long term loans such as home loans and education loans are going to get cheaper as banks are passing the benefits of reducing the base rate to the customers. Some banks including State Bank of India, Central Bank of India and Union Bank of India has already announced to cut the interest rates on Home loans and educational loans.The State Bank of India (SBI), the leading public sector bank has recently...
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some good news for home loan borrowers, with the State Bank of India increasing loan tenures by 10 more years.Banks normally keep the equated monthly instalment on home loans intact and extend tenure to pass on the rate increase.SBI has allowed stretching the loan repayment tenure to a maximum of 30 years as interest rates have risen by 250-300 basis points in the past year and a half.ypically, a 25...
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Reserve Bank of India, prepayment penalty on home loans, floating interest ratesThe Reserve Bank of India (RBI) today announced removal of foreclosure charges/prepayment penalty on home loans with floating interest rates.In a notification, the central bank said that it had been observed that home loan borrowers across the board resented foreclosure charges levied by banks on prepayment of home loans."This...
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SBI’s home loans portfolio as on June 30, 2011 stood at Rs89,881 crores recording a growth of 20.37% year-on-year. This growth is higher than the industry home loans growth of 17% recorded in April, May and June 2011.When State Bank of India’s (SBI) chairman Pratip Chaudhuri discontinued “SBI Easy Home Loan and SBI Advantage Home Loan” popularly known as teaser loans from May, he was confident that...
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largest lender and market leader in home loans segment, State Bank of India, on Thursday said sluggish growth in property market prompted it to cut its annual home loan growth target by up to 10 per centage points.The bank, which cut its home loan rates on Wednesday by up to 0.60 per cent, was earlier targeting a 25 per cent growth in its home loan book. Such loans are expected to grow by only 15-20...
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Country's largest private sector lender ICICI Bank on Thursday announced a cut in their home loan and automobile loan rates. While home loan rates have been cut by one percentage point, the rates on auto loan have been slashed by 0.75 percentage point. But the bad news is that the new rates will be applicable only for two months.In this festival scheme, the bank is offering a home loan of Rs 70 lakh...
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Last week Dena Bank dropped interest rates on home loans by 25 basis points hoping it would prompt home buyers to take the plunge. A couple of weeks back State Bank of India (SBI) announced a concession of 25 basis points on its home loans. Both Central Bank and Bank of India offer home loans at their base rate of 10.75%. In other words, they are not leaving themselves any spread over the minimum lending...
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Limited, India's Second largest private sector bank, today announced the launch of fixed interest rate product for home loans.Under this product, a customer can avail a home loan at a fixed interest rate valid for a period of one year or two years,post which the loan will move to floating interest rate. a bank press release said here.Under the one year fixed rate home loan, the customer can avail a...
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Housing Development Finance Corporation Limited provides home loans, deposit products, and property related services for individuals, non-resident Indians, and corporate customers in India.and...
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Magma Fincorp , said on Thursday it has acquired home loan portfolios from GE Capital India, a unit of General Electric Co....
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