In line with the Reserve Bank of India's (RBI's) efforts to revive consumption demand, banks have cut home loan interest rates to record lows to attract homebuyers during the ongoing festive season.
Kotak Mahindra Bank is now offering home loan interest rate of as low as 6.75 percent per annum.
Here's a look at intrest rates on offer by various banks
Kotak Mahindra Bank: Leading the race in keeping the interest rate low is Kotak Mahindra Bank, which is offering home loan rate at 6.75 percent per annum. For customers of other banks switching their loan account to KMB, the bank enables the customers to save up to Rs 20 lakh for transferring the balance.
There are innumerable reasons to buy your own home, but none of them can beat the unbelievably low Home Loan rate of 6.75%*
To know more - https://t.co/1hZBgEsfKP#KotakHomeLoans *T&C Apply pic.twitter.com/Bkzh8BBFW5
— Kotak Mahindra Bank (@KotakBankLtd) November 2, 2020
Kotak Mahindra Bank launches festive season special offer with attractive loans rates, EMI options
State Bank of India: SBI is offering home loans at interest rates starting from 6.90 percent up to an amount of Rs 30 lakh. It has kept the interest rate at 7 percent for an amount exceeding Rs 30 lakh. Also, interested borrowers will get an additional concession of 25 bps above Rs 75 lakh, based on their CIBIL score.
Axis Bank: The private bank is also providing home loans at a lucrative rate of 6.9 percent per annum.
Looking to buy a house this festive season? Here are the cheapest home loans.
HDFC Bank: HDFC Bank has also kept the interest rate for a home loan as low as 6.9 percent per annum. However, the private bank is charging 0.5 percent of the loan amount as processing fees and has capped the fees at a maximum of Rs 3,000.
Bank of Baroda: Starting Sunday onwards, Bank of Baroda had started offering the interest rate for home loan at 6.85 percent per annum. Earlier on Saturday, the Bank of Baroda had announced to decrease its repo-linked lending rate for housing loans by 15 basis points.