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Banks (Finance)

Festive Season Home Loan Offers: A Comprehensive Breakdown

Strategic Insights

— 1 min read

Banks and housing finance companies are rolling out special discounts and offers on home loans to attract borrowers this festive season. With interest rates as low as 8.35 per cent and up to a 50 per cent discount on processing fees, it's a perfect time to consider taking out a loan. Several public sector banks, private sector banks, and housing finance companies are offering home loans at competitive rates, with festive offers extending till November 30, 2023, or December 31, 2023.

Key Takeaways:

  • State Bank of India, Bank of Baroda, and Union Bank of India are offering home loans at low interest rates starting at 8.40 per cent.
  • HDFC Bank is providing mortgages at a cheaper rate, starting at 8.35 per cent across tenures.
  • Public Sector Banks (PSBs) such as SBI, Bank of Baroda, Union Bank of India, and Indian Overseas Bank offer rates ranging from 8.40 per cent to 10.15 per cent for loans up to Rs 30 lakh.
  • Punjab National Bank's "Deepawali Dhamaka 2023" festival offer provides home loans with 8.4 per cent interest, along with a full waiver of upfront/processing fees and documentation charges.
  • Canara Bank is offering an additional 5 bps concession for takeover/ready-to-move home loan proposals and a 5 bps concession for salaried employees working in central/state government/PSUs/MNCs/Bluechip Companies and corporates maintaining or switching salary accounts with Canara Bank.
  • Bank of Baroda's "Festivanza" offer features home loan rates starting from 8.4 per cent per annum, applicable to takeovers, fully completed, or government projects, with nil process fees and concessional upfront fees.

Statistics:

  • Lowest interest rate: 8.35 per cent, offered by HDFC Bank
  • Highest interest rate: 10.25 per cent, offered by PNB
  • Discount on processing fees: up to 50 per cent
  • Number of banks offering festive home loan offers: 7 (PSBs and HFCs)
  • Maximum loan amount: Rs 30 lakh
  • Processing fee waiver: available at some banks, including Punjab National Bank

Sources:

  • Paisabazaar.com
  • SyndiGate Media Inc.
  • Global Data Point

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