HSBC and Yes Bank cut mortgage rates

Mumbai: HSBC India cut interest rates on mortgage loans by 10 basis points (100bp = 1 percentage point) from 6.55% to 6.45% for mortgage loans with balance transfer. Yes Bank also announced for a limited period an offer on “Yes Premier Home Loans” at 6.7%. It gives an additional benefit of 0.05% (interest rate at 6.65%) for future salaried home buyers.
HSBC’s special rate is available for all loan amounts, and the bank has waived processing fees for these loans as well. This special rate of 6.45% is part of a festive mortgage offer that will be effective from October 1, 2021 to December 31, 2021.
“We believe this reduction in mortgage rates will help reduce the interest burden on customers and make home ownership more affordable,” said Raghujit Narula, Head Wealth and Personal Banking, HSBC India, said ,
HSBC currently offers home loans to all customers at a competitive rate of 6.70% per annum. Home’. The special rate applies only to the basic mortgage loan scheme.
As part of the Yes Bank offer, salaried homebuyers can get a flexible loan term of up to 35 years and no prepayment charges with minimal documentation. Offer applies to home loans for the purchase of property as well as balance transfers from other lenders.

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