Good news for home buyers! ICICI Bank takes down home loan rates
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New Delhi, March 05: In a major boost to realty sector,home loans rates have been on a reducing trend as the financial year end nears. The rates are reduced to the lowest in nearly 10 years.
ICICI bank has reduced its home loan interest rate to 6.70% p.a for loans up to Rs 75 lakh. For loans above Rs 75 lakh, interest rates are set at 6.75% p.a.
SBI has lowered home loan rates to 6.7% for loans up to ₹75 lakh. It has also announced a further 5 basis points concession for women borrowers. The bank has waived the processing fee on home loans till 31 March, 2021. Kotak Mahindra Bank‘s new home loan offer starts at 6.65%.
HDFC has reduced its retail prime lending rate by 5 basis points from 4th March 2021. Its home loan rates now start at 6.75% p.a. This change will benefit all existing HDFC retail home loan customers .as well. These changes are applicable till 31st March, 2021 after which the policy will be reviewed.
This reduction will prove to be a boon to homebuyers as besides rates being at an all-time low, many state authorities have reduced stamp duties and reduced circle rates, which have an impact on stamp duty calculations..
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