Home loans at very low interest rates
There is no better opportunity to realize your dream of owning your own home. Interest rates on home loans have dropped to half a century. Banks and mortgage agencies, which are engaged in fierce competition for those who intend to take advantage of this opportunity, are also offering a variety of benefits in addition to interest relief.
1) Rate drop to 6.75%
Notice of reduction in rates is coming out on a daily basis. Kotak Mahindra Bank has the lowest rates ever announced: 6.75%.
> Bank of Baroda and Union Bank of India: 6.85%
> SBI, ICICI Bank and LIC Housing Finance Ltd: 6.9%
> HDFC: 6.95%
2) Led to the Abyss
> General downgrade of interest rates
> Competition between providers
> Preference given by banks to retail category home loans
3) Increasing Demand
Statistics show that the demand for home loans is rising significantly due to the fall in interest rates. There is an increase of 10 to 12 per cent on an annual basis. It has been one of the largest home loan disbursements in HDFC history.
4) Exemption amount 7604
For a loan of Rs 10 lakh for a period of 20 years, the monthly repayment is Rs 7604
5) The benefits are many
Different institutions offer different benefits to attract loan seekers.
Some of them are:
> Low rates for women
> Discount on processing fees. There are also companies that have announced that they will not charge a fee until December 31st.
> Credit rating based rates. Low rates for high ratings.
> Loans up to 80% of construction cost
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