Housing demand to rise on SBI's decision to offer home loan at 6.7% interest rates: Realtors

India's residential property market is expected to witness a strong consumer demand during the festival season with various banks, including SBI, providing concessional interest rates on home loans, according to real estate developers and consultants.

They also hoped that other public and private banks would soon announce their festival offers on interest rates on home loans and processing fees. On Thursday, the country's largest lender State Bank of India announced various festive offers for prospective home loan customers, including a credit score-linked home loan starting at 6.70 percent, irrespective of the loan amount. Earlier, a borrower availing a home loan above Rs 75 lakh had to pay an interest rate of 7.15 percent.