In the festive season, the Bank of India has announced discounts on home loans and auto loans to its customers. The bank has cut the interest rate on its home loan by 0.35%. After this deduction, the home loan rate of BOI will start from 6.50%. The bank said that this special rate will be applicable from October 18, 2021, to December 31, 2021.
Apart from this, the bank has also cut the interest rate on vehicle loans by 0.50%. The interest rate on the bank's vehicle loan has come down from 7.35 to 6.85%. The bank has decided not to levy processing charges on home and vehicle loans till December 31, 2021. Customers applying for new loans and transfer of loans will be able to take advantage of this offer.
Many banks of the country are offering special offers on home loans these days. Bank of Baroda and Kotak Mahindra Bank are offering home loans at 6.50% under festival offers. SBI is offering loans at an interest rate of 6.70%.
The bank has reduced the home loan interest rate to 6.50% in the festive season. Apart from the new loan, the benefit of the new interest rate will also be available on home loans transferred from other banks. The benefit of this offer will be available till December 31.
State Bank of India (SBI) has presented a new explosion in the festive season. The bank has said that now the rate of interest on home loans up to Rs 75 lakh will remain the same. The rate of interest will be 6.70%. Earlier, different loan amounts were used to attract different interest rates.
Kotak Mahindra Bank has also cut the home loan interest rate by 15 bps (basis point) this festive season. Now the new rate of interest for a home loan will be 6.50% per annum. This offer will be valid till 8th November. The new interest rate will be applicable on new home loans as well as those home loans which will come to Kotak by transfer from any other bank.
ICICI Bank has introduced the Festive Bonanza. In this, the processing fee on the home loan will be only Rs 1,100. The home loan will be available at 6.70% interest. The bank said that from October 1, customers can take advantage of the offer under the festive bonanza. Even if the customer transfers the loan of any other bank to ICICI Bank, he will get this benefit.
HDFC has cut home loan rates in view of the festive season. Under which customers will be able to take a home loan at an initial interest rate of 6.70% per annum. This special scheme will be available till 31 October 2021.
LIC Housing Finance has reduced the home loan rate to 6.66% for home loans up to Rs 2 crore. This offer will be applicable only on home loans taken till November 30.
