If you are planning to buy a house then this time is right for you. This is because in less than a month, more than one and a half dozen banks and NBFCs have cut home loan interest rates. This includes the country’s largest public sector bank State Bank of India (SBI), HDFC, ICICI Bank and Kotak Mahindra Bank. For the first time, 20 banks and NBFCs are offering home loans at rates of less than 7 per cent.
The Reserve Bank of India (RBI) is encouraging banks to give loans. The central bank and the government have taken several steps to revive the crisis-ridden realty sector. In such a situation, reducing the rate of loan by banks will prove to be a relief. The competition over the reduction in home loans in banks had started in February itself.
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special thing is that there has been no change in any policy rate in the last nine months. According to experts, banks have accumulated a lot of cash in a year as the highest FD deposits in banks in 2020 due to market volatility. Additionally, the new on-tap TLTRO announced by RBI allowed banks and NBFCs to borrow at low cost and lend to corporates in specific sectors, including real estate.
Let’s know about the interest rates of different banks-
ICICI Bank- ICICI Bank has reduced its home loan rate to a 10-year low. The bank reduced the interest rate on its home loan to 6.70 percent. This loan rate has come into effect from March 5 i.e. from today itself. According to ICICI Bank, customers with home loans up to Rs 75 lakh will get the benefit of this affordable rate. For loans above Rs 75 lakh, the bank has fixed an interest rate of 6.75 per cent. This economical rate is currently only till 31st March.
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SBI- On March 1, SBI had cut interest rates on its home loans by 0.10 percent. Now the bank is offering home loan at 6.70 per cent interest. SBI said in the statement that the new rates will depend on the loan amount and the CIBIL score of the borrower. Under this, the loan will be available till 31 March 2021. The bank said that the interest rate on housing loans up to Rs 75 lakh will be 6.70 percent. The interest rate for loans ranging from Rs 75 lakh to Rs 5 crore will be 6.75 per cent. The bank said that customers can also apply for a home loan through the YONO app. In doing so, they will be given an additional rebate of 0.05 per cent.
HDFC- HDFC has reduced the interest rate on housing loans by 0.05 percent for its customers. Home loan company officials said after this deduction, home loans will be available at 6.75 per cent interest to “best customers” with good credit history. An official statement said, “HDFC has reduced its Retail Prime Lending Rate (RPLR) on housing loans by 0.05 per cent with effect from March 4. The Adjusted Rate Home Loan (ARHL) is the benchmark for the company at RPLR itself.
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Kotak Mahindra Bank- Kotak Mahindra Bank has cut home loan interest by 0.10 percent. After this limited period of deduction, the interest rate has come down to 6.65 percent. With this deduction, the bank claims that it will provide home loan to the customers at the lowest interest rate in the market. The bank said in a statement that under the special offer, customers will be able to take loans at 6.65 percent till March 31.
