Commercial Home Loans rates

SBI is the first major

PTI
MUMBAI, DECEMBER 19

TWO country’s leading home loan financier State Bank of India (SBI) and Housing Development Finance Corp (HDFC), has slashed home loan rate by 15-35 bps in a move get a larger pie of the growing market.
SBI —the country’s largest lender – has reduced home loan rate by 15-35 bps on home loan upto Rs 75 lakh. Effective tomorrow, SBI will now charge 10.15% for home loans upto Rs 75 lakh and women borrowers will get additional discount of 5 bps.HDFC, on the other hand, decided to slash rates by 25 bps for home loans availed before 31 January. HDFC will now charge 10.25% for loans upto Rs 75 lakh. “HDFC has announced a special Winter Bonanza for its home loan customers effective Friday, 20th December. This is a limited period offer and is valid for all new applications submitted before January 31, 2014 and first disbursement taken by February 28, 2014, ” HDFC said in a statement.
Both the lenders have abolished upto Rs 30 lakh category and now have only two categories, upto Rs 75 lakh and above Rs 75 lakh.
HDFC had launched a festive season offer in October which rates were lower by 25 bps. The scheme ended on 15 December. In that scheme, for home loans upto Rs 25 lakh, HDFC charged 10.25% for new customers and between Rs 25 lakh and above to Rs 75 lakh it charged 10.50%.
HDFC, however, had hiked the home loan rate by 10 bps earlier this month due to rise in cost of funds. Following Reserve Bank of India’s measures to tighten money market liquidity since July to curb volatility in foreign exchange market, cost of funds for lenders had gone up. Now, with those steps are being withdrawn, cost of funds are coming down gradually.
According to a senior SBI executive this rate revision decision has been taken keeping in mind competition in market. “Rates were higher than competition. It will be positive contribution to net interest income while the impact on margin will be small. This should give a push to retail loan book growth when the economy has slowed down, ” the official...


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Home loan: SBI, HDFC slash rates  — Business Standard
Two country's leading home loan financier State Bank of India (SBI) and Housing Development Finance Corp (HDFC), has slashed home loan rate by 15-35 bps in a move get a larger pie of the growing market.

Banks lower rates to attract home buyers  — Business Standard
SBI, the largest commercial bank in the country, has been the most aggressive reducing its housing loan rates by 15-35 basis points.

SBI, HDFC slash home loan rates  — Business Standard
Two of India's leading home loan financiers, State Bank of India (SBI) and Housing Development Finance Corp (HDFC), have cut interest on home loans by 15-35 basis points. SBI, the country's .. Among commercial banks, SBI is the largest home loan entity.

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