Housing Development Finance Corp (HDFC) has announced on Tuesday to offer home loan interest rates from 6.7 per cent. “We are pleased to announce the special home loans rates for the upcoming festive season,” Renu Sud Karnad, managing director, HDFC Ltd in a statement.
The limited-period offer on home loan will be effective from September 20, the lender said. Interestingly, the home loan interest rate will be fixed at 6.7 per cent, irrespective of the loan amount. The special loan rate will be linked to the borrowers credit score.
“Housing is much more affordable today than it ever was. In the last couple of years, property prices have more or less remained the same in major pockets across the country while income levels have gone up. Record low interest rates, subsidies under PMAY and the tax benefits have also helped,” HDFC managing director said.
The concession on home loan interest rate will be applicable till October 31. Customers can also apply for home loans online by visiting www.hdfc.com. Customers can also apply for home loans online by visiting www.hdfc.com.
To woo new homebuyers during the upcoming festive season several banks and lenders has already slashed the interest on homeloans to all-time low in decades. Commenting on the all-time low home loan interest rates and how it is going to benefit the homebuyers, Vedanshu Kedia, director, Prescon Group said, “It is an encouraging move by the leading banks to slash interest rates especially during the onset of the festive season. Even now, a low-interest rate by reputable banks is bound to catapult unimaginable economic growth in the country as a result of enhanced consumption. The initiative will surely make homeownership affordable and viable for the fence-sitters who can now plunge on the best opportunity to buy their dream home.”
State Bank of India (SBI) earlier reduced the home loan interest rates to 6.7 per cent for any loan amount. This is the first time a bank is providing home loans at a uniform rate, the lender mentioned.
Kotak Mahindra Bank has slashed its home loan interest to 6.50, lowest rate across the industry. The reduced rate will be applicable on all loan amounts in both fresh and balance transfer cases.
Punjab National Bank on September 17 announced festive offers for home loans at 6.60 percent irrespective of any upper ceiling limit. The interest rate will be linked with the applicant’s credit score, the bank said.
“Historically, the festive season in India has been an auspicious time for home purchase, aided by lucrative by developer-led schemes. With banks like HDFC, PNB, Kotak Mahindra, SBI, offering further reduced interest rates, the residential sector is expected to witness an uptick – along with infusing a lucrative demand for housing properties in the forthcoming festive season,” said Anshuman Magazine, chairman and CEO, India, South-East Asia, Middle East & Africa, CBRE.