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Indian Banks reduces housing loan intrest rates

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There is a good time ahead for home buyers who were gazing for the housing loans and low intrest rates and it is reported by the sources at the www.propertykhazana.com that RBI has passed the instructions to cut the intrest rates which were sky rocketing and the rates are coming down after 3 years.
In the meantime, India’s largest private operator HDFC has reduced the floating intrest rates by 0.25% and also there is a small reduction on the processing fee and one of the banking major Bank of Baroda has reduced the intrest rates on housing loans up to Rs.20 Lakhs and presently the rate of intrest is 11% and above Rs. 20 lakhs the bank is charging 11.25%. Similarly, the Allahabad Bank has reduced the intrest rates to 12% and State Bank of India is likely to fallow the footsteps of the above mentioned banks very shortly. At the same time, the deposits rates have by now came down. But the issue is whether the existing customers will be availing the reduction are not while some banks have not clearly said about the same. Some banking experts revealed at the www.propertykhazana.com that the existing customers are required to wait for some time to lower the reference rate and there is increasing liquidity in the financial system which will surely reduces the benchmark rates, added the experts.
In fact, high liquidity will be the ultimate basis for the bankers to gaze the impending barrowers and in the meantime, bad loans recorded only 1% of the housing loan portfolio and by this there is a hope standing that the ongoing scenario will be in favor of the bankers.
Source: NBTVLIVE

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