RSS FeedIDBI home loan offering to become more cheaper | PressReleasePoint
The tug of war between the private and public sector banks, offering cheapest home loans, got more intensified after the entry of IDBI bank.
Paisawaisa (New Delhi) 23rd December, 2009: It's metamorphosis time for Indian home loan industry as both private and public sector banking and lending authorities of the nation are seemingly chasing the idea of being the first to capitalise on evident real estate boom. Already the big-wigs in the industry like SBI, ICICI Bank, Kotak Mahindra, HDFC have fuelled the home loan war with their low-interest deals on offer in the market and now the latest bank to join the fray is IDBI Bank.
The latest offer from the state-owned IDBI Bank, is for all new home loan ( http://www.paisawaisa.com/loans/home-loans.aspx ) seekers, applying before or on March 31, 2010 and not thereafter. However, the loan applicant can also take partial or whole amount of the approved figure during the same offer period.
On expiry of the scheme, the bank will revert back to charging interest rate on the basis of prevailing floating rates of the same time. Presently, IDBI is offering loans of upto Rs. 30 lacs @ 8.75 percent; Rs. 30 - 50 lacs @ 9 percent and 9.25 percent for the amount over Rs. 50 lacs.
Earlier this month, ICICI Bank and Kotak Mahindra had also joined the race to offer cheap home loan deals with an idea to lure as many customers as possible. The move by the two banks in the market, is being considered as fitting reply to SBI's scheme of offering home loans at a flat 8 percent interest, announced earlier this year. This escalated into a war between private and public sector lending entities which later got more fierce with the entry of more and more players.
With such cheap home loan offerings flooding the market, the decadent condition of country's real estate segment is likely to heal in a short time.
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