Saturday, January 17, 2009

HDFC cuts home loan rates in limited offer

Effective from today - for new borrowers:
floating rate - up to Rs 30 lakh - 9.75 per cent and
above Rs 30 lakh - 10.75 per cent

So far, none of the banks have come out with special rates for home loans in the Rs 30 lakh category.

At present, State Bank of India (SBI), the country’s largest bank, offers home loans above Rs 20 lakh at 10.25 per cent and
ICICI Bank at 12.50 per cent.

Public sector banks currently offer home loans up to Rs 5 lakh at 8.5 per cent and loans between Rs 5 lakh and Rs 20 lakh at 9.25 per cent.

Taking a cue from the Reserve Bank of India’s (RBI’s) cut in key lending rates earlier this month, public sector banks had told Business Standard that they would go for another 50-75 bps cut in lending rates in the coming days.
To read more, please, visit - Business-Standard

With this cut floating rate comes down to the same level as it was in 2006 but the property rates are at around 2007 levels!

While housing finance rates have come down sharply (9.75% HDFC) real estate rates are yet to fall in most places. According to lenders at present factoring in the discounts offered by builders property rates are at around 2007 levels.
To read more, please, visit - The Economic Times

HDFC brings the interest rates to lowest level in about 3 years!

“As the cost of borrowing has come down for HDFC, we decided to pass on the benefit to our borrowers also,” HDFC Joint MD Renu Sud Karnad told PTI over phone, while adding that the lower rates should encourage more home buyers to come to the market and then the property developers to lower their prices.
To read more, please, visit - livemint

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1 comment:

  1. Bank of Baroda is giving floating rate of 8.75% the lowest for lone upto 30 lacks & max upto 15 years.