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IDBI cuts floating home loan rates

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IDBI cuts floating home loan rates

Last updated: March 31 2012
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  • IDBI cuts floating home loan rates

    Mumbai: IDBI Bank has decided to reduce its floating home loan rates on new loans across loan slabs by up to a maximum of 75 basis points (bps).The countrys largest lender State Bank of India is also likely to extend a scheme where home loans of up to Rs 30 lakh are available at 10.5% instead of the card rate of 10.75%.


    IDBIs revised rates will come into effect from April 2,2012.While the floating interest rates in respect of loans up to Rs 25 lakh have been reduced by 25 bps (10.75%),the extent of reduction is progressively higher for larger loan amounts from 50 bps on loans ranging from Rs 25 lakh to less than Rs 75 lakh (11%) to 75 bps on loans of Rs.75 lakh and above (11.25%).


    HDFC,the largest home finance company,is running a festive scheme where it is offering home loans of up to Rs 30 lakh at 10.5%,Rs 30 lakh to Rs 75 lakh at 10.75% and loans above Rs 75 lakh at 11%.Officials said that the ongoing festive offer will continue into 2012-13.Other lenders say they will review their lending rates only after deposit rates start coming down.

    TOI
  • #2

    #2

    Re : IDBI cuts floating home loan rates

    Lenders get competitive, slash home loan rates

    DNA E-Paper - Daily News & Analysis -Mumbai,India
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    • #3

      #3

      Re : IDBI cuts floating home loan rates

      This is not clear to me ..

      I have applied for a loan from IDBI & sanctioning is in progress...

      I have taken a loan for Rs30L and the interest rates are 11%.. (BR=10.75%)

      How come even aafter reduction the same rates apply ???

      Can someone pls clarify

      Originally posted by fritolay_ps View Post
      Mumbai: IDBI Bank has decided to reduce its floating home loan rates on new loans across loan slabs by up to a maximum of 75 basis points (bps).The countrys largest lender State Bank of India is also likely to extend a scheme where home loans of up to Rs 30 lakh are available at 10.5% instead of the card rate of 10.75%.


      IDBIs revised rates will come into effect from April 2,2012.While the floating interest rates in respect of loans up to Rs 25 lakh have been reduced by 25 bps (10.75%),the extent of reduction is progressively higher for larger loan amounts from 50 bps on loans ranging from Rs 25 lakh to less than Rs 75 lakh (11%) to 75 bps on loans of Rs.75 lakh and above (11.25%).


      HDFC,the largest home finance company,is running a festive scheme where it is offering home loans of up to Rs 30 lakh at 10.5%,Rs 30 lakh to Rs 75 lakh at 10.75% and loans above Rs 75 lakh at 11%.Officials said that the ongoing festive offer will continue into 2012-13.Other lenders say they will review their lending rates only after deposit rates start coming down.

      TOI

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