New Delhi | Jagran Business Desk: A Home loan is offered to purchase any housing property or house. Ahead of the festive season, many banks in India have started slashing their interest rates on home loans. India's Largest Bank, the State Bank of India(SBI) has announced a festival bonanza for new as well as balance transfer borrowers and has reduced the interest rates on home loans. Along with the SBI, many other banks in India too have announced festive season offer on home loans.

Hence, if you are planning to buy your dream home this year, here are the top 4 banks that are currently promising the cheapest rates on home loans, car loans, and others in the country.

State Bank of India

SBI has reduced the home loan interest rate to 6.70 percent. The bank will sanction loans on the basis of the individual credit scores of the customers. As per SBI, there is no bar on the amount of loan, and the interest for all the amounts will be 6.70 percent. At present, the borrower has to pay 7.15 percent interest for home loans above Rs 75 lakh. As per SBI, because of a reduction of 0.45 percent in the interest rate, the borrower will save more than Rs 8 lakh during 30 years on a loan of Rs 75 lakh.

Bank of Baroda

Bank of Baroda has reduced the interest rate of the home loan to 6.75 percent and auto loan to 7 percent. The bank is offering a discount of 0.25 percent on the current rate on Baroda Home Loan and Baroda Car Loan. The bank has also announced relaxation in Home Loan Processing Fees. The deal will remain available till 31st December 2021.

Kotak Mahindra Bank

Kotak Mahindra Bank has reduced the rates of home loans. The bank has cut its Home loan by 15 basis points. And, now customers will get loans at the rate of 6.5 percent. Earlier this rate was 6.65 percent. This offer will start from 10th September and will run till 8th November 2021.

Punjab National Bank

Punjab National Bank has reduced its home loan interest rate to 6.8 percent and the rate of interest of car loans to 7.15 percent. The bank has announced a concession of 0.25 percent on the existing home loans. The interest rate of a personal loan is 8.95 percent. This offer by the bank will last till 31st December.

Posted By: Ashita Singh