Interest Rates Lowered on Housing Loans of Various Banks | Fusion - WeRIndia

Now, all major banks are reducing their interest rates on Housing loans on the occasion of festive season.

They also claim to eliminate processing and documentation fees due to competition from peers.

Read further to know how it would effect the finance sector & its developments.

SBI reduced its interest rate by 0.15 percent.

Earlier there were two categories for home loans – the loan amount below 75 lakhs and the loan amount above 75 lakhs.

Interest rates vary for both of these.

But, now SBI declares a single interest rate irrespective of loan amount that is 10.15 percent.

It is 10.10 for women

ICICI bank also offered similar interest rates to that of SBI.

Their interest rates are 10.15 percent to all people except for women for whom it is 10.10 percent.

This bank offers the lowest EMI for loans with 30-year period.

The interest rates on home loans at Punjab National Bank is 10.25 percent if the loan amount is under Rs. 2 Crore.

If the amount exceeds Rs. 2 Crore, then the interest rate is 10.50 percent.

Another major bank, HDFC also reduced interest rates and is providing home loans at 10.15 percent for the loan amounts of Rs. 75 lakhs.

Yet, the bank put certain conditions.

The loans are given for a limited period under Monsoon Bonanza offer.

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