Housing finance company HDFC is offering home loans at 20 basis point reduced rates under its festive offer 2022. With the reduction, home loans at HDFC would now be available at 8.40% annual interest. The discount offer is, however, available only to customers with a credit score of 750 above.
Recall here that credit score in India range between 350 and 900, and used by banks in India to arrive at a borrower’s repayment capacity.
The festive offer interest rate is applicable to home loans, including house renovation, home extension, plot loans, plot + construction loans and refinance/ balance transfer from other financial institutions.
The festive offer is valid from October 7, 2022, till November 30, 2022.
State Bank of India, which has crossed Rs 6-trillion Assets Under Management (AUM) in residential home loans as on September 30, 2022, has also reduced lending rates under its festive discount offer. The public lender is also offering home loan at 8.40% interest rate to eligible customers.
Recall here that most banks in India have increased their home loan interest rates after the RBI increased the repo rate to 5.90% by implementing a 50 basis-point increase on September 30, 2022. With that, most financial institutions are offering home loans at 8.50% interest or more. Industry experts, however, are of the opinion that rising interest will have little bearing on the robust buyer sentiment.
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
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