There is great news for home buyers. In the private banking sector, ICICI Bank has cut interest rates on home loans. It has come down from 6.8% to 6.7%. According to the bank, this is the lowest interest rate in 10 years. With this, the home loan interest rates of the three major lending banks and NBFC of the country have now come to 6.70%. This benefit can be availed from March 5 to March 31.
Customers will have to pay 6.75% interest on loans above 75 lakh rupees
, according to the bank, this rate is for a loan of up to 75 lakh rupees. For this loan, customers will have to pay 6.75% interest. Apart from ICICI, customers of other banks can also apply for home loans through digital means. For this, you have to apply on the bank’s website and mobile banking app iMobile Pay.
HDFC, SBI and Kotak Bank also reduced interest rates.
Earlier HDFC, SBI and Kotak Mahindra Bank also reduced home loan interest rates. SBI had cut 70 basis points, reducing the rate to 6.7%. Kotak Mahindra Bank has also cut the interest rate by 0.10% for a limited time, to 6.65%.
The country’s largest housing finance company HDFC has also reduced the interest rate from 6.8% to 6.75%. However, it is not for limited time. Punjab National Bank Housing Finance is also offering home loans at 7.35% interest rate.
Reduction in Stamp Duty Charge
In many states including Maharashtra, there has been a drastic reduction in the stamp duty and registration charge. The stamp duty in Mumbai is now 3%, up from 6% earlier. Most of the deductions will remain in force till 31 March. So customers are buying homes. Along with this, other facilities are also being provided. Some banks and NBFC have also waived processing fees.
Prices of houses have come down
, according to select reports, the demand for houses may also increase this year. Areas such as Mumbai, NCR and Bangalore have seen more homes being sold in the last six months. Most customers are looking for homes with a budget of 50 lakh rupees. In this way, the sale of small houses is increasing. Apart from this, sales have also increased due to lower house prices. However, the demand for commercial property is still weak.