HSBC Bank is offering housing loan at the rate of 6.70 percent. This rate is at par with that offered by the public sector State Bank of India and HDFC Bank.
Mumbai. Private sector HSBC Bank on Friday reduced its interest rate on housing loans by 0.10 per cent to 6.45 per cent. This offer is for transfer of home loan to another bank. This bank has one of the lowest interest rates in the industry.
For the same new loan, HSBC Bank is offering housing loan at the rate of 6.70 percent. This rate is at par with that offered by the public sector State Bank of India and HDFC Bank. Yes Bank has also reduced its rates on housing loans to the same level. Last month, Kotak Mahindra Bank had announced to cut its interest rates on home loans, starting it from 6.50 percent.
Extended Home Loan Tenure to 35 Years – Yes Bank has also extended the home loan tenure to 35 years. Generally, the tenure of the home loan is kept at 30 years. Yes Bank said that salaried customers can take a loan for a tenure of 35 years at affordable monthly installments with minimal paperwork. This offer is also applicable on purchase of property and transfer of home loan balance from other lenders. According to the official website of Yes Bank, the bank is currently offering home loans at the rate of 8.95 to 11.80 percent. In such a situation, under the current offer, customers will get a home loan at a lower interest rate of about 2.25 percent.
SBI and PNB also offered offers – In September 2021, many public and private sector banks had announced to reduce interest rates on home and car loans. These include State Bank of India (SBI), ICICI Bank and Punjab National Bank (PNB). It is believed that during the festival season, the real estate sector will return again and an increase in the sale of houses will be recorded. In view of this, most of the banks are offering different types of offers to woo more and more customers.
