New Delhi | Jagran Business Desk: Buying our own home is a dream of every salaried class person in India. However, the lack of adequate income can sometimes be a problem for many of us. For all such people, several government and private banks have slashed interest rates on home loans in a bid to attract customers amid the ongoing coronavirus pandemic.

The banks believe that reducing home loan rates help them see a resurgence in demand from consumers, who want to buy homes for their own consumption. So here's a comparison of government and private banks that have slashed home loan rates.

ICICI Bank:

The ICICI Bank has slashed the interest rate on home loans to 6.70 per cent as part of a limited period offer. It has said that the interest rate offering, which is valid till March 31, is the lowest in a decade.

"We believe that this is an opportune time for an individual to buy his/her dream home, considering the prevailing low-interest rates. We believe that with our completely digitised home loan process including instant sanction for customers of any bank, everybody will find it immensely convenient to avail a home loan with us," said the bank in a statement.

SBI:

Like ICICI Bank, the State Bank of India (SBI) has also reduced the interest rates on home loans by up to 10 basis points (bps) and is offering loans starting from a 6.70 per cent rate. The bank said that new rates are based on the loan amount and CIBIL score of the borrower and are available till March 31.

"We are taking several steps within and outside the bank and also giving options to borrowers on how they can repay the loans. We are monitoring closely and, as of now, I don't see much of a challenge," said SBI in a statement.

HDFC:

The HDFC bank has also cut its interest rate on home loans to 6.75 per cent. The bank said it will benefit all existing HDFC retail home loan customers.

"HDFC reduces its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from March 4, 2021," the bank said.

Kotak Mahindra Bank:

The Kotak Mahindra Bank has also cut its home loan rates to 6.65 per cent and said that the new offer is available till March 31. The bank has said that the new rate applies to both home loans and Balance Transfer Loans across amounts.

"We are delighted to offer consumers a special year-end bonus in the form of even lower home loan interest rates," said Kotak Mahindra Bank President for consumer assets Ambuj Chandna.

Posted By: Aalok Sensharma