HDFC is offering home loans at 20 basis points lower rates under its festive offer for 2022. With the reduction, HDFC home loans will now have an annual interest rate of 8.40%. Credit scores of 750 or higher are required to qualify for the discount.
A borrower’s repayment capacity is determined by their credit score, which ranges from 350 to 900 in India.
Interest rates on home loans, including renovations, extensions, plot loans, plot + construction loans, and refinances/balance transfers from other financial institutions, are included in the festive offer.
It is valid from October 7, 2022, to November 30, 2022.
State Bank of India has reduced lending rates under its festive discount offer, which has crossed Rs 6 trillion in Assets Under Management (AUM) in residential home loans as of September 30, 2022. A public lender also offers home loans with an interest rate of 8.40%.
Most Indian banks increased their home loan interest rates after the RBI increased the repo rate to 5.90%.