Private lender Yes Bank has announced a significant cut in home loan interest rates. Yes Bank, which currently provides home loans with interest rates ranging from 8.95% to 11.80%, will now provide loans at 6.7% interest under its YES Premier Home Loans offer. Women borrowers from the salaried class would be offered home loans at 6.65%, the bank said in a statement.
“The home loan rates announced today are among the most competitive interest rates in the retail consumer market,” Yes Bank’s official statement read. However, private lender Kotak Mahindra is currently offering the lowest interest on home loans at 6.55%
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Yes Bank’s festive offer will be valid for a 90-day time window and would end on December 31, 2021. Under the offer, salaried home buyers will get a flexible home loan tenure of up to 35 years at affordable EMI options and zero prepayment charges with minimal documentation. The Yes Bank offer will be applicable for home loans for property purchase, as well as balance transfers from other lenders. YES Premier Home Loans will be provided to borrowers for a loan tenure of up to 35 years.
“In our continuous endeavour to support customers and communities, Yes Bank is pleased to offer competitive interest rates on home loans, to help fulfill a home buyer’s dream of owning their own home. Given our focus on further building the retail book, home loan is a segment we are looking at expanding and envisage growing the book size by 2X over the next three months. With its inherent long tenure, the home loan offering also gives us an opportunity to partner with our consumers across different life stages and lifecycles,” Prashant Kumar, managing director and CEO, Yes Bank, said.
Apart from Kotak Mahindra, other banks that have recently reduced their home loan interest rate include State Bank of India, Punjab National Bank, HDFC, etc. Most of these banks are offering home loans at 6.7% annual interest.
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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.
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