Lenders have decided to offer a treat to home buyers by slashing interest rates and trying to offer lower interest rates. But these banks are offering lower interest rates only till March 31.
While State Bank of India (SBI) offers home loan interest rates as low as 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans in the range of Rs 75 lakh to Rs 5 crore, Kotak Mahindra is offering home loans for 6.65 per cent. The private bank is offering loans at a cheaper rate compared with the state-run largest lender in the country. However, the customers of the banks can start availing of this offer, but the validity period to apply for this end on March 31 (end of the financial year 2022-2021).
Another private bank that dropped the interest rate is ICICI Bank. Again, the window to avail loan at 6.7 per cent and 6.75 per cent for a loan up to Rs 75 lakh and above Rs 75 lakh respectively, is only valid till March 31. The revised interest rate is the lowest interest rate offered by the bank in a decade.
Private lender HDFC also reduced interest rates. However, it does not mention the last day to avail this special offer in home loans. HDFC home loan customers can avail loans at 6.75 per cent, irrespective of the amount.
Slashed interest rates have been announced in the last month of the financial year, usually the time when banks/lenders try to meet their credit targets.