Home loan festive offer: Check out the latest offers from SBI, HDFC and other banks

With the start of the festive season, various banks such as State Bank of India, ICICI Bank, HDFC Bank, and Bank of Baroda, etc. have come out with their festive offers on home loans, personal loans as well as car loans. Before pausing in recent months, the Reserve Bank of India (RBI) had cut the repo rate for most of 2019 and early 2020. Hence, the borrowing rates are at very attractive levels now.

If you were also planning on taking a home loan, now is a good time to opt for one with the offers in play.

Here are some of the top offers by banks to the borrowers this festive season:

• HDFC Bank is offering special interest rates starting at 6.9 per cent per annum under the Monsoon Bonanza offer till 31st October 2020 for logins and 30th November 2020 for disbursements. It’s charging a processing fee of up to 1.5 per cent minimum of Rs 3,000.
• Bank of Baroda is offering interest rates ranging from 7.00 to 8.60 per cent per annum. BOB is also offering a 100 per cent waiver in processing fees on Home Loan and Top-up Home Loan, along with a 0.25 per cent concession in the interest rate of home loan balance transfer cases.
• Punjab National Bank has fully waived off the Processing fee till 31st December 2020.
• The State Bank of India is offering the NIL processing fee if applied through the YONO app. Along with, interest rate concession of up to 10 bps based on credit score and 5 bps if applied through the YONO app.
• ICICI Bank, on the other hand, is offering an interest rate ranging from 6.90 to 8.05 per cent for a home loan and Home Loan Balance Transfer. For Home Loan Balance Transfer, the processing fee starts at Rs 3,000.

Table

Assuming a borrower wants to avail a home loan of Rs 50 lakh for a tenure of 20 years, at an interest rate of 7.25 per cent per annum, the EMI for the borrower comes out to be Rs 39,519. Whereas, if a concession of 0.25 per cent is offered, i.e. at an interest rate of 7 per cent per annum, the EMI would be Rs 38,765. The borrower gets a discount of Rs 754.