NEWS & ADVICE : HOME LOANS
Banks eagerly awaiting the RBI monetary policy review
By Joseph Samson
Oct 30, 2007
Print    Email    RSS   

New Delhi: October 31 has become a much awaited date for the banking sector in India. RBI's monetary policy review is expected on this day. Whether the banks will be able to sustain the current discounts offered on home loans and other retail loans will depend largely on RBI's policy changes.

Witnessing tremendous slowdown in new loan off take during the past few months and widespread industry concern, Finance Minister P Chidambram, asked the banks to go soft on interest rates. Reacting to the Finance Minister's advice almost all the major public sector banks offered discounts on home loans, auto loans and other retail loans.

SBI, the largest public sector bank in India offered discounts on interest rates and processing fees up to December 31 this year while other banks were far more conservative and decided to wait for RBI's declaration before extending the discounts beyond October 31.

Current home loan interest rate standing of major banks after the festival discount are listed in the table below:

 

BankInterest Rate
Indian Bank9.5 %
SBI10.25%
HDFC Bank10.5%
IDBI10.5%
Bank of Baroda10.5%
Union Bank10.75%
ICICI Bank11%

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Your EMIs may help you to reduce your tax...
The Home Loan Rate Pendulum
This is how a bank lends money
NRI Banking in India
Tax Planning for Working Women in India


PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

NEWS THIS WEEK
Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive