Top 4 Banks Promising Cheapest Rates On Home Loans This Festive Season 2021

Union Bank of India

Union Bank of India unveiled its ‘Loan Utsav’ deal yesterday, claiming the lowest rate of 6.40 percent on home loans, as well as a 100 percent waiver of processing fees. Union Bank is giving a 6.40 percent interest rate for salaried individuals and 6.50 percent for non-salaried individuals having a CIBIL score of 800 or above. The bank is providing a 6.50 percent interest rate on home loans to salaried borrowers with a CIBIL score of 750 to 799 and a 6.60% percent interest rate to non-salaried borrowers.

From October 27 to November 30, 2021, the applicable rate of interest will be in force for all new home loan customers (including switchovers from other Benchmarks, such as MCLR, Base Rate, or BPLR to EBLR). Individually or jointly, Indian nationals and NRIs with a minimum entry age of 18 years and a maximum exit age of 75 years can apply for a home loan.

Punjab & Sind Bank

Punjab & Sind Bank is now accepting bids for its upcoming MEGA e-Auction on October 30th, 2021. The bank claims it would offer 313 quality residential, commercial, and industrial properties throughout India’s major cities, all of which will be auctioned under the Drt/Sarfaesi Act. On the other hand, the bank is giving a 6.50 percent interest rate on the PSB Apna Ghar scheme. “Own your dream home with “PSB Apna Ghar – सहज” packed with attractive features such as concessions in ROI, Nil Processing Charges and other added benefits,” the bank has claimed via its Twitter handle.

Under the home loan scheme, the bank is also promising zero processing / inspection / prepayment charges, 50% concession in locker rent, longest repayment period of up to 30 years and much more which is valid till 10.11.2021. The PNB Apna Ghar scheme can be utilized to build a residential home, purchase a plot, extend, repair, or renovate an existing home.

Kotak Mahindra Bank

With the advantages of quick loan approval, simple documentation, low processing fees, and more, Kotak Mahindra Bank is currently offering a 6.50 percent interest rate on home loans. The deal is available from September 10th until November 8th, 2021. The bank promises a 6.50 percent to 7.10 percent interest rate on any loan amount for salaried borrowers, and a 6.65 percent to 7.25 percent interest rate for non-salaried borrowers. For home loan balance transfers, the relevant interest rate for salaried borrowers will be 6.50 percent and for non-salaried borrowers would be 6.60 percent for any loan amount. “We are serious! Kotak Home Loans starting at surprisingly low interest rates of 6.5%* p.a! Now get your dream home in reality. Hurry! Offer valid from 10-Sep to 8-Nov-21,” the bank has said via its Twitter handle.

Bank of Baroda

Bank of Baroda is now offering home loans with interest rates starting at 6.50 percent, with enticing benefits such as low processing charges, higher loan amounts, free credit card, free accidental insurance, longer repayment tenures, easy top-up loans, quick loan approval, easy documentation, and an online application process through BoB World. Under the festive deal, the bank is offering the said interest rate to both salaried and non-salaried individuals and the bank has claimed in a statement that “With the onset of festive season and to make home buying more affordable for customers, the Bank has extended this offer and the special rate will be available till December 31, 2021. The new rates will be available for customers applying for fresh loans, loan transfer or looking to refinance their existing loans making the offer more inclusive. Nil processing fee on home loan was already on offer and has been extended till 31/12/21.”