HDFC Home loan: HDFC announces home loans at 6.7% interest rate

Since it is the festive season now, many banks and non-banking financial institutions are announcing their festival offers like lower interest rates on loans and waiver of processing fees. Mortgage lender, Housing Development Finance Corp or HDFC, said that it will be offering home loans at 6.7% interest rate for those with credit scores above 800, according to the lender’s website. “Under this special offer, customers can avail of HDFC Home Loan starting at 6.70 per cent effective 20th September 2021,” HDFC stated in a press release.

HDFC has also reduced its processing fees to Rs 3, 000 plus taxes (from Rs 10, 000 plus taxes).

This is a close-ended scheme and will be valid till 31st October 2021, the HDFC press release stated.

Banks’ festive season offers

State Bank of India (SBI) is offering festive season home loans at 6.70% irrespective of loan amount, Kotak Mahindra Bank has reduced rates to record lows of 6.5%.

SBI has also waived processing fees on home loans.
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Separately, Kotak’s festive offer of 6.5% is the lowest in the industry and will be valid from September 10 to November 8. The limited festive period offer will be applicable across all loan amounts, and on both fresh loans and balance transfer cases.

Punjab National Bank has waived service charges and processing fees on all retail products.

Bank of Baroda has also launched retail loan offers ahead of the festive season. The bank is offering a waiver of 25 basis points on prevalent interest rates for home and car loans. Home loans for the public lender start at 6.75% and car loans at 7%. The bank is also offering a waiver of processing fees on home loans.