HDFC Offers 6.7% Home Loan, Real Estate News, ET RealEstate

NEW DELHI: The country’s largest mortgage lender HDFC on Tuesday announced a festive offer in line with that of peers like SBI, with home loans starting at 6.70%. Last week, SBI, as part of the Bonanza festival, offered a concessional mortgage rate of 6.70% as part of its festive offer. This was followed by other lenders like Punjab National Bank and Bank of Baroda.

“Housing is much more affordable today than it has ever been before. Over the past two years, property prices have more or less stayed the same in major pockets of the country as income levels have increased, ”said Renu Sud Karnad, Managing Director, HDFC Ltd.

Record interest rates, PMAY subsidies, and tax breaks have also helped, she said.

As part of the festive program, HDFC said: “Customers can benefit from HDFC home loan from 6.70% per annum as of September 20, 2021. This offer will be applicable to all new loan applications, regardless of either the loan amount or the job category, “HDFC said. in a report.

The 6.70% Festive Special Offer applies to all loan tranches and to all customers with a credit score of 800 and above.

Prior to this special offer, the rate for salaried clients for a loan over Rs 75 lakh and a credit rating of 800 and over was 7.15% and for self-employed workers 7.30%.

Therefore, the effective reduction for these clients could be up to 45 bps for employees and up to 60 bps for self-employed workers.

The special rate is tied to the borrower’s credit score, he said, adding that it is a closed program and will be valid until October 31.


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