Simply Save | Cheaper home loans: Is this the right time to buy a house?
With home loan interest rates starting at 6.65-7 percent, it is an ideal time to buy a house for self-use
March 24, 2021 / 05:55 PM IST
The home loan space is abuzz once again with banks slashing their interest rates and waiving off processing fees in the first week of March.
It started on March 1, with State Bank of India reducing its home loan rates on March 1 from 6.8 percent to 6.7 percent for home loans of up to Rs 75 lakh. It also decided to waive off its processing fees. These are limited period offers available until March 31. Kotak Mahindra Bank, which was offering the lowest interest rate in the market of 6.75 percent, slashed it further by ten basis points.
In addition, the Maharashtra government announced a one percent concession on stamp duty rates for women home buyers. Some states, including Maharashtra and Karnataka, had already slashed stamp duties till March 31, 2021 to give a boost to housing sales.
The overall environment seems favourable for home-buyers. But should you buy a house because of these factors? Tune into Simply Save for answers.