Buying Home To Get Cheaper This Diwali

In the ongoing festive season, many banks have cut their interest rates to attract more customers and come out of the pandemic blues.

In a press release, the Union Bank of India announced that it is reducing its home loan interest rates to an all-time low at 6.4 per cent. The bank said that the minimum rate of interest will be 6.4 per cent, from October 27, 2021.

The low interest rate can be used by the customers while applying for the new loans or for transferring their existing home loans. But the balance transfers will have to be included in the ones that are being transferred.

Bank of India reduced its interest rates on vehicle loans and home loans by 50 basis points and 35 basis points recently. It is offering home loans at 6.5 per cent and vehicle loans at 6.85 per cent.

Also, the country’s leading public sector bank, the State Bank of India brought down its interest rates to 6.7 per cent to boost consumer sentiment. It has also waived off the processing fees and is using credit scores to offer attractive concessions to the customers.

The biggest bank in the country, HDFC Bank also reduced its home loan interest rates to 6.7 per cent, for a limited period. The offer is valid between September 20, 2021, and October 31, 2021.