Saturday, November 7, 2009

SBI to keep the interest rates on home loans unchanged till March 31, 2010

SBI's My Home Campaign:

Under the SBI’s scheme, loans up to Rs 5 lakh with a maximum tenor of 10 years carries a fixed rate of 8 per cent for 5 years.

Loans above Rs 5 lakh and up to Rs 50 lakh carries fixed interest rate of 8 per cent pa during first year and 8.5 per cent pa (fixed) during the 2nd and 3rd year of the loan.

Customers looking for high-end properties can take SBI Advantage Home Loan which carries fixed interest rate of 8 per cent pa during first year and 9 per cent pa during the 2nd and 3rd year.

With the SBI extending the package for another five months, other public sector banks are likely to follow suit.

Another reason for the SBI move to keep the home loan rates is the intense competition in the segment.

Private sector lender Axis Bank on Thursday introduced a special home loan scheme with a lower interest rate of 8 per cent for a limited period.

To read more, please, Indian Express

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