Archive for the ‘Home loans’ category

CBI bank slashes home loan rates at 8% for first yr

March 12th, 2009

Central Bank of India has reduced its lending rates on new home loans
upto Rs 20 lakh at 8 %  for the 1st year.

Lending rates for loans b/w Rs 5 lakh to Rs 20 lakh will now be offered at 8 % as against 9.25 % earlier.

After 1 year, this rate will be reviewed according to the prevailing market situations, a Central Bank official said.

Loans sanctioned between March 12 and April 30, 2009 can avail the benefit of the scheme, the bank said.
State owned banks started cutting their home loan rates after country’s largest lender, State Bank of India reduces  its new home loan rates at 8 per cent for one year recently.

1 comment »

Posted in Home loans

Tags:

ICICI Bank reduced its home loan rates by 25-50 bps

March 9th, 2009

First large private sector Bank ICICI has slashed its home loan interest rates by 25-50 bps for new home loan customers. Earlier SBI and  Canara Bank had cuts its  interest rates on home loans.

New interest rate structure

  1. For home loans less than that of Rs 20 lakhs, the interest rates would be at 9.75% as against 10% earlier.
  2. For loans between Rs 20-30 lakhs, the new rate would be at 10% as against 10.5% earlier.
  3. For loans of Rs 30 lakhs and above, the interest rates would be at 11.5% as against 12% earlier.

No comments »

Posted in Home loans