oWith the festive season ahead, banks across India have started giving offers and providing concessions. One such phenomenon that has been going around recently is interest rates of home loans that find themselves at an all-time low across the country. One such recent entrant into the list of financial entities to slash their rates was Kotak Mahindra Bank. The lender had slashed its interest rate by 15 basis points which brought it down to 6.50 per cent per annum. This makes it the lowest interest rate levied against home loans in the country. The bank made the announcement saying that slashed rates would be offered across all the loan amounts in both fresh and balance transfer cases.
Bank interest rates in recent times have witnessed a sharp cut ever since the Reserve Bank of India (RBI) lowered the repo rates to increase market liquidity to counter the negative economic impacts of the Covid-19 pandemic.
Dr Ananta Singh Raghuvanshi, senior executive director for sales and marketing at Experion Developers said, “Lower interest rate regime, competitive pricing and stable supply are key factors this festive season. Besides the attractive lower interest rate regime, the fact that developers will offer festive schemes and it should help boost sales for real estate.”
Anuj Puri, chairman of ANAROCK Property Consultants said, “For affordable and mid-range home buyers, home loan interest rates are almost as important as property rates. Cost-sensitivity impacts all aspects of their home purchase journey and a reduction in interest rate can make the difference between purchase decisions and indecision. It is apt for lower interest rates to coincide with the festive season. Sentiment high during this period, and this year there is a lot of pent-up demand waiting to hit the market. It is to be hoped that Kotak’s move will be emulated by other leading lenders, as well.”
Home Loan Interest Rates in September 2021 (As per information derived from bank websites and Paisabazaar)
Kotak Mahindra Bank – 6.50 per cent per annum
Punjab & Sind Bank – 6.65 per cent per annum
LIC Housing Finance – 6.66 per cent per annum
State Bank of India – 6.70 per cent per annum
Tata Capital Housing Finance – 6.70 per cent per annum
HDFC Bank – 6.75 per cent per annum
ICICI Bank – 6.75 per cent per annum
Bajaj Finserv – 6.75 per cent per annum
Bank of Baroda – 6.75 per cent per annum
Punjab National Bank – 6.80 per cent per annum
Union Bank of India – 6.80 per cent per annum
Central Bank of India – 6.85 per cent per annum
Bank of India – 6.85 per cent per annum
IDFC First Bank – 6.90 per cent per annum
Axis Bank – 6.90 per cent per annum
Canara Bank – 6.90 per cent per annum
UCO Bank – 6.90 per cent per annum
HSBC Bank – 6.90 per cent per annum
Indian Overseas Bank – 7.05 per cent per annum
Karur Vysya Bank – 7.15 per cent per annum
J&K Bank – 7.20 per cent per annum
South Indian Bank – 7.25 per cent per annum
PNB Housing Finance – 7.35 per cent per annum
Standard Chartered Bank – 7.49 per cent per annum
Karnataka Bank – 7.50 per cent per annum
Federal Bank – 7.65 per cent per annum
Fullerton Grihashakti – 7.99 per cent per annum
IIFL – 8.20 per cent per annum
DHFL – 8.75 per cent per annum
Shriram Housing Finance – 8.90 per cent per annum
YES Bank – 8.95 per cent per annum
Aditya Birla Housing Finance Ltd. – 9.00 per cent per annum
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