Advertisement


Advertisement

Thread Rating:
  • 8 Vote(s) - 3.63 Average
  • 1
  • 2
  • 3
  • 4
  • 5
SBI slashes home loan rates
#1
Advertisement
The country's leading public sector bank, the State Bank of India, has announced a further cut in the interest rates for home loans, in line with its special three months long SBI My Home Campaign set to start from Saturday. The move will further intensify the home loan war between rivals public and private sector banks, which will leave no stone unturned to woo customers by providing cheap and affordable interest rates.

Under the new loan scheme, the bank will offer interest rate at 8 per cent for the first year; and 8.5% to 9% in the subsequent years, based on the size of deal. The bank has also extended the limit on the Easy Home Loan scheme from the existing Rs 30 lakh to Rs 50 lakh.

Meanwhile, Deepak Parekh, the chairman of the country's biggest home loan lender HDFC, criticized lenders for offering loans at fluctuating rates, warning a subprime-like crisis in India due to artificial decline in interest rates.

Mr. Parekh observed: "We are seeing some variations of teaser type housing loans being offered. The lure of low interest rate at the start of taking a housing loan is enticing. But are customers being made aware of future implications of this?"

Mr. R R Nair, Director and Chief Executive, LIC Housing Finance declined to revise interest rates saying: "We cut rates recently. There are no plans to cut them further."

Reply
Thanks given by:
Advertisement
#2
This is very good news for those people whose wanted to purchase new home.
Reply
Thanks given by:
Advertisement




Possibly Related Threads...
Thread Author Replies Views Last Post
  General News: Watch: This guy made a '200W Laser Bazooka' at home and is now testing it! nairrk 0 425 07-04-2016, 03:29 PM
Last Post: nairrk
  General News: China cuts interest rates for the third time since November SRK 0 709 05-10-2015, 04:31 PM
Last Post: SRK
Exclamation Help: Apple Boss takes home just USD 1 as salary in 2010.. nairrk 0 830 01-09-2011, 02:03 PM
Last Post: nairrk
  Pakistani Singer Adnan Sami’s Home Still Not Been Seized By Enforcement Department Mr.AB 0 883 12-29-2010, 11:37 PM
Last Post: Mr.AB
  Help: Gold rush fails to hit Home Run Kanwar 0 663 12-23-2010, 03:15 PM
Last Post: Kanwar
  Your home loan rates won’t go up, for now SRK 0 768 04-21-2010, 06:27 AM
Last Post: SRK
  $4.3-bn World Bank loan for India Sathish 0 1,014 09-23-2009, 05:54 PM
Last Post: Sathish

Forum Jump:


Users browsing this thread: 1 Guest(s)
Advertisement