Festival season brings cheer to borrowers as SBI and HDFC cut repo-linked home loan rates to 7.85% (female borrower) and 7.90% (others), lowest since 2005. On a ₹80 L, 20-year loan, EMI drops by ₹3,240/month and total interest saves ₹7.8 L. Our refinance calculator shows switching is profitable if old rate >8.4% and remaining tenor >8 years. Processing fee: ₹10 k plus GST; legal & valuation: ₹12 k. We list five banks offering zero-prepay penalty and 100% offset account. Caution: reset spreads may rise if repo bounces; choose 5-year fixed-reset hybrid if you fear rate cycle uptick. Keywords: home loan below 8%, refinance savings 2025, lowest interest rate.