Good times for property seekers aren’t that far. The home loan rates have plummeted. Affordable housing is also being promoted. Here are the technicalities:
The floating home rates on new loans across loan slabs have been reduced by up to of 75 basis points (bps). State Bank of India, is also likely to introduce a scheme where home loans up to 30 lakh will be made available at 10.5% instead of the card rate of 10.75%.
IDBI’s revised rates will come into effect starting April 2, 2012. The floating interest rates for home loans upto 25 lakh have been reduced by 10.75%(25 bps) , 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 offer scheme.HDFC will be offering offering home loans of up to Rs 30 lakh at the rate of 10.5%, Rs 30 lakh to Rs 75 lakh at the rate of 10.75% and loans above Rs 75 lakh at the rate of 11%.
Canara Bank has reduced the home loan rates from April 2. “The rate of reduction is for all borrowers across repayment tenors and quantum slabs”, said a press release from the bank. With the revision, the rate of interest now ranges between 10.75 per cent and 11.25 per cent.
The bank has waived additional interest of 25 bps for acquiring another residential unit. The release from the bank also said that the bank has enabled a Web-based application in its Web site, through which both existing and prospective customers can submit loan applications online for housing loans.
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