Banks introduced the launch of a festive bonanza on housing loans that will give exciting benefits to homebuyers.
Housing Loans Festive Offers
Banks have stepped up festive deals after interest rate cuts and initiatives to attract individual borrowers. On October 20, SBI said it would offer a concession of up to 25 basis points for home loans above Rs 75 lakh (100bps = 1 percentage point). The discount is subject to the credit score of the borrower and can be used if it is enforced via the Yono digital portal of SBI.
A festival campaign offering home loans at 6.9% was launched by Axis Bank. Yes Bank has also announced special festival season offers, which include 100% of the value of home loans extending for up to 35 years. There is a great deal of demand for loans because of the deferment of transactions during the lockdown, according to Rajan Pental, Head of Retail at Yes Bank.
SBI provides a credit score-based concession of up to 20bps from 10bps earlier, for a home loan between Rs 30 lakh and Rs 2 crore, in an expansion of its festive offers recently announced. The same concession will also be applicable in eight metro cities to home loan clients for an amount of loan up to Rs 3 crore. If applied via Yono, an additional 5bps concession for all home loans is provided.
The Bank is currently offering its lowest rate on home loans, as they are witnessing increased consumer demand with the nation all getting ready for the post-Covid period.
By: Shailaja K