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Follow on Google News | Banks Sweeten Home Loans With Festival OffersIn an attempt to shore up credit demand, banks are rolling out festival schemes on home loans ahead of Diwali. Deals include teaser rates for initial years
By: maaproperties Most banks have also waived off the processing fee during the festival season. Traditionally, home sales peak ahead of the academic year in June, with families looking out for new homes during summer vacations. However, this year’s summer sales were flat due to uncertainties. Now, builders and lenders are making a fresh pitch to push sales during Diwali through limited period offers. Interestingly, the offers are coming largely from PSU banks. HDFC, ICICI Bank and LIC Housing have not yet announced any festival offers, but announcements closer to Diwali are not ruled out either. The three lenders charge interest at 8.75% on their lower-end loans.Bank officials are hopeful that the retail credit growth will contribute substantially for the credit demand in the third quarter of this fiscal year. Most offers are till December 31, 2009. “The demand for home loans is better than the past years. But at the same time, we are seeing many applications which are transfer cases (from another bank),” said AC Mahajan, chairman and managing director of Canara Bank.Banks like SBI, Canara Bank, BoM, BoI and Dena Bank are offering fixed-rate loans for the initial years. However, banks like BoB and PNB are offering fixed rates, besides giving floating rate loans.The demand for auto loans continues to be higher than home loans. But at the same time, we are witnessing better demand in the past few weeks in small- and mid-sized towns,” pointed out M Narandran, ED of BoI. .....http://www.maaproperties.com/ At Maa Properties, we have in-depth knowledge of property markets, extensive experience, specialized skills and resources necessary to provide an entire range of reliable and responsive property management services. No matter how far away you are currently located, our online services enable you to take charge of things and efficiently handle all property-related transactions back home. We would like to take the opportunity to welcome all the community members living world wide to our real estate portal.(NRI) # # # Maa properties provides property related transactions in Hyderabad like buy, sell, rent, lease, providing tenants, maintenance for nris under three services property deals, property analysis and property care. End
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