India’s largest two money lender firms HDFC & SBI(State Bank of India) announced new interest rates on home loans. These two financing firms cut home loan rates up to 0.4 % to attract new borrowers. SBI also launches an extra rebate in home loan interest rates for new women borrowers.
In their media release, State Bank Of India declares two slabs of interest rate in Home Loans. They said,” The limit of Home Loan amount has been raised from Rs. 30 lakhs to Rs. 75 lakhs and SBI Home loans will now be available in two slabs i.e. above 75 lakhs and under 75 lakhs. ”
According to new interest rate policy of SBI, Home loan above Rs 75 lakhs, now available on interest rates of 10.25% for women and 10.30% to other. SBI loans under 75 lakhs would be available at 10.10 % for women new comer and 10.15% to other against the existing rate of the current 10.50 %. According to SBI, The revised interest rates on SBI home loans with effect from December 20.
On the other hand, India’s largest private financing firm HDFC also declared a special “winter bonanza” for attracting new home loan borrowers from December 20. Announce
Both Financial Firm announced these special home loan interest rates for a limited period and it is valid till January 31, 2014 for all new applicants. HDFC said, “The new rates for home loans up to Rs 75 lakhs will be 10.25% PA.”