The bank is planning to offer this special rate scheme to the new borrowers up to 31st January’ 2014. This scheme will now offer loans up to Rs. 30 lakh at the interest rate of 10.25% which was earlier offered at the interest rate of 10.40%. The home loan amounting to 30 lakh to 75 lakh would be offered at 10.25% which was offered earlier at the interest rate of 10.50%. The loans over Rs. 75 lakh would be offered at 10.50%. The bank has also announced that the loan amounts below Rs. 15 lakh would be considered as priority loans and hence the interest rate charged on that segment would be 10.15%.
Other banks like HDFC and SBI have also reduced their rates following the Reserve Bank of India directive to reduce home loan rates. The home loan rates for women borrowers and men borrowers are different in case of SBI. The interest rate for loan amounting to Rs. 75 lakh would be charged at 10.1% for female borrowers while it would be 10.15% for the male borrowers. The rate reduction is also announced by HDFC and the rates are almost in line with each other.
If you are planning to buy your new home then this is the right time as these special rates offered by the home loan financers are applicable only till end of January’ 2014. You may take the advantage of this new year offer for lower EMIs on your dream house.
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