Interest rate

HDFC mortgage rate drop: HDFC mortgage loan at 6.7% interest rate: Find out if you are eligible

By Karen J. Gettys


As it is now the holiday season, many banks and non-bank financial institutions are announcing their festival offers such as lower interest rates on loans and waiver of processing fees. The mortgage lender, Housing Development Finance Corp or HDFC, said it would offer home loans at an interest rate of 6.7% for those with a credit score above 800, according to the lender’s website.

“This offer will be applicable to all new loan applications, regardless of loan amount or job category. The special rate is linked to the credit score of the borrower. This is a closed program and will be valid until October 31, 2021. ”HDFC said in a press release.

According to HDFC, “prior to this special offer, the rate for salaried clients for a loan over Rs 75 lakh and a credit rating of 800 and over was 7.15% and for the self-employed was 7.30%. Consequently, the effective reduction for these clients could go up to 45 bps for employees and up to 60 bps for the self-employed “,.

HDFC has also reduced its processing fees to Rs 3,000 plus tax (compared to Rs 10,000 plus tax).

Holiday offers from banks

State Bank of India (SBI) is offering holiday home loans at 6.70% regardless of loan size, Kotak Mahindra Bank has cut rates to record highs of 6.5%.

SBI has also waived processing fees on home loans. Click here to read the full story

Separately, Kotak’s party offer of 6.5% is the lowest in the industry and will run from September 10 to November 8. The limited holiday period offer will be applicable on all loan amounts, and on new loans and balance transfer cases.

The Punjab National Bank waived service and handling fees on all retail products.

Bank of Baroda also launched personal loan offers ahead of the holiday season. The bank offers a 25 basis point exemption on prevailing interest rates for home and auto loans. Home loans for the public lender start at 6.75% and auto loans start at 7%. The bank also offers a waiver of processing fees on home loans.


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Karen J. Gettys
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