The state-owned and private lenders, including the State Bank of India (SBI), have brought down the interest rates on home loans which are intended towards a resurgence in demand from consumers.
Here's a comparison of new home loan rates being offered by banks:
ICICI Bank: ICICI Bank reduced the home loan interest rate to 6.7 percent which came into effect from March 5 and will be applicable till March 31.
Customers will be able to get the rate on loans of up to Rs 75 lakh.
HDFC Bank: Housing Development Finance Corporation (HDFC) cut its rate by 5 basis points for all retail customers effective March 4 and the change will benefit all existing HDFC retail home loan customers, it said.
HDFC now promises to offer home loans at 6.75 percent to borrowers irrespective of the loan amount.
Kotak Mahindra Bank: Kotak Mahindra Bank has reduced the home loan interest rate 10 basis points (bps) to 6.65 percent per annum which would be applicable till March 31, 2021, across all loan accounts, the bank said in a statement.
State Bank of India: The State Bank of India (SBI) has reduced the rate on home loans to 6.70 percent till March 31. The lender is also giving a 100 percent waiver on processing fees, the bank said on March 1.