The rate war also comes on the back of continuous prodding by the monetary authority which has slashed the repo rates by a whopping 200 bps since March 2020 to 4 per cent to help revive the economy ravaged by the pandemic, but still credit demand remains under 6 per cent.
Source: Highlights The rate war also comes on the back of continuous prodding by the monetary authority which has slashed the repo rates by a whopping 200 bps since March 2020 to 4 percent to help revive the economy ravaged by the pandemic, but still, credit demand remains under 6 percent. According to the RBI data, home loan growth decelerated in FY21 due to the pandemic, though the decline in fact began in March 2020. Unlike personal loans, housing loans involve collateral. In case of default, banks can seize the asset and auction it off. Flushed with excess liquidity as general credit demand is still way below the desired levels, leading home loan players State Bank of India, HDFC, ICICI Bank and Kotak Mahindra Bank have slashed their rates to a decadal low, leaving consumers spoilt for choices.
Updated Mar 04, 2021 | 18:11 IST | Alexander Mathew India s largest mortgage NBFC has cut its benchmark lending rate, intensifying the battle for the largest slice of the country s home loan market. Representational Image | Photo Credit: IANS Key Highlights SBI, Kotak Mahindra Bank had earlier slashed home loan interest rates, triggering a rate war It s a good time to be a home buyer in India. With interest rates on home loans at an all-time low, lenders seem to be heading into a rate battle to capitalise on the sudden reemergence of interest in housing. The housing market in most of India s top cities had been sluggish over the past five years, with inventories piling up. But now, with the lockdown to curb the pandemic having forced several households to consider moving to bigger homes, and with banks vying for new business, anecdotal evidence points to a resurgence in demand.
Read more about HDFC cuts interest rate on home loans by 5 basis points from March 4 on Business Standard. The revised rate of 6.75% comes into effect today
SBI announced its offer on the day it crossed the milestone of Rs 1-lakh-crore disbursement of home loans in FY21. (File photo) MUMBAI: In a bid to grab as many home loan customers as possible before the fiscal year ends, State Bank of India (SBI) and Kotak Mahindra Bank have sweetened their offer in this segment by cutting interest rates by up to 10 basis points (100bps = 1 percentage point). SBI now offers home loans of up to Rs 75 lakh for as low as 6.7% (to women salaried borrowers) the cheapest rate ever offered by the bank. SBI also continues to waive processing fees on all home loan applications. Kotak Mahindra Bank said that it would offer home loans for rates starting at 6.65% for both new purchases and balance transfers also its lowest rate ever.
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Read more about SBI reduces home loan interest rates to 6.7% on Business Standard. SBI home loan interest rates start from 6.7% for loans up to Rs 75 lakh and 6.75% above Rs 75 lakh; the lender is also offering 100% waiver on processing fees