Home Loans Interest Rates Reduced

Introduction

If you are looking to get the home loans to buy a new house, then its good news for you. Many of the banks already slashed their home loans interest rates to lure the customers. The offer is targeting the festive season and will be over by end of this year. If you have any plan please use this opportunity to get loan at cheaper price. Subscribe to our future articles here.

Bank Of India

BOI comes up with star home loans. which can be availed till 31 December. For a loan of up to Rs 50 lakh, the rate of interest will be 8.50 per cent in the first year and 9.25 per cent in the second.

Union Bank of India (UBI)

As per the offer, for home loans up to Rs 50 lakh, the bank will charge a fixed rate of 8.50 per cent for the first three years.

ICICI Bank

ICICI Bank launched a special offer for all new home loans. As per the new offer, the bank will charge an interest rate of 8.75 per cent for loans up to Rs 20 lakh. For loans of Rs 20 lakh-50 lakh, the new interest rate is 9.25 per cent. Borrowing above Rs 50 lakh will attract 9.75 per cent interest rate.

State Bank of India (SBI)

State Bank of India (SBI) cutting rates by 50-75 bps on high-value home loans. Earlier, SBI had launched a new home loan scheme offering 8 per cent for 1-5 years, depending on the amount, with zero processing fees, as against an average of about 10 per cent charged by others.

Summary

Apart form these players Punjab National Bank, housing finance majors LIC Housing Finance and HDFC also reduced the interest rates. I hope this will be useful for the customers to buying new home of their dream. If you have any concern please post it in the comments section.

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