Special offers on home loans are being received during the festival season, with several banks including SBI and Punjab National Bank offering low interest rate loans.
- SBI has announced a waiver of any processing fees for home loans
- PNB has come up with a festive bonanza offer for their customers
image source:: divya bhaskar
If you are thinking of buying your own home this festival season then this time would be perfect for it. Many big banks in the country are offering special offers on home loans in view of the festive season. State Bank of India (SBI), HDFC, ICICI Bank, Bank of Baroda and Punjab National Bank are offering many discounts on home loans.
Bank of Baroda Festival offer
Bank of Baroda is offering a 0.25% discount on the current interest rate on home loans under the Festival offer. Apart from this, the bank will not charge any processing fee. This offer can also be availed by transferring the loan to the bank. Bank of Baroda is offering home loan interest rates of 7.00 to 8.60% per annum. On top of this you will get the benefit of the festival offer.
PNB's new offer
Punjab National Bank (PNB) has come up with a festive bonanza offer to its customers. Under this offer the bank will not charge all types of upfront, processing charges and documents on the home loan. Customers can avail this offer till December 31, 2020 through PNB's 10,897 branches or digital channels. The bank is currently offering home loans ranging from 7.10% to 7.90% per annum.
SBI's offer
State Bank of India (SBI) has announced a waiver of processing fees on home loans. You do not have to pay any processing fees if you buy a home. But for this the customers have to apply through the bank application YONO. The SBI said it would offer special discounts to customers at an interest rate of 10BPS, or 0.10%, with a good score. However, it will also depend on the loan amount. SBI is offering home loans ranging from 6.95% to 7.95% per annum.
HDFC Bank offers 'Festive Treats'
HDFC Bank has launched 'Festive Treats 2.0' for its customers. Under this, customers will get a rebate on processing fees and EMI on the loan along with cashback, gift vouchers and many other benefits. Home loans are available at an interest rate of 6.95% to 7.65% per annum.
ICICI Bank's 'Festive Bonanza' offer
ICICI Bank has launched 'Festive Bonanza', which is getting a lot of offers. Under this, interest rates start from 6.90% and processing fees start from Rs 3,000.
Larger loans will have more benefits
SBI has announced a 20 basis point discount on home loans over Rs 75 lakh during the festival season. However, it will depend on your Sibyl score. That is, only those with a high CIBIL score will be able to take advantage of it. Also, if you apply for a loan from YONO application and it is approved then you will get an extra discount of 5 basis points. For loans over Rs 75 lakh, the discount will be 25 basis points.
You will get a 10 basis point discount on a small loan
Also, loans of Rs 30 lakh to Rs 75 lakh will get a 10 basis point discount. Also, this discount will be 15 basis points if applied from YONO application. However, it will depend on your Sibyl score. If the home buyer is a woman, she will get an extra 5 point discount. SBI's home loan interest rates start at 6.90%.
SBI's offer during the festive season
Earlier the bank had launched a festive season offer. Under the offer, SBI has announced a 100% waiver of processing fees for home loans, cars, goals and personal loans. That means you don’t have to pay any processing fees if you’re buying a home.
Property prices fell during the Corona period
Corona epidemics have led to a sharp decline in housing property sales. During the July-September quarter, sales in India's top seven cities fell 46% to 29,520 units. Demand for housing property has declined due to the Koro epidemic, according to a report by property consultant Anaroc. Home sales in these seven cities stood at 55,080 units in the same period last year. For this reason, good property can be found at a lower price at this time.
Getting a discount on property registration
People are hesitant to buy a new property because of the Coronation Age. In view of this, other states including Madhya Pradesh, Maharashtra and Karnataka have announced two to three per cent exemption in registration fees to boost the property business. This has also reduced the final cost of the property.
Getting a subsidy
Under the Prime Minister's Housing Scheme, if you are buying a house for the first time, the government provides a subsidy of up to Rs 2.67 lakh on home loan interest. If you are thinking of buying an affordable house then with this plan you can complete this unfinished work. Applications for this can be made from March 31, 202...
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