Page 3 - Home Loan Rates

SBI, HDFC offer discounted home loans at 8.40% as part of festive sales

Despite rising interest rates, leading home loan players SBI and HDFC have announced discounted interest rates beginning at 8.40 per cent as part of their festive offerings. SBI in a statement said that its home loan book has topped the Rs 6 lakh crore mark, a first in the industry. The leading lender said it is offering up to 25 bps discount on interest rate to new home loan borrowers, making the entry level rate at 8.40 per cent and the offer will run up to January 31, 2023. The largest pure-play mortgage player HDFC, which is awaiting its merger with its banking subsidiary HDFC Bank, said it's also offering discounted interest rates to new borrowers to the tune of 20 bps or at 8.40 per cent. According to HDFC website, the festive offer is valid up to November 30, and the low rate will be applicable to those borrowers who have a minimum credit score of 750. Leading banks and mortgage players have increased their lending rates by up to 0.50 percentage point after the Reserve Bank

Rising median loan rates lead to fall in affordability of homebuyers

A cumulative increase of 0.95 per cent in median home loan rate has impacted the purchase affordability and purchase decisions of homebuyers, according to the Affordability Index by Knight Frank

Term plan works better for covering home loan liability, say experts

Home loan protection plan may only cover accidental death, which could leave the borrower's nominees exposed

Builders see short-term impact on sales on likely hike in home loan rate

The RBI's decision to raise the benchmark lending rate by 50 basis points to 5.40 per cent will make home loans costlier, and thus reducing affordability of prospective homebuyers, they added.

Ahmedabad India's most affordable housing market in H1CY22: Knight Frank

All markets decline in affordability due to rise in home loan rates

Life may get tougher for mid, small size HFCs amid rising rates: Analysts

Analysts warn that housing finance companies (HFCs), which cater largely to affordable housing segment, may see some margin erosion

Bank of Maharashtra slashes retail lending rates by up to 40 bps

The Pune-based lender's outstanding home loans stood at Rs 19,112 crore as of September 2021

What are BPLR and MCLR, and how do they impact your home loan rates?

If you are planning to take a home loan from a bank, BPLR and MCLR are some of the terms you would come across. What are BPLR and MCLR and how do they impact home loan rates? Let's take a look

Union Bank of India cuts home loan rate to its lowest at 6.4%

The minimum rate of interest now starts at 6.40 per cent, instead of 6.8 percent earlier

Improved affordability, lowest-ever interest rate pushing home loan demand

Favourable demographics, improved affordability of residential properties and historically low mortgage rates are pushing the demand for home loans, mortgage lenders said. Several major banks, mortgage companies and housing finance companies have significantly reduced their interest rates on home loans during the festival period to encash revival in housing demand after the second wave of the COVID-19 pandemic. In some cases, the interest rate on home loans is as low as 6.5 per cent. Asked about the likely impact of its decision to cut mortgage rates for the festive season on home loan disbursals, HDFC Managing Director Renu Sud Karnad said the lower interest rate does help but it is just one of the many variables for the pick-up in demand for home loans. "Housing today is much more affordable than it ever was. In the last couple of years, property prices have more or less remained the same across the country while income levels have gone up," she noted. Karnad further said people

State-run Bank of Baroda reduces home loan rates by 25 bps to 6.5%

State-run Bank of Baroda on Thursday said it has reduced its home loan rate by 25 basis points (bps) to 6.50 per cent from 6.75 per cent.

Check net savings before you transfer home loan balance: Experts

When selecting the new lender, understand the conditions attached to prepayment

PNB cuts rate on home loan above Rs 50 lakh by 0.5 pc; RLLR by 0.25 pc

A day after SBI and Bank of Baroda announced festival season offer, Punjab National Bank on Friday slashed the interest rate on home loan above Rs 50 lakh by 0.50 per cent to 6.60 per cent

State Bank of India, Bank of Baroda reduce home loan rates by 25-45 bps

For new home loans of Rs 75 lakh and above, SBI will charge 6.7 per cent as against the previous 7.15 per cent

SBI reduces home loan rates, standardises them ahead of festive season

It will offer credit score-linked home loans at 6.70% irrespective of the loan amount; distinction between salaried and non-salaried borrowers removed

Kotak Mahindra Bank cuts home loan interest rate by 15 bps to 6.5%

This is a limited period offer, valid for 60 days, beginning September 10

Bank of Baroda cuts benchmark lending rate by 10 bps, makes loans cheaper

The lender's home loan rates now start at 6.75 per cent and for cars at seven per cent after the revision.

ICICI Bank reduces home loan rates to 6.7% effective immediately

However, customers can only avail of this benefit up to the end of this month (March 31, 2021)

Home loan rate cuts didn't dent the margins: Bankers and analysts

Experts don't see further cuts boosting demand, with rates already at record lows

Top headlines: PM Modi receives Covid jab; ATF price raised by a steep 6.5%

Business Standard brings you top news of the evening