Bank of India and Bank of Maharashtra have cut home loan rates during the festive season amid rising interest rates.
They offer cheaper home loan interest rates than market leaders like State Bank of India (SBI) and HDFC Limited.
Bank of India (BOI) has cut its home loan interest rates to 8.30%. In a statement, the bank said it offers a competitive interest rate starting at 8.30% per annum with a very affordable EMI starting at Rs 755 per lakh.
Also customers can transfer existing home loan from other banks or financial institutions to Bank of India. BOI home loan applicants can avail overdraft facility.
Individuals can enjoy three benefits in this. Low interest rate commitment, easy liquidity and tax relief. Bank of India home loan facility can be availed for purchase of plot or construction of house, purchase of old or new flat and for renovation or repair of existing flat/house.
BOI Star Home Loan Features
Bank of India Star Home Loan offers a repayment tenure of up to 30 years. It also offers various EMI options for different periods during the loan tenure to accommodate the repayment capacity of the customer.
No prepayment or part-payment charges are levied and borrowers get tax relief on interest and installments repaid. The bank said that interest is calculated daily to allow for lower interest payments. Bank of India is also offering zero processing charges till 31 December 2022.
“Bank of India also offers top-up and furniture loans,” the bank said.
Bank of Maharashtra has cut home loan rates
Earlier this month, Bank of Maharashtra cut its home loan interest rate to 8% as part of its festive offer. This bank offers home loans starting at 8.3%. The rate varies depending on the credit score of the borrower
What SBI and HDFC offer
Market leaders SBI and HDFC offer home loans at 8.40% interest. As part of its festive offer, SBI is offering up to 0.25% on home loans, 0.15% on top-up loans and 0.30% on property loans. SBI has also waived the processing fee for home loans till January 31, 2023.
Get all Tamil Indian Express news instantly on Telegram app https://t.me/ietamil