YES Bank reduces home loan rates to 6.7%. Check where it stands compared to other banks

YES Bank, a private lender, has stated that it will reduce home loan rates to 6.7 percent per annum for a limited time over the festive season.

According to the website, YES Bank is now offering house loans with interest rates ranging from 8.95 percent to 11.80 percent.” The home loan rates announced today among the most competitive interest rates in the retail consumer market,” an official statement from the Bank said.

For prospective salaried women house buyers, the Bank’s 90-day offer gives an additional 0.05 percent bonus (interest rate of 6.65 percent).

Salaried home buyers can benefit from a variable loan tenure of up to 35 years with low EMI alternatives and no prepayment penalties with minimal documentation under this offer. The offer is valid for both new and existing home loans, as well as balance transfers from other lenders.

“Given our focus on further building the retail book, home loan is a segment we are looking at expanding and envisage growing the book size by 2X over the next three months. With its inherent long tenure, the home loan offering also gives us an opportunity to partner with our consumers across different life stages and lifecycles,” Prashant Kumar, Managing Director & CEO, YES BANK, said.

Many banks and commercial institutions announced lower home and car loan rates in September. Let’s see how YES Bank’s rates compare to those of other banks.

ICICI Bank: On new home loans and balance transfers from other banks, the Bank’s customers can get an excellent interest rate (repo rate linked) starting at 6.70 percent and a processing fee starting at Rs 1,100.

SBI: For the first time, the country’s largest lender, State Bank of India (SBI), has provided credit score-linked house loans at just 6.70 percent, regardless of the loan size, in anticipation of festive demand. Previously, a borrower who took out a loan for more than 75 lakh had to pay a 7.15 percent interest rate.

Punjab National Bank: PNB has also lowered the interest rate on house loans worth more than 50 lakh rupees by 0.50 percent to 6.60 percent. According to the Bank, public sector banks have the lowest home lending rates.

Kotak Mahindra Bank: Kotak Mahindra Bank has reduced its lending rate by 0.15 percentage point, 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. Customers can get HDFC home loans starting at 6.70 percent per year with this exclusive offer.

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Sagar Biswas

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