New Delhi: State Bank of India (SBI), Kotak Mahindra Bank and Bank of Baroda have introduced a slew of offers on home loans to make housing more affordable than ever before, with the onset of the festive season. All the banks have slashed their interest rates on home loans so that more Indians can own their own homes this festive season.
For instance, Kotak Mahindra Bank has cut home loan rates by 15 basis points, with initial home loan rates being the lowest in the industry at 6.5 per cent. On the other hand, SBI is offering home loans at a 6.70 per cent interest rate.
Customers planning to take home loans worth more than Rs 75 lakhs should select SBI as their partner. The reason behind this is that the largest state-owned bank is offering home loans at just 6.70 per cent even for loans worth more than Rs 75 lakhs.
Another state-owned bank Bank of Baroda has also cut the interest rates on home loans by 25 basis points. The bank is now offering home loans at 6.7 per cent per annum while auto loans at 8 per cent.
Here’s a comparison of interest rates:
- Bank of Baroda’s interest rates on home loans start at 6.75 per cent.
- SBI is offering home loans at a flat 6.70 per cent to all borrowers.
- Interest rate of Kotak Mahindra Bank’s home loans starts at 6.50%.
Moreover, Bank of Baroda and SBI have also waived processing fees on all home loans, as part of the festive offer. Also Read: Money Guide: 5 ways to plan your financial future better!
SBI is also offering loans on the basis of the credit score of individuals, eliminating the difference between salaried and non-salaried borrowers. Also Read: Ola Electric rakes in Rs 1,100 crore from two-day Ola S1, S1 Pro sale, check next sale date