Amid rising interest rates, two lenders – Bank of India and Bank of Maharashtra – have slashed their home loan rates during the festival season. They are offering cheaper starting home loan interest rates than market leaders like the State Bank of India (SBI) and HDFC Ltd.
Bank of India (BOI) has slashed its home loan interest rates to 8.30%. The bank said in a statement today (October 19) that it is offering a “competitive” interest rate starting at 8.30% per annum with the “most affordable” EMI beginning at Rs.755 per lakh. Customers can also transfer their existing home loans from other banks or financial institutions to the Bank of India.
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BOI Home Loan applicants can avail of an overdraft facility wherein individuals enjoy three benefits: low-interest rate commitment, easy liquidity and tax benefit. Bank of India’s home loan offer can be availed to purchase a plot or build a house, buy an old or a new flat and renovate or repair an existing flat/house.
BOI Star Home Loan features
Bank of India’s Star Home Loan provides a repayment period of up to 30 years. It also offers diverse EMI options for different periods during the loan tenure to accommodate a customer’s repayment capacity.
No prepayment or part-payment charges are levied and borrowers receive a tax break on repaid interest and instalments. The bank said that the interest is calculated daily to permit a lower interest amount. Bank of India is also offering Zero processing charges till 31 December 2022
“Bank of India also offers top-up and furniture loans. The offer is supported by an easy and timely approval process available across Bank of India’s strong branch presence,” the bank said.
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Bank of Maharashtra cuts Home Loan rates
Earlier this month, the Bank of Maharashtra slashed home loan interest rate to 8% as a part of its festive offer. This bank is offering home loans starting at 8.3%. The rate varies depending on the borrower’s credit score.
What SBI and HDFC are offering
Market leaders SBI and HDFC are offering home loans starting at 8.40% interest. As a part of its festival offer, SBI is offering concessions of up to 0.25% on Home Loans, 0.15% on Top Up Loans, and 0.30% on Loan Against Property. SBI has also waived processing fees on home loans up to 31st January 2023.
