Home loan interest rates at a new low: Latest offer by SBI, Kotak Mahindra Bank
2 min read . Updated: 03 Mar 2021, 09:15 AM ISTState Bank of India (SBI), Kotak Mahindra Bank have reduced the interest on home loan rates
Planning to buy a new house? This is a good time as India's top lenders, State Bank of India (SBI), Kotak Mahindra Bank have reduced the interest on home loan rates. In addition to the all-time low-interest rates, there various offers including discounts on processing fees or special benefits for women buyers to lure the home buyers.
Take a look at home loan interest rates offered by the various banks:
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State Bank of India: SBI has reduced the interest rate on home loans. The Bank now offers interest concession of up to 70 basis points (bps )with interest rates starting from 6.70% onwards. This is a limited period offer ending on 31 March. The lender is also giving a 100% waiver on processing fees. The interest concession is based on the loan amount and CIBIL score of the borrower.
SBI home loan interest rates are linked to CIBIL score and start from 6.70% for loans up to ₹75 lakh and 6.75% for loans above ₹75 lakh.
Customers can also apply from the ease of their home via the YONO app to get additional interest concession of 5 bps. On the eve of International Women’s day, a special 5 bps concession is being made available to the women borrowers.
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Kotak Mahindra Bank: Kotak Bank has announced a 10 basis points (bps) cut in its home loan rates for a limited period, claiming its offering to be the lowest in the market. Customers will be able to avail of home loans for 6.65 per cent till 31 March as part of a special offer after the rate reduction, the bank said in a statement. The 6.65 per cent rate is applicable to both home loans and Balance Transfer Loans across amounts. This is a limited period offer ending on 31 March. The lender is also giving a 100% waiver on processing fees.
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