The banks offer limited period discount offers on home loans to boost the demand for home loans. This move automatically also impacts the demand for the real estate sector. There is a continuous decline in the interest rates of home loans. Availing loans is becoming easy for borrowers at lower interest rates. As the interest rates on home loans are calculated on a cumulative basis the reduction in interest rates provides a great relief to the borrowers. The offers are made available to the customers especially in the festive season when the overall market scenario is good and the market sentiments are high. In the post-Covid times after the second wave of Covid the real estate markets have seen a great increase in the bookings of the houses especially in metros. The reduction in home loan rates also impacts the demand in the real estate markets. Especially when the limited period offer is made available for the purchase of the home loans flat buyers amongst the prospective ones prefer to buy the homes and avail loans for the same during the offer period. The festive season is one of the best seasons for home loans discount offers.
The real estate sector which was very slack during the Covid-19 wave has begun to prosper post-Covid times. As the stock markets are also rallying and have reached their peak this is the best time for the investors to sell their stocks at a higher price and invest in the real estate markets. The trade markets have also opened up and most of the companies are also posting healthy growth. Also, the rapid vaccination in the country has lead to the Soap Dispenser reduction in the possibility of the third wave. There has been a reverse buying trend in the markets for the commodities, stocks, financial services & real estate markets as the markets were slack during the Covid wave. The limited period offers of the banks are launched to increase their disbursement target which helps banks increase their customer portfolio. These limited period offers are launched very frequently by the banks and also are available for a limited period post to which the offer gets closed. During the offer period, it is recommended to avail loans on fixed interest rates rather than on floating interest rates as in later stage banks increase the interest rates on banks.
Offers set by the banks:
- The State bank of India is providing loans at interest rates of 6.70% per annum to the borrowers with no capping on the upper limit on the home loans amount. Earlier borrowers wanting to avail loans above Rs.75 lakh were charged interest rates of 7.15% per annum.
- Kotak Mahindra Bank has also reduced its home loans to the lowest levels at 6.50% per annum from 6.65% per annum. The special rate is applicable for the new home loans and also for the home loans balance transfer. The offer of the Kotak Mahindra bank is available from September 10 to November 8, 2021.
- The Punjab national bank has come up with the offer of waiver of service charges and processing fees on home loans.
- Bank of Baroda has launched a discount offer of 0.25% on home loans for its customers for the festive season. The home loans of the Bank of Baroda will start from 6.75% per annum.
- Hdfc bank is offering home loans at 6.70% per annum. This offer is available to customers starting from 20 September 2021 as a festive offer on home loans irrespective of the home loans amount. And the scheme closes on October 31, 2021. The bank has reduced the interest rates by 45bps for salaried employees and 60 bps for self-employed persons.
- Lic housing finance LTD is offering home loans up to Rs.2 crores at 6.66% per annum. The CIBIL score required should be above 700 points and this loan scheme is available for both salaried and self-employed people. The lender has discounted the processing fees to Rs.10,000 or 0.25% whichever is lower for loans up to Rs.2 crores. Read more about: nenmoav7
Conclusion:
Thus the various schemes offered by the banks & NBFC’s the loans are available at a discounted rate to the customers. The discount offers are available for a limited period which starts in September 2021 and ends in November 2021 which covers the occasion of Dussehra, Diwali & Navratri. Thus this discount of banks on interest rates and processing fees will help customers save money on interest repayment and also give a much-needed boost to the real estate sector.
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