Housing Development Finance Corporation (HDFC) has announced that it will offer home loans at 6.7 percent as part of a festive offer.With this offer, customers can get an HDFC Home Loan starting at 6.70 percent from September 20 onwards, HDFC Ltd said in a release.
Notably, this offer will specifically be applicable to all new loan applications on any loan amount or employment category. The special rate is further linked to the borrower’s credit score.This is a close-ended scheme and will be valid till October 31, 2021, the lender said.
"Housing is much more affordable today than it ever was. In the last couple of years, property prices have more or less remained the same in major pockets across the country while income levels have gone up. Record low-interest rates, subsidies under PMAY, and the tax benefits have also helped.” said Renu Sud Karnad, Managing Director, HDFC Ltd.
Besides HDFC Bank, other banks including State Bank of India (SBI), Bank of Baroda, Kotak Mahindra, and PNB had cut down home loan rates.
SBI had reduced home loans rates to 6.70 percent. Kotak Mahindra Bank had also reduced home loan rates by 15 base points from September 10. Kotak Mahindra Bank Ltd (KMBL) will now offer home loans at an interest rate of 6.50 percent per annum against 6.65 percent per annum.