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3/5/21

Special Read / Getting Home Loan at Lowest Rate in 10 Years, No More Opportunity to Get Dream Home

 Special Read / Getting Home Loan at Lowest Rate in 10 Years, No More Opportunity to Get Dream Home




If you are thinking of buying a home, you will hardly find a better time than this. ICICI Bank has also slashed its home loan rates to a 10-year low. Earlier, many other banks like SBI and Kotak had also reduced interest rates on home loans.


ગુજરાતી માં ન્યૂઝ વાંચો 


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ICICI Bank slashed interest rates on home loans to 6.70 per cent

ICICI Bank on Friday slashed interest rates on its home loans to 6.70 per cent. This is the bank's cheapest home loan rate in the last ten years. The loan rate has come into effect from today, March 5. ICICI Bank says customers with home loans up to Rs 75 lakh will get an affordable rate. For loans above Rs 75 lakh, the bank has fixed an interest rate of 6.75 per cent. This rate is currently up to 31 March.


Significantly, the Reserve Bank of India has brought the policy rate to a very low level. Because of this, it has become easier for banks to cut interest rates. The repo rate set by the Reserve Bank of India is currently 4 per cent. This is the same rate at which banks get loans from the Reserve Bank. That is, banks are getting very cheap loans from the Reserve Bank. That is why they are delivering its benefits to the customers.



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SBI and Kotak have already made loans cheaper

Earlier, State Bank of India had also reduced interest rates on home loans. State Bank of India has announced a rebate of up to 0.1 per cent on home loans based on CIBIL scores. With this, SBI's home loan minimum interest rate has come down to 6.70.


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The bank has said that the relief rate will remain the same till March 31, 2021. Apart from this, the bank has also announced a 100 per cent waiver of processing fees by March 31, meaning that by the end of March, home loan borrowers will not have to pay any processing fees. Similarly, when taking a home loan from Kotak Mahindra Bank, you only have to pay 6.65 per cent interest.


Also read દુનિયાનું સૌથી મોટી પાંખો વારૂ પક્ષી, જેની પાંખો છે 21 ફુટ લાંબી, જાણો આ પક્ષી વિશે…


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HDFC also turned scissors

Housing Development Finance Corporation (HDFC) has also recently announced a reduction in interest rates for its home loans. HDFC has slashed interest rates on home loans for its customers by 5 basis points, or 0.05 per cent. Company officials said that after the deduction, home loans would be made available to the "best customers" with a loan history at an interest rate of 6.75 per cent.

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