Festive bonanza! HDFC cuts home loan interest rate, launches special Diwali offer; details here

New Delhi: Buying a property is not an inexpensive endeavour. Customers typically require loans to buy their expensive homes in their ideal locations. Customers can get house loans from financial entities like banks to help them realise their dreams. Loan providers offer lucrative deals generally during the festive season to celebrate happiness with more gratitude. If you intend to take home this Diwali, here is a one-stop destination for you.

Leading mortgage player HDFC has announced lower interest rates starting at 8.40 per cent as part of their holiday deals, despite rising interest rates. The largest pure-play mortgage provider HDFC, which is awaiting the merger with its banking affiliate HDFC Bank, announced that it is also providing new customers with lower interest rates worth 20 basis points, or 8.40 per cent. (Also Read: SBI announces BUMPER Home Loan bonanza ahead of Diwali--Check rate of interest, fees and other details)

According to HDFC's website, the festive discount offer is valid till November 30. Also, the lower rate will be applicable to those borrowers whose 'credit score' is at least 750. HDFC said that its home loan figure in the June quarter is Rs 5.36 lakh crore. (Also Read: Invest in THIS post office scheme to get Rs 16 lakh in 10 years; check details here)

The HDFC website states that the holiday deal is valid through November 30 and that borrowers who have a minimum credit score of 750 are eligible for the reduced rate. After the Reserve Bank of India last lifted its repo rate by 50 bps to control inflation, major banks and mortgage players upped their lending rates by up to 0.50 percentage points.