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Wider Access to Home Loans as More Banks Slash Rates
Thursday, October 04, 2007

The bid to bring back customers for home loans is on, as more banks trim their loan rates. The latest to join the league are Allahabad Bank, Canara Bank and Central Bank. Allahabad Bank’s festival offer is on, and interest rates on housing loans have been cut by as much as 0.75% per annum.

The cut applies to both floating and fixed rates on home loans for the period October 1, 2007 to December 31, 2007, and varies with the maturity period.

Home loans from Allahabad Bank taken for a period of 5 years will be charged at a discount of 0.75% and those taken for over 5 years have been offered a discount of 0.5%, irrespective of the size of the loan.

Allahabad Bank’s existing rates for October 1 to December 31, 2007 stand as follows:

Loans below Rs. 20 lakh upto 5 years 5 to 10 years 10 to 15 years 15-25 years
Floating 9.75% 10.25% 10.5% 11%
Fixed 11.25% 11.75% 12% 12.5%
Loans above Rs. 20 lakh upto 5 years 5 to 10 years 10 to 15 years 15-25 years
Floating 10.25% 10.75% 11.00% 11.50%
Fixed 11.75% 12.25% 12.5% 13.00%

Interest rates on housing loans from Canara Bank have been reduced by 50 basis points with effect from October 4, 2007. The new rate cuts are applicable to all fresh loans

upto 5 years 5 to 10 years 10 to 15 years
Loans below Rs.20 lakh 10.25% 10.50% 10.75%
Loans above Rs. 20 lakh 10.5% 10.75% 11.00%

Processing charges on housing loans from Canara Bank have also been brought down by 50% till December 31, 2007 The State Bank of India had announced a discount of 50 points on home loan rates in Mumbai and Goa on the occasion of Ganesh Chaturthi.

The Bank of Baroda, IDBI Bank, and the State Bank of Bikaner and Jaipur have also introduced cuts on their home loans.

Related Readings

»Wizard Launches Home Loan Products in India
»Union Bank Joins Move to Cut Home Loan Rates
»Bank of Baroda offers Respite in Home Loan Rate

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