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DECLINE IN LENDING RATES OF BANKS

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Since the bank rates have been cut down drastically, there would be positive news for purchasers who wish to own a house. Bank of India who launched Star Home Loan for the festive season states that the loans will be made available till end of December. There would a variation in interest rates like 8.5% for 50lakhs of loans availed during the first year and 9.5% during the second year and for loans of 5 Lakhs to 1 crore 9.75% interest would be applicable during the first year and 10.5% during the second year. Interest rates may vary from the third year, adds the source at www.propertykhazana.com.
A special festive scheme has also been initiated by Union Bank for home and Auto Segment. Under the scheme, a fixed rate of 8.5% would be applicable for the first three year on loans upto Rs 50 lakhs and varying rates would be applicable from the fourth year onwards which is accordance to the rates charged by banks for any number of years. Similarly the bank has also cut its interest rates on car loans by nearly 100BPS depending on the number of years The Chief Manager of the banks states at www.propertykhazana.com that the scheme will be made available from 1st September to 31st October.
ICICI had initiated a Housing Loan scheme prior to the one started by UBI where an interest rate of 8.75 for loans of Rs 20 Lakhs and 9.25% for a loan of Rs. 20-50 Lakhs. For Loans above 50 Lakhs 9.75% interest may be applicable. In addition to the above scheme, the banks interest rates on housing are also available in the category of 9.25 -11%. Report from ICICI adds at the www.propertykhazana.com that the scheme would be in force only for a certain period. The above schemes came into force prior to State Bank of India’s cutting their interest rate by 50-75bps basing on home loans availed.
Initially, SBI had initiated a home loan offer with an interest rate of 8% for the first five years basing on the loan availed. In contrast to processing fees of nearly 10% charged by different bankers, SBI does not charge any such fee. Other banks such as Punjab National Bank Housing finance, LIC Housing Finance and HDFC are the other institutions that have cut their interest rates on home loans. For more and latest realty updates visit www.propertykhazana.com.
Source: NBTVLIVE

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