With the start of the festive season, many banks like State Bank of India, ICICI Bank, HDFC Bank and Bank of Baroda have brought festive offers on their home loans, personal loans and car loans. Before halting in recent months, the Reserve Bank of India had cut the repo rate for most of 2019 and early 2020. Therefore, the rates of taking loans are at attractive levels. If you too are thinking to get done, then this time is good because of the offers. Let us know about some of the top offers given by banks in the festive season.
HDFC Bank is offering special interest rate till 31 October 2020 under Monsoon Bonanza offer. It starts at 6.9 percent annually for login, which is till 31 October 2020 for login and 30 November 2020 for disbursement. In this, the processing fee up to 1.5 percent will be a minimum of Rs 3 thousand.
Bank of Baroda is offering interest rates of 7.00 to 8.60 per cent per annum. The bank is also offering 100 percent discount on processing fees on home loans and top up home loans. Along with this, 0.25 percent concession is also being offered in the interest rate of home loan balance transfer case.
Punjab National Bank has completely exempted the processing fee till 31 December 2020.
State Bank of India is offering NIL processing fees for applying loan through YONO app. With this, a discount of up to 10 basis points in the interest rate depending on the credit store and up to 5 basis points will be waived if applied through the Yono app.
On the other hand, ICICI Bank is offering 6.90 to 8.05 percent interest rate on home loan and home loan balance transfer. Processing fees for home loan balance transfer start from Rs 3,000.
Assuming that the borrower wants to take a home loan of Rs 50 lakh for a period of 20 years, and the interest rate is 7.25 per cent per annum, the EMI for the borrower will be Rs 39,519. Whereas, if a concession of 0.25 per cent is being offered, which is at an interest rate of 7 per cent per annum, the EMI will be Rs 38,765. The borrower will get a discount of Rs 754.
