Author: root

Kotak Mahindra Bank

To resident Indian citizens, Kotak Mahindra Bank offers a variety of customized home loan schemes to select from. Customers who want to take out a home loan from the bank can take advantage of a variety of perks, including no processing fees, doorstep service, easy documentation, and home loan insurance, among others. Salaried individuals between the age group of 18 and 60, as well as self-employed individuals between the age group of 18 and 65, who earn a minimum of income Rs.15,000 per month, can apply for a home loan with Kotak Mahindra Bank. To pay your monthly EMI payments based on your home loan amount, the applicable interest rate is an important factor to consider. So, check out Kotak Mahindra Bank’s home loan interest rates, which are valid till November 8, 2021.

Special Balance Transfer Rate (Salaried and Self Employed)

Salaried – Non Balance Transfer

Self Employed – Non Balance Transfer

State Bank of India

The country’s largest lender State Bank of India is currently offering credit score linked home loans with an interest rate starting from 6.70% for a loan amount of up to Rs 30 lakhs. The interest rate is applicable for balance transfer loan cases also and SBI has also waived processing fees and occupation-linked interest premium for home loan customers as part of its festive offers. A borrower can now get a home loan for any amount at a rate as low as 6.70 percent thanks to the festive incentives. On Rs 75 lakh of loan amount with a 30-year term, the deal saves 45 basis points and the bank is also offering an interest rate of 6.90% for borrowers having a credit score of 700-750 and 6.80% for a credit score 751-800.

HDFC Bank

For a limited time, HDFC Bank is giving a home loan at an interest rate starting at 6.70 percent for loans up to Rs. 30 lakh for women (employed/self-employed professionals) with a credit score of 730 and above under the special Housing Loan Scheme. The indicated rate (s) is effective from 03rd May, 2021.

SPECIAL HOME LOAN RATES

ARHL LOANS SLAB-WISE

TRU-FIXED LOANS – 2 YEARS SLAB-WISE

Punjab National Bank Home Loan Interest Rates

Punjab National Bank is also offering an interest rate starting from 6.70% on home loans above Rs 50 lakh. As a part of its Festival Bonanza Offer 2021, PNB is offering 0% processing fees/upfront fees and documentation charges. PNB has mentioned on its website that it is providing “Full waiver of upfront/processing fees and documentation charges (from 01.09.2021 to 31.12.2021)” on housing loans and Mortgage against Immovable Property (PNB my Property Loan). The bank is also offering this deal on its Car Loan, Insta Vehicle Loan (For Car), PNB Combo Loan Scheme, Personal Loan, Personal Loan to Pensioners, and Gold Loan.

HDFC Bank Senior Citizen Care FD

For senior citizens, HDFC Bank offers a Senior Citizen Care Fixed Deposit scheme, under which they will receive an additional rate of 0.25 percent over and above the existing 0.50 percent premium on fixed deposits of less than 5 crores if made for 5 years 1 day to 10 Years during the offer period ending in 30th September 2021.

This offer is valid for new as well renewal deposits made by resident senior citizens only. The interest rate will be 1.00 percent less than the contracted rate or the base rate applicable for the term of the deposit maintained with the bank, whichever is lower, if a fixed or term deposit made in the ongoing offer is prematurely closed, including sweep in or partial closure, on or before 5 years.

If a term deposit registered in the ongoing offer is prematurely closed (including sweep in / partial closure) after 5 years, the interest rate will be 1.25 percent lower than the contracted rate or the base rate applicable for the duration of the deposit maintained with the bank, whichever is lower. Here are the most recent interest rates on fixed deposits of HDFC Bank for senior citizens which they should look at.

Bank of Baroda Special Fixed Deposit Scheme

On the other hand, Bank of Baroda (BoB) also allows Domestic & NRO Term Deposits including fresh and renewals for both regular and senior citizens. But for senior citizens, the bank promises an additional rate of 0.50% on deposits of less than Rs 2 Cr maturing in 5 years. But under the special fixed deposit scheme, BoB offers an additional rate of 1.00% on deposits maturing in above 5 years to up to 10 years. This special offer is valid till 30.09.2021, according to the bank. For a deposit amount of less than Rs 2 Cr, below are the latest interest rates on fixed deposits for senior citizens of Bank of Baroda.

Our take

Now we’ve arrived at the point where we’d advise older citizens to avoid the two special fixed deposit schemes mentioned above. My opinion is that they should avoid interest rate risk by not investing in special fixed deposit schemes with terms of more than 5 years. The above-mentioned deposit schemes’ special rates will only apply if they maintain their deposits for more than 5 years and up to 10 years, which is a lock-in term.

If the Reserve Bank of India (RBI) hikes repo rates in response to rising inflation, banks will also raise their fixed deposit rates consequently. As a result, investors should keep an eye on the rate of inflation and invest in the short term rather than keeping their deposits locked in for long term. As a substitute to the special FD schemes, senior citizens can invest in Senior Citizens Savings Scheme (SCSS) which comes with a pretty good interest rate of 7.40% with the same maturity period of 5 years.

They can also invest in Pradhan Mantri Vaya Vandana Yojana (PMVVY) to get a regular flow of income in the form of pension with an interest rate of 7.10%. Senior citizens can also invest in fixed deposit schemes of government-owned companies where they can get an assured return of 8.50% much higher than SCSS, PMVVY, and special fixed deposit schemes resulting in inflation-beating by a higher rate.

ICICI Prudential Mutual Fund (MF), SBI MF, SBI Life Insurance Co Ltd, Axis MF, UTI MF BNP Paribas Arbitrage, Max Life Insurance Company and HSBC Global Investment Funds are among the anchor investors.

The initial share-sale is entirely an offer for sale, wherein two promoters — Aditya Birla Capital and Sun Life (India) AMC Investments — will divest their stake in the asset management firm.

The IPO of up to 3.88 crore equity shares comprises an offer for sale of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 3.6 crore equity shares by Sun Life AMC.

The proposed sale of equity shares by Aditya Birla Capital and Sun Life India in the IPO will together constitute up to 13.50 per cent of the paid-up share capital of Aditya Birla Sun Life AMC.

The issue, with a price band of Rs 695-712 a share, will open for subscription on September 29 and conclude on October 1.

At the upper end of the price band, the initial share sale is expected to fetch Rs 2,768.25 crore.

Aditya Birla Sun Life AMC Ltd, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between Aditya Birla Group and Sun Life Financial Inc of Canada.

Asset management firms like Nippon Life India Asset Management, HDFC AMC and UTI AMC are already listed on the stock exchanges.

Aditya Birla Sunlife MF, the fourth largest fund house, had an average asset under management of Rs 2.93 lakh crore as of the June quarter. At present, it manages 118 schemes.

Since its inception in 1994, the fund house has established a geographically diversified pan-India distribution presence covering 284 locations spread over 27 states and six union territories.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 20 equity shares and in multiples of 20 equity shares thereafter.

Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and YES Securities (India) Limited are the merchant bankers to the issue.

The asset management company, which had filed preliminary IPO papers with Sebi in April, obtained its clearance in August.

Earlier in June, Sebi had kept the proposed initial share-sale of Aditya Birla Sun Life AMC in “abeyance”. However, the regulator had not disclosed the reason for the same.