NEWS & ADVICE : HOME LOANS
Home loan rates war between Saraswat Co-operative Bank and SBI
By Joseph Samson
Jan 9, 2013
Print    Email    RSS   

The Maharashtra based, Saraswat Co-operative Bank, and the country's largest lender, State Bank of India, have entered into a home loan rates war after the urban co-operative bank lowered its interest rates and equal monthly installments (emi) just below SBI's rates.

Industry analysts are calling it a war among unequals as there is a stark difference between both the banks size. Saraswat Bank's total business as on September 30 of this year stands at Rs. 33, 000 crore, as compared to Rs. 2089644 crore total business done by SBI.

Saraswat Bank has lowered its interest rates on home loans of up to Rs. 25 lakh to 9.9 percent and for home loans above Rs. 25 lakh it is charging10.1 percent interest.

On the other hand, SBI levies an interest rate of 10 percent on home loans below Rs. 30 lakhs and a rate of 10.15 percent for loans above Rs. 30 lakh.

As for the EMIs, for a home loan of Rs. 25 lakh and above Rs. 25 lakh with tenure of 20 years, the customers of Saraswat Bank have to pay Rs. 958 per lakh and Rs. 972 per lakh as EMIs. On the other hand, customers of SBI have to shell out Rs. 966 per lakh and Rs. 975 per lakh on loans of up to Rs. 30 lakh and more than Rs. 30 lakh of the same tenure.


(Comments Posted : 3) Post Your Comments
1. What difference does it make to customer if the bank is big or small, as long as he/she gets a competitive interest rate on home loan. It is how the banks process the cases and their handling of customer which makes the difference. SBI certainly is not a customer friendly bank .take very long to process the loan.
guddu bhai (Posted: Jan 21, 2014)
2. Saraswat Bank bank is a small bank as compared to SBI. And can't affect its business because it will take a huge time to reach that Level where SBI is now. But still If that bank offers lower interest rate that will help them to retain SBI Home Loan Customers.
Aman Jawanda (Posted: Mar 11, 2013)
3. SBI is providing better facilities to customers if we watch market rates and it attracts the customers as the SBI Home Loan Interest Rates are quiet affordable to the customers.
House Loan (Posted: Feb 16, 2013)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
What should you do if interest rates are...
Stop worrying for your home loan: Get it...
Financial Review: A must for every individual
Carnival of Indian Personal Finance Blogs #6
Reasons for rejection of loan application


I want my Housing loan provisional certificate....
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