State Bank of India
The State Bank of India (SBI) would impose 6.7 percent on new home loans of Rs 75 lakh and up, up from 7.15 percent previously. Regardless of the loan size, the country’s largest lender will provide 6.7 percent home loan based on credit ratings. In addition, SBI has announced that potential home loan borrowers will not charge a professional interest rate.
Only with the introduction of celebratory deals can borrowers now get a home loan of any amount at an interest rate of just 6.7 with a concession of 45 basis points. Processing costs were waived and balance transfer loans are also eligible for the bank’s 6.7 percent home loan agreement. Thanks to free processing costs and low lending rates throughout the holiday season, the bank will be able to purchase a home for Indian citizens this year. See the latest State Bank of India home loan interest rates below.
| Loan amount | Term loan | Maxgain |
|---|---|---|
| Up to Rs 30 lacs | EBLR + 15 bps, ER: 6.80% (ER: Effective Rate) | EBLR + 50 bps, ER: 7.15% |
| About Rs 30 lacs to Rs 75 lacs | EBLR + 40 bps, ER: 7.05% | EBLR + 75bps, ER: 7.40% |
| About Rs 75 lacs | EBLR + 50bps, ER: 7.15% | EBLR + 85bps, ER: 7.5% |
| Source: Bank website, Wef 05/01/2021 |
Kotak Mahindra Bank
Kotak Mahindra Bank has cut home loan interest rates by 15 basis points (bps) from 6.65 percent to 6.50 percent per year effective September 10, 2021. This attractive interest rate of 6.50 percent pa is only available for a limited time during the Christmas period, from September 10th to November 8th, 2021, according to the bank’s official announcement. “It’s bigger, more luxurious, more spacious and looks fantastic! No, it’s not a phone, it’s your new home. Kotak home loans start at surprisingly low interest rates of 6.5% * pa! Get your dream home in the now Reality.” The bank announced this in its publication on Twitter. In another tweet, the bank said: “We are serious! Kotak Home Loans from surprisingly low interest rates of 6.5% * pa! Get your dream home into reality now. Hurry up! Offer valid from September 10th to November 8th. 21. To learn more, visit: https://bit.ly/2Up1WrM. “Check out the Kotak Mahindra Bank home loan interest rates below.
Special balance transfer rate (employees and self-employed)
| segment | Loan amount | Effective interest rate |
|---|---|---|
| Employed | Any loan amount | from 6.50% |
| Self-employed | Any loan amount | from 6.60% |
Salaried employees – transfer without a balance
| Loan amount | Effective interest rate |
|---|---|
| Any loan amount | 6.50% – 7.10% |
Self-employed – unequal transfer
| Loan amount | Effective interest rate |
|---|---|
| Any loan amount | 6.65% – 7.25% |
| Source: Bank website, general terms and conditions apply |
Bank of Baroda
On Thursday, the Bank of Baroda announced a 0.25% discount on the existing home loan interest rate. In addition, the bank waives processing fees for home loans. Home loan interest rates at Bank of Baroda now start at 6.75 percent, with the deal available through December 31, 2021. “This Christmas season, Karo Khushiyon Ka Shree Ganesh as Bank of Baroda is offering a 0.25% concession on the existing interest rate. Get a 6.75% home loan and a 7.00% car loan. The offer is valid until December 31, 2021, “announced the bank via its Twitter handle. The term of home loans at BoB varies depending on the loan amount and salary of the borrower, with a maximum term of 30 years. A moratorium of up to 36 months also applies to home loans. Home loans are available at Bank of Baroda to all Indians, including residents and non-residents, ages 21 to 70.
