The government launched an interest subvention scheme offering subsidy of 1 per cent on all home loans up to Rs 10 lakh on houses or up to Rs 20 lakh on flats, effective Oct 1. The new scheme will remain open till September 30, 2010. It will be very beneficial for the low- and medium-income [...]

State-run IDBI Bank has reduced its new home and auto loan rates by 0.25-0.5 per cent from October 1. Now, home loans up to Rs 30 lakh will have an interest rate of 8.75 per cent as against the previous 9 per cent. Loans between Rs 30 lakh and Rs 50 lakh will be available [...]

Seventy-nine member banks of the Banking Codes and Standards Board of India, (BCSBI), have agreed to maintain transparency while fixing interest rates on retail pr¬oducts. Hereafter these banks will have to maintain a common code of conduct for all their customers, apart from operating transparently while fixing interest rates. They will reveal full information on [...]

The country’s largest bank State Bank of India (SBI) launched ‘SBI My Home Campaign’, a three-month home loan campaign with attractive interest rates and zero processing fee, for the festive season. It offers a new scheme ‘SBI Hi-Five Home loan’, under which one can get a loan up to Rs 5 lakh at an interest [...]

Home loan major Housing Development Finance Corp (HDFC) has reduced interest rates for the Rs 30 lakh-Rs 50 lakh slab by 0.5 per cent to 9 per cent. Earlier, the interest rate was 8.75 per cent for loans up to Rs 15 lakh, 9 per cent for loans between Rs 15 lakh and Rs 30 [...]

Punjab National Bank (PNB) cut home and car loan rates by 0.5 per cent. The new rates will be available under ‘PNB Festival Season Bonanza Offer 2009′, a scheme specially launched for the festive season. The bonanza offer is open till October 31. “Under the offer, housing loans up to Rs 30 lakh will be [...]

Public sector lender Vijaya Bank has announced a special festive offer for home loan and auto loan customers. Under the scheme, a home loan up to Rs 30 lakh will be available at 8 per cent for the first year, 9.25 per cent for the second and third year, 9.5 per cent for the fourth [...]

The Union Ministry of Finance has finalised the interest subvention scheme for low-cost housing as promised in the Union budget. The concession interest rate scheme will be open for loans up to Rs 10 lakh sanctioned after October 1, for a period of five years. Under the scheme, borrowers would get a one per cent [...]

ICICI Bank, the country’s largest private sector lender, has hinted at a rise in lending rates, quite contrary to the SBI chairman’s projection. Previous day, the State Bank of India (SBI) chairman O P Bhatt said that the interest rates would not rise till Diwali and may even soften by 0.25-0.50 per cent before peak [...]

Bank credit growth continues to decline as the demand for loans slows up. The credit growth has taken a further dip to 14.89 per cent for the fortnight ending Aug 14, 2009 compared to 15.79 per cent for the fortnight ending July 31, 2009, as per the Reserve Bank of India (RBI) data release. The [...]