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IDBI to Offer Home Loan at 8.25 pc
Source: Indian Realty News Dec 16, 2009
Taking a cue from biggies like SBI, ICICI Bank and HDFC, state-owned IDBI Bank today joined the home-loan war by offering 8.25 per cent fixed rate for all its new loans till March 2012. The offer is applicable to all new home-loan customers applying on or before March 31, 2010, and taking a part or full disbursement during the offer period, an IDBI Bank press release said.

After the offer period, interest rate will be charged based on the then prevailing floating rates, the bank said. Presently IDBI Bank is offering 8.75 per cent for loans up to Rs 30-lakh, 9 per cent for loans between Rs 30- lakh and up to Rs 50-lakh and 9.25 per cent for loans above Rs 50-lakh. A host of lenders, including market leaders State Bank of India and ICICI Bank had announced similar schemes in the recent past to woo aspiring home buyers.

Early this month, banking majors, ICICI Bank and Kotak Mahindra and homeloan financer HDFC had announced special home loan schemes for new loans irrespective of the loan amount. While ICICI Bank offered new home loans at a fixed rate of 8.25 per cent for the first two-years, irrespective of the loan amount, Kotak Mahindra Bank offered 8.49 per cent fixed interest for 30-months.

Country's largest lender, State Bank of India set the ball rolling by announcing a scheme offering an 8 per cent interest rate early this year. The scheme, earlier scheduled to end in November, was extended till March 2010, following a huge demand from the market. The bank which offers the special scheme under 'My Home Campaign', offers an 8 per cent fixed interest rate for 5-years for loans up to Rs 5-lakh, with a maximum tenure of 10-years.

For loans above Rs 5-lakh and upto Rs 50-lakh, interest rate has been fixed at 8 per cent during the first year and 8.5 per cent during the second and third years, State Bank said. The bank is also offering SBI MaxGain, under which it offers home-loans as an overdraft with the possibility of saving interest.

Tag: Real Estate India, Home Loans, Housing Loans
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