Dena Bank, the public sector lender, has announced that it will be offering home loans to borrowers at just 8.25% interest. These rates of interest are the cheapest currently offered in the Indian banking industry and are lower than the State Bank of India which is the industry leader. SBI had previously confirmed the lowering of interest rates on home loans in November, 2017 to 8.3%. This was the lowest possible rate of interest being given by any bank in the country till Dena Bank announced its new home loan rates.
Dena Bank is making this offer under the aegis of the retail loan carnival which will be starting soon and will be available till the calendar year ends. This is named as the Dena Retail Loan Carnival and will be offering interest rates between 8.25-9% and will be valid between the 16th of November, 2017 and the 31st of December, 2017.
The Dena Bank carnival is aimed at increasing volumes in terms of vehicle and home loans as per reports. Home loans will be given up to Rs. 75 lakh at 8.25% in terms of interest rates while 9% will be the rate per annum for car loans. However, female borrowers can avail of car loans at 8.90%. Dena Bank will not be imposing any documentation or processing charges for the loans which will be processed during this period. Customers can get in touch with any Dena Bank branch for availing of these offers as per reports.