HDFC, ICICI, SBI Reduce Home Loan Rates For New, Existing Customers: Checkout New Loan Rates

The biggest lender State Bank of India (SBI), Kotak Mahindra Bank and HDFC reduced their home loan rates.

This shift has not only given hope to people to buy their dream homes but also boost real estate sales rapidly.

Banks have been urged by the Reserve Bank of India (RBI) to lower their lending rates.. The revised interest rate—the lowest in 10 years by the bank—will be effective from March 5, 2021. The whole competition now is and only for homebuyers. This will end up targeting new buyers as existing buyers have to wait for RBI to cut the repo rates.

SBI, HDFC cut home loan rates to 6.7 per cent and 6.75 per cent, while Kotak Mahindra cut home loan rates to 6.65 per cent.

ICICI Targeting Highest Pass Through To Fresh Home Loans With Revised Rates

 ICICI has reduced the home loan interest rate to 6.7 per cent, the private sector lender said on March 5. 

“We see a resurgence in demand from consumers, who want to buy homes for their consumption, in the past few months. We believe that this is an opportune time for an individual to buy his/her dream home, considering the prevailing low-interest rates,” said Ravi Narayanan, Head- Secured Assets, ICICI Bank.

 Announcing the cut, ICIC Bank said home buyers, including those who are not its customers, can apply for home loan digitally through the bank’s website and mobile banking platform iMobile Pay.

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HDFC To Offer Loans At 6.75 Per Cent To Borrowers, Irrespective Of The Amount

On March 3, mortgage lender HDFC said it had cut home loan rates by five basis points for all retail customers effective March 4. One basis point is one-hundredth of a percentage point. HDFC reduced its Retail Prime Lending Rate (RPLR) on which its Adjustable Rate Home Loans are benchmarked, by 5 basis points, the bank said in a statement. The cut will benefit all HDFC retail home loan customers, as it would offer loans at 6.75 per cent to borrowers, irrespective of the amount.

“HDFC reduces its retail prime lending rate(RPLR) on housing loans, on which its adjustable-rate home loans are benchmarked by 5 basis points, with effect from March 4, 2021,” the lender said

SBI  Lenders Waving 100% Waiver On Processing Fees

SBI reduced its home loan rate to 6.70 per cent. The lender also waived the processing fee for its customers. 

 “SBI, being the market leader in home finance, takes ownership in bolstering consumer sentiments. The affordability for the consumer increases immensely with the present offerings as the EMI will be reduced,” the bank said.

SBI home loan interest rates start from 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for above Rs 75 lakh, the bank said.