Diwali offers are never-ending. From smart phones to household appliances, everything is luring during the festive season due to the offers on display by these companies. But this Diwali, even buying a home may be cheaper for some. As the festive fervour and inflation strike, many lenders like HDFC and State Bank of India (SBI) have slashed their home loan rates in order to attract new borrowers.
As per a report in ETNow, the Diwali offer that SBI is offering is a concession up to 0.25 per cent on home loans. This means that the SBI home loan rates this festive season will now be starting at 8.40 per cent, as per the report. In addition to this, SBI is offering a concession of 0.15 per cent on top-up loans and 0.30 per cent on loans against property. As a cherry on the top, the country’s largest lender has also waived off the processing fee on home loans till January, 2023.
Coming to HDFC, a lender of the private sector, the bank is offering a rate of 8.4 per cent on home loans for a credit score of 750 and above, irrespective of the loan amount. This offer is valid for everyone till November 30. The offer is reportedly different from the usual ones as for the festive season; the lender is offering just one amount, unlike the ones that vary depending on the credit score.
Bank of Baroda and Bank of Maharashtra have also cut their home loan rates to attract new borrowers. As per the ETNow report, the former’s home loans are available at 8.45 per cent p.a. and the latter’s available at 8 per cent p.a., since the lender has slashed its rates by 30-70 basis points.