5 Festival Home Loan Offers to Reduce EMIs after Moratorium
Ahead of festival season a home buyer gains bargaining power in India. This is deemed the best time to purchase a property. Not only do the builders offer attractive discounts and schemes, banks and NBFCs too flush out a host of Housing Loan and Property Loan offers for customers. More so, one can also enjoy a lower rate of interest and waiver of processing fee on Balance Transfer or refinancing of their existing Mortgage Loans.
Owing to COVID induced disruptions, property prices have witnessed a marked correction in 2020. Thus clubbed with all these festival offers on the block, whether you are serving an existing home loan or looking out for a new one, you can surely grab a steal deal. All top banks, right from SBI, HDFC, PNB & BOB have announced special schemes and fee waivers for Home Loan Customers.
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Let’s take a quick look at top festival Home Loan offers in 2020.
SBI Home Loan Festival Offers
State Bank of India is the largest Mortgage lender of the country and has announced multiple offers for new and existing Home Loan customers ahead of festival season.
Firs of all, as 6 month Moratorium expired, the bank offered easy Balance Transfer Scheme for existing Home Loans Accounts linked to MCLR. SBI customers as well as other bank customers can switch to SBI EBR Linked Home Loan by paying a nominal one-time fee of Rs 5,000 plus GST. Current EBR linked interest rates for SBI Home Loans start from 6.95% p.a. Thus a customer can save up to 100 bps by switching from MCLR linked regime.
As for new customers, SBI has announced a special festival offer wherein you save processing fee and get to pay lower EMIs. Customers can avail of 100% waiver in Home Loan processing fees. The customers with good credit rating are also eligible for concession up to 10 bps on the interest rate. Applying though YONO App, you can tap additional 5 bps interest concession on Home Loan.
Thus in effect, you can save up to Rs 2.5 Lakh on a Home Loan of Rs 75 Lakh with SBI.
Some of the benefits of applying for SBI Home Loan are:
- Customised product range to suit a diversified segment
- Low interest rates & processing fee
- No pre payment penalty
- Low EMIs as interest is charged on daily reducing balance
- Maximum tenor up to 30 years
- Home Loan available as overdraft
- Concession in rate of interest for women applicants
Bank of Baroda Festival Home Loan Offer
Bank of Baroda Home Loan interest rates start from 8.35 % pa. With 2020 Baroda Home Loan Festival offer you can enjoy a waiver of 0.25% in the existing applicable rate of interest. Thus the new BOB Home Loan customers can avail of the lowest effective rate starting from 8.10%. Some of the benefits of BOB Home Loan are:
- Trust of a state owned bank
- Attractive interest rate
- Nominal processing fee
- Free Credit Card and Insurance
- Tenure up to 30 years
- Top up facility
ICICI Home Loan Festival Bonanza
ICICI Bank is a well known lender for customer friendly products. Ahead of festival season the bank has offered the lowest ever interest rates for a range of products. Whether you need a new Home Loan or looking for an affordable alternative for Balance Transfer option, ICICI has one of the best offers for Home Loan customers. The ICICI Home Loan Interest Rates for repo rate linked loans are starting from 6.90% p.a. The offer is also available on Top Up as well as Balance Transfer of Home Loan.
Benefits of ICIC Home Loan:
- 100% digital support
- Hassle free application process
- Customer friendly products
- Check your eligibility instantly online
- Customised products as per profile
PNB Home Loan
PNB has offered a limited edition festival offer for Home Loans. The bank has waived off procession fee and certain documentation charges. New Home Loan customers are exempted from paying processing fees which is 0.35% of the loan amount, capped maximum till Rs. 15,000. Besides the documentation charges are also slashed. Thus basis the loan amount, the saving could even cross 1 Lakh.
By opting for PNB festival bonanza
- You can tap best interest rate
- Save on processing fee
- Ease of applying online
- Support for easy documentation
- Trust of a state owned bank
- Customised products available according to customer profile
HDFC Home Loan
HDFC Bank has launched a spree of Festive Treats for customers. For Home Loan customers, the bank has offered waiver of up to 50% Processing Fee for salaried customers. Your profile and company of employment entitles you to enjoy maximum benefit.
Availing the scheme, a customer can waive of flat Processing Fee of ₹2,500 and applicable taxes.
You can apply online or by visiting the bank’s branch. Alternatively you should contact the relationship manager and apply.
It is a limited time festival offer.
Benefits of applying for HDFC Home Loan:
- Best in class customer support
- Fast disbursal of loan
- Online processing
- Least documentation
- Doorstep customer support available
- Interest calculation on reducing balance
- Flexible repayment options
In all, this certainly is the best time to apply for Home Loan in 2020. You are not only getting the best interest rate, but also save on processing fees and other charges besides tapping the benefit of correction in real estate price.
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