Similar to various sectors, the home loan and real estate industries view the festive season as an opportune time to boost sales by attracting customers. The period around Diwali typically witnesses a surge in demand for homes. With the Reserve Bank of India maintaining the repo rate since February, the strengthening Indian economy and improved purchasing power of consumers, it signals positivity for the home loan industry and real estate sector. To entice homebuyers during the festive season, major banks and housing finance companies often roll out festive offers, making home loans more affordable. These offers may include reductions in home loan interest rates, exemptions from EMIs and loan prepayment charges and/or waivers of processing fees. Here is a list of some of the best offers provided by banks and housing finance companies on home loans for Diwali 2023.
HDFC Bank home loan offer for Diwali 2023
HDFC Bank has introduced a special interest rate for home loans as part of its Festive Treats 2023. The standard interest rates for home loans begin at 8.75% per annum at this private sector lender. However, during the festive promotion, the bank provides home loans with an attractive starting interest rate of 8.35% per annum, making it the most economical option among major banks. Additionally, customers can enjoy a significant discount of up to 50% on processing fees. It’s important to note that this offer is available for a limited period.
State Bank of India (SBI) home loan offer for Diwali 2023
SBI provides home loan interest rates starting from 8.4%. As part of its unique festive campaign offer, SBI offers an appealing discount of up to 65 basis points (bps) on home loan interest rates. The regular home loan interest rates at this public sector lender begin at 9.15% per annum. However, during the ongoing festive promotions, SBI presents home loans starting at an interest rate of 8.4% per annum. Customers can also benefit from a discount on top-up home loans, with interest rates starting from 8.9% per annum under this special campaign. SBI extends a 50% waiver on the card rate of processing fees for all variants of home loans and top-up loans. The concession on home loans is available until December 31, 2023.
Punjab National Bank home loan offer for Diwali 2023
Punjab National Bank (PNB) presents home loan interest rates commencing from 8.4% as part of its ‘Deepawali Dhamaka 2023’ festival offer. Additionally, the bank introduces a complete waiver of documentation charges and upfront/processing fees on all types of home loans. It’s important to note that these offers remain available until November 30, 2023.
Bank of Baroda home loan offer for Diwali 2023
Bank of Baroda extends home loan interest rates beginning at 8.4% under its Festivanza Offers. This special rate applies to takeovers, government or fully completed projects. Additionally, the bank declares nil processing fees and concessional upfront fees as part of these special offers, which will remain available until December 31, 2023.
Canara Bank home loan offer for Diwali 2023
As part of its festive offerings, Canara Bank is giving home loan interest rates starting from 8.4% per annum. Additionally, the bank has announced zero documentation charges and processing fees on home loans under the festive offer.
PNB Housing Finance home loan offer for Diwali 2023
Under its festive offerings, PNB Housing Finance is providing home loans with interest rates starting from 8.5% per annum. Additionally, customers have the opportunity to avail loans of up to 90% of the property value.
LIC Housing Finance home loan offer for Diwali 2023
LIC Housing Finance offers special home loan interest rates starting from 8.4% per annum for new applicants seeking home loans up to Rs 2 crore, with a CIBIL score of 750 and above. These rates apply to applications submitted after October 27, 2023, provided that the first disbursement occurs on or before December 31, 2023.
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