the Kotak Mahindra Bank, which slashes its rate to 6.5 per cent, which has been valid from 10 September and continues until 8 November. This festive offer is applicable for both new loans and balance transfers, regardless of the loan amount. Therefore, last week, the Bank of Baroda decided to join the rate cutting, and match Kotak Bank’s rate, but for a longer period. The Alkapuri-based lender’s offer is valid from 7 October up until New Year’s Eve this year.
“The new rates will be available for customers applying for fresh loans, loan transfer or looking to refinance their existing loans making the offer more inclusive. Nil processing fee on home loan was already on offer and has been extended till 31/12/21,” the state-owned bank said in a press release.
According to the General Manager of Mortgages and Other retail assets at Bank of Baroda, H T Solanki, this is the most competitive rate across the industry and the lender hopes customers would benefit from this attractive seasonal offer.
Several other banks and financial service providers in India have launched a host of offers, including the largest Mortgage Lender in the country, Housing Development Finance Corp (HDFC). The Mumbai-based firm is currently offering home loans at 6.7 per cent, although this offer can only be enjoyed by customers with credit scores above 800. Meanwhile, ICICI Bank has also slashed its interest rate to 6.7 per cent, along with a waiver of processing fees, which is also being offered by Punjab National Bank.
