Homebuyers Alert! Check these home loan offers from SBI, BoB, PNB, HDFC and Kotak Mahindra - See all you need to know

Festive Season Home Loan: There is good news for the homebuyers. Several banks are offering home loans on the occasion of the upcoming festive season. In the midst of this COVID-19 pandemic, these offers from the banks can be a reason to rejoice for the home-seekers.

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The banks which are offering home loans this festive season include the public sector banks like State Bank of India (SBI), Bank of Baroda (BoB), Punjan National Bank (PNB). Apart from the public sector banks, there are also Kotak Mahindra Bank and HDFC Bank.

State Bank of India

The largest public sector lender in the country is offering credit score linked home loans at just 6.70 percent, irrespective of the loan amount. Earlier a borrower availing a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15 percent. Now, with the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70 percent. The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs 8 lakh, for a Rs 75 lakh loan with a 30 year tenure. Furthermore, the rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower. SBI has removed this distinction between a salaried and a non-salaried borrower.

Punjab National Bank

The Punjab National Bank (PNB) on September 17, 2021 announced that it has revised the Repo Linked Lending Rate (RLLR) from 6.80 per cent to 6.55 per cent with effect from September 17,  2021.

Bank of Baroda

Bank of Baroda is offering a waiver of 0.25 percent in the existing applicable rates for Baroda Home Loans. In addition to this, BoB is also offering this 0.25 per cent waiver on car loans. The bank's home loan rates start at 6.75 percent and car loan rates at 7 percent. It has also waived off processing fee on home loans. The customers can apply for home or car loans by using the lender's mobile banking application or its website for instant sanction.

HDFC Bank

The HDFC Bank customers can avail home loans starting at 6.7 per cent interest per annum, effective from September 20, 2021. The HDFC Bank has informed that the offer of home loans starting at 6.7 per cent interest per annum will be applicable for all new loan applications, irrespective of the loan amount or employment category. The bank has also stated that the special rate is linked to the borrower's credit score. The interested customers must note that this offer from HDFC Bank is a close ended scheme and will be valid till October 31, 2021.

Kotak Mahindra Bank

Kotak Mahindra Bank has also started the festive season by announcing that it has reduced its home loan interest rates yet again by a further 15 basis points (bps) from 6.65 per cent to 6.50 per cent pa. It has to noted that this special rate of 6.50 per cent p.a. is a limited period festive season offer beginning September 10, 2021 and ending on November 8, 2021, the lender has mentioned.