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HSBC has cut down the interest rates on its home loan and is now giving loans at 6.45 percent for balance transfers. For fresh loans, the bank is giving 6.70 percent interest rate on home loans, which is similar to other leading banks in the country like SBI and HDFC. HSBC India stated that the 0.10 per cent reduction in home loan rates to 6.45 per cent for balance transfers will entice existing borrowers to switch their remaining loan amounts due to the attractive rate of interest.
HSBC bank also stated that the processing fee for these loans has also been waived off and added that the new rate offering will be applicable only till December 31. The new home loan rates will reduce the interest burden of customers and make buying a property more affordable. Currently, the bank offers home loans of up to Rs 30 crore to all customers at 6.70 percent.
Yes Bank has announced a similar cut on home loan rates and is hoping to double the book size during the limited period offer. The bank announced a cut in its offering to 6.70 percent and a further discounted rate of home loans at 6.65 percent for salaried women.
The slash in home loan rates is being followed by banks across the country. Kotak Mahindra Bank had slashed its interest rates to offer home loans from 6.50 percent onwards, which has led other banks to review their home loan rates as well. The credit growth is at low levels amid a flush of liquidity which has led to the rate cuts.
Home loans are considered safer in general due to the underlying security, and the waning of COVID infections has also led to a revival in home purchases across the country.
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