Buying your own home is every employee’s dream in India. Amid the ongoing coronavirus pandemic, several major lenders, including the State Bank of India (SBI) have lowered mortgage interest rates in order to attract customers. Banks believe that cutting mortgage rates is helping them see a resurgence in consumer demand. So here is a comparison of banks that have cut mortgage rates.
ICICI Bank mortgage interest rates
ICICI Bank reduced the mortgage interest rate to 6.70%. The revised interest rate is the lowest in 10 years by the Bank. Customers can take advantage of this interest rate for home loans up to ₹75 lakh. For the above loans ₹75 lakh, the interest rates are set at 6.75% and above. These revised prices will be available until March 31, 2021.
HDFC mortgage interest rates
The Housing Development Finance Corporation (HDFC) cut mortgage interest rates by 5 basis points to 6.75%. The change will benefit all existing HDFC retail home loan customers.
Kotak Mahindra Bank mortgage interest rates
Kotak Bank also cut its mortgage rates by 10 basis points (bps) for a limited period, saying its offer is the lowest in the market. Customers will be able to take advantage of 6.65% home loans until March 31 as part of a special offer after the rate cut, the bank said in a statement. The rate of 6.65% applies to both mortgage loans and balance transfer loans by amounts.
SBI mortgage interest rates
The State Bank of India (SBI) offers interest rates for home loans starting at 6.70% per annum. This is a limited time offer ending March 31st. The lender also grants a 100% waiver on the processing fee. The interest reduction is based on the loan amount and the borrower’s CIBIL score. SBI provides a multitude of various home loans for clients.
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