 7.5 per cent and 9.6 per cent respectively.

Axis Bank gives home loans at 6.90%

Mumbai: Private sector lender Axis Bank announced offering home loans at an interest rate of 6.90 per cent as part of its festive season campaign.

The rate is less than that of industry leader SBI’s 6.95 per cent for women or rival Kotak Mahindra Bank’s 7 per cent offering.

The realty sector was already witnessing rising inventory levels due to a slowdown in sales even before the COVID-19 pandemic. The industry’s credit growth is trailing below the 6 per cent mark despite a flush of liquidity.

The home loans priced at 6.90 per cent onwards are under Axis Bank’s ‘Dil se Open Celebrations’ that offer deals and discounts on purchase through its credit and debit cards.

The festive season campaign also includes giving car loans at 7.99 per cent with up to 100 per cent on-road funding, personal loans at 10.49 per cent and education loans at 10.50 per cent, the lender said in a statement.

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