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India On Media |
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| Money
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| PSU banks cut rates on home loans |
| PSU banks cut rates on home loans up to Rs 20 lakh
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| INDIA
, 15-December-2008
1:11:50 AM |
| Public sector banks on Monday announced that home loans up to Rs five lakh would be given at a maximum interest rate of 8.5 per cent, while those between Rs 5-20 lakh would be offered at 9.25 per cent.
Besides, the banks would not charge any processing fees and pre-payment charges for loans up to Rs 20 lakh, and would also provide free insurance cover, the Indian Banks Association (IBA) said on Monday.
Outlining the new housing loan package in accordance with the stimulus package announced by the Government on December 7, SBI chairman O P Bhatt said the interest rate under the two schemes could come down, but would not go up beyond the threshold limit of 8.5 and 9.25 per cent for a five year period.
The offering under the packages would be made till June 30, next year, Bhatt said, adding that after the lock-in period of five years the borrowers could look in for free or floating rates that could change in accordance with market conditions.
To make the package attractive, the public sector banks would give the loans at a margin of 10 per cent up to Rs 5 lakhs and 15 per cent for loans between Rs 5 lakh and Rs 20 lakhs, and in either case, banks would offer free insurance cover, Bhatt said
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