Hey here comes a good news for you all who are still waiting for their dream home.
Banks & Housing Finance Companies have finally started reducing the interest rates on housing loans after the economic stimulus package provided to them by the Union government apart from several cuts in key policy rates by the Reserve Bank of India.
As per industry experts although the fall in lending rates is not as significant as cuts in policy rates, still something is always better than nothing. We are also not sure how long this will last. So, let's make the most of what is available at present.
Below is listed some of latest home loan rates for your reference:
1) SBI’s Interest Rates On Housing Loans w.e.f. January 1, 2009 FLOATING RATES LINKED TO SBAR:
a. For Loans Up To Rs 30 lakh For new loans up to Rs 30 lakh sanctioned on or after 01.01.2009, the bank is charging 9.75% pa for loans up to 5 years, 10% for loans above 5 years & up to 15 years, and 10.25% for loans above 15 years & up to 25 years.
b. Loans Above Rs 30 Lakh and up to Rs 75 Lakh
For loans above Rs 30 lakh and up to Rs 75 lakh, the bank is charging 10.25% pa for loans up to 5 years, 10.50% pa for loans above 5 years and up to 15 years, and 10.75% for loans above 15 years & up to 25 years.c. Loans Above Rs 75 Lakh
For loans above Rs 75 lakh, the bank is charging 10.25% pa for loans up to 5 years, 10.50% pa for loans above 5 years and up to 15 years, and 11% for loans above 15 years & up to 25 years.
FIXED RATES - RE-PAYMENT UP TO 10 YEARS (w.e.f. 01.01.2009)
a) For loans up to Rs 30 lakh: 11.25% b) For loans above Rs 30 lakh: 12.25%
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