In yet another dual rate home loan offering to lure the customer at a time when interest rates are spearheading upwards, public sector lender IDBI Bank has also joined the league.
The home loan scheme of hte bank would allow the home buyer to keep his loan fixed for the initial 1-2 years following which the loan would get converted into a floating rate one.
The floating rate loan would have interest rate based on the prevailing market rates at that time.
The new loan scheme will be valid from October 15th to December 31st, 2011.
In addition to this, the lender has also announced at 25-50 bps. Also provessing fees has been waived off for loans upto Rs 25 lakhs.
"IDBI Bank reviewed its home loan rates in view of market scenario, competition offerings and providing some benefits during festival season. All new borrowers would be given an option of either fully floating rate or a combination of fixed and floating rates," the bank quoted in a release.