HDFC cuts home loan rates for festival season, joins SBI, PNB and Bank of Baroda.

 According to Livemint, one of India's major private banks, HDFC, said on Tuesday that it is lowering house loan rates for the approaching festival season. According to a Livemint report, customers interested in taking out a loan during the offer can do so at a rate of 6.70 percent, which is lower than the current rate of 6.75 percent.

Regardless of the amount or a person's work position, the offer will be applied to all new loan applications. According to a statement from HDFC, the deal began on Monday (September 20) and will run until October 31, according to Livemint.

The offer comes only days after Punjab National Bank (PNB), Bank of Baroda (BoB), and private lender Kotak Mahindra Bank announced home loan perks during the festival season.

PNB lowered the interest rate on house loans worth more than 50 lakh rupees by 0.50 percent to 6.60 percent. "PNB has announced that home loans are now available at 6.60 percent regardless of any upper ceiling limit," the bank stated in a statement.

For Baroda Home Loans and Baroda Car Loans, Bank of Baroda has also announced a 0.25 percent reduction in the existing applicable rates. Home loan rates start at 6.75 percent, while car loan rates start at 7%.

Home loan processing fees have also been waived.

Last week, the country's largest lender, State Bank of India (SBI), launched a slew of seasonal offers for potential house loan customers, including credit score-linked home loans with rates starting at 6.70 percent, regardless of loan amount.

The bank claims that a 75 lakh loan with a 30-year term will save 45 basis points (bps), equating to an interest savings of more than $8 lakh.

Previously, borrowers who took out a property loan for more than $75 lakh had to pay a 7.15 percent interest rate.

These low interest rates on home loans, according to several real estate developers and advisers, would drive significant consumer demand in India's residential property sector.

Conclusion

There's no need to be discouraged if your personal loan application is turned down. To boost your chances of loan approval, simply work on improving your credit report and following the methods outlined above. Once you've completed this checklist, you're ready to submit your personal loan application.To find about the best pricing and deals, call our toll-free number +91-9477079053. They'll help you in every way they can. Please contact me at Best Home Loan In India if you have any more.

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