YES Bank cuts home loan interest rates to 6.7%. Check how it compares to other banks | Personal financial news
YES Bank, a private lender, has announced that it will cut mortgage rates to 6.7 percent per year for a limited time over the Christmas period.
According to the website, YES Bank is now offering home loans with interest rates ranging from 8.95 to 11.80 percent.
For potential employed homebuyers, the bank’s 90-day offer offers an additional bonus of 0.05 percent (interest rate of 6.65 percent).
Employed homebuyers can benefit from variable loan terms of up to 35 years with low EMI alternatives and no prepayment penalties with minimal documentation under this offering. Offer applies to new and existing home loans as well as credit transfers from other lenders.
“Given our focus on growing the retail book, home loan is a segment that we want to expand and plan to double book volume over the next three months. With its inherently long maturity, the home loan offering also gives us the opportunity to work with our consumers across different life stages and lifecycles, “said Prashant Kumar, Managing Director & CEO, YES BANK.
Many banks and trading institutions announced lower interest rates on home and car loans in September. Let’s see how YES Bank’s interest rates compare to other banks.
ICICI bank: For new home loans and balance transfers from other banks, the bank’s customers can get an excellent interest rate (repo rate) from 6.70 percent and a processing fee from Rs 1,100.
SBI: For the first time, the country’s largest lender, the State Bank of India (SBI), has only issued credit-linked home loans at just 6.70 percent in anticipation of the festive demand, regardless of loan size. Previously, a borrower who took out a loan of 75 lakh had to pay 7.15 percent interest.
Punjab National Bank: The PNB has also cut the interest rate on home loans worth more than 50 lakh rupees by 0.50 percent to 6.60 percent. According to the bank, public banks have the lowest lending rates on residential real estate.
Kotak Mahindra Bank: Kotak Mahindra Bank has cut its lending rate by 0.15 percentage points, with home loans starting at 6.50 percent.
HDFC: HDFC, a mortgage lender, has also announced a limited-time offer for the upcoming festival season. With this exclusive offer, customers receive HDFC home loans starting at 6.70 percent per year.