Festive Season for Home Loans!

By | October 13, 2009

It is that time of the year when festivities bring a smile on everyone’s face. Pst October is usually a high spend time frame, where people indulge a bit having worked hard all year. From now until new year its time for loosening the purse strings. Retail markets well aware of this put up great deals and bargains. The same holds good for the realty and automobile market as well! Banks too opt to make the most of this time frame and provide a host of festive loans at slashed interest rates. Here are some of those offers detailed for you.

Banks are rolling out festival schemes on home loans ahead of Diwali.

– Canara Bank, Bank of Maharashtra (BoM) and Dena Bank are offering fixed-rate loans for the first five years, and subsequently, linking the loans to their prime lending rates.

– Bank of India is offering fixed-rate loans for the first two years while India’s largest bank SBI is offering fixed rates for the first three years.

– Development Bank of Credit introduced a fixed rate of 7.95% for the first year – the lowest, at least, for the first year. From the second year onwards, the home rates will be linked to floating rate loans.

Almost all banks have also waived off the processing fee during the festival season. HDFC, ICICI Bank and LIC Housing have not yet announced any festival offers. The three lenders charge interest at 8.75% on their lower-end loans. The demand for auto loans continues to be higher than home loans.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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