Festive Season Blast: HDFC Ltd Home Loan Interest is now 6.70% for all Slabs

The housing finance sector major HDFC Limited has given a big relief to customers on home loans in the festive season. Now 6.70% interest will be charged on all slabs of home loan.
Festive Season Blast: HDFC Ltd Home Loan Interest is now 6.70% for all Slabs
Image Credit: IndiaInfoline

The housing finance sector major HDFC Limited has given a big relief to customers on home loans in the festive season. Now 6.70% interest will be charged on all slabs of home loan. This offer will be applicable from September 20 to October 31 on all new home loans.

Linked to credit score

HDFC Ltd said that this special rate is linked to the credit score of the borrower. This is a close-ended scheme. That is, it has been kept operational till 31 October only. HDFC Ltd MD Renu Sud Karnad said that we are confident that this will help home buyers. Housing is a very needed segment in today's time. Property prices have either stagnated or declined over the years.

The income level of people has increased

Renu Sud Karnad said that interest rates are at historically low levels. Apart from this, customers also get the benefit of Pradhan Mantri Awas Yojana. Customers can apply for this home loan on the company's website. This home loan will be for those customers whose credit score is 800 or above.

Image Credit: The economic times
Image Credit: The economic times

Earlier the interest on a home loan was 7.15%

Earlier, the interest on home loans above Rs 75 lakh for salaried customers was 7.15%. The interest rate for businessmen was 7.30%. However, in this also the credit score was applied only 800. With this new rate, there will be a benefit of 45 bps for salaried customers while 60 bps for non-salaried customers. 100 bps means 1%.

SBI had also reduced the rate

Last week, the country's largest bank State Bank of India (SBI) also offered home loans up to Rs 75 lakh at a single interest rate. SBI had said to reduce the interest rate on home loans from 7.15% to 6.70% for both salaried and non-salary customers. Punjab National Bank is offering a home loan interest rate of 6.60% and Kotak Mahindra Bank 6.50%.

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