TOP HOME LOAN OFFERS THIS FESTIVE SEASON

Festive celebrations in India begin from month of July and it can also be the best time to buy your own home because of the several benefits that banks and NBFCs offer in terms of home loans and other benefits for a limited period. So, if you are looking to get a good offer on your home loan, here are a few examples of what’s on offer.

BAJAJ HOUSING FINANCE
Bajaj Housing Finance interest rates start from 7.45% p.a with quick disbursal – Loan approval and disbursal within 48 hours

• Loan amount: Up to Rs. 15 Crore*
• Repayment tenure: Up to 32 years
• Balance transfer facility: Interest rates as low as 7.60%* p.a.
• Top-up loans: Additional funding of up to Rs. 1 crore
• Foreclosure charges: Zero charges on floating-rate loans
  
  

YES BANK Yes Bank home loan is available at an attractive rate of interest with loan tenure up to 35 years – To space out your payments over a longer period.

• Minimal Documentation – For quick and ease of application
• Doorstep service – Hassle-free process
• Balance transfer – Transfer your home loan at an attractive interest rate
• Top-up at Home loan rate – Avail up to 100% top-up to fund any immediate requirements
  
  

AXIS BANK Axis Bank offers scheme of paying Rs. 7 lakhs less with QuikPay Home Loans. Applicable for a loan of Rs. 50 lakhs, for 20 years @8% p.a.

• Pay fixed interest for 2 years with Power Advantage Home Loans
• Save interest with overdraft facility with Super Saver Home Loans
• Loan of up to Rs. 50 lakhs for customers with income of Rs. 8k p.m. with Asha Home Loans

CANARA BANK Canara Bank is offering lower rate of interest with no upper limit on housing loan quantum (subject to income)

• Reducing Balance Interest Rate
• No Prepayment penalty
• Minimal processing charges
• Complimentary Credit Card

LIC HOUSING FINANCE LIC HFL’s “Apne Ghar Ki Azadi Offer” is a special home loan, which includes

• Zero Processing Fee: In this offer, customers do not have to pay any processing fee, which reduces the cost of the loan.
• Low interest rates: The interest rates in the offer are kept very low, starting from 7.50%.

There are many such lucrative home loan schemes that almost all NBFCs and Banks launch with the start of the festivals and gaining momentum during the period between October and December. Home Loan interest rates that are 0.5%-0.10% lower than their usual rates, is the most common benefit offered by loan providers, followed by processing fee waiver to longer tenures and additional perks. Some may even offer easy documentation and tailor-made loans.

THINGS TO KEEP IN MIND

While festival loans have tons of new exciting offers and flexibility, beware of the hidden charges related to the loan. Also, important is to read all the terms and conditions and check if the offer really stands to benefit. Most importantly, do not be pressurized by the ‘limited time offer’ sales pitch and make sure to compare offers from various financial institutions before finalizing one. Festive loan offers are of huge benefit as this leads to much less expenditure and a long-time benefit, but they need to be selected carefully in accordance with the necessity, without going overboard, getting carried away in the festive fervor.