SBI, HDFC Announce End To Concessional Loan Offers
State Bank of India’s (SBI) home loan rates will start from 6.95 per cent from April 1. SBI had a special offer in March that offered home loans started from 6.7 per cent. The state-owned bank has a home loan portfolio of Rs. 5,00,000 crore, making it the market leader.
HDFC Ltd had a concessional offer running under which the starting interest rate was 6.7 per cent. This offer too was supposed to end on March 31, 2021. HDFC Ltd’s web site, however, is still showing a starting rate of 6.7 per cent.
Other players may also follow suit and raise their interest rates. Some other companies whose starting loan rates are low at present include Punjab and Sind Bank (6.65 per cent), ICICI Bank (6.70 per cent), and Bank of Baroda (6.75 per cent).