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IDBI Bank cuts floating home loan rates
BS Reporter / Mumbai October 16, 2007
Industrial Development Bank of India (IDBI) has cut floating interest rate on new home loans by 50 basis points to 10.5 per cent. It has also floated a scheme called “buy now, pay later” to provide assistance borrowers purchasing under construction properties.
 
“The decision to cut rate is driven by competition and the new concessional rate of 10.5 per cent will be applicable to loans disbursed till December 31, 2007,” IDBI chief financial officer R K Bansal said.
 
Last month, the public sector bank had cut fixed home loan rate by 100 basis points. However, offtake under this category is very small as customers want the flexibility of downward revision in interest rates.
 
Major players in home loan players State Bank of India, ICICI Bank and HDFC have already cut home loans rate to boost the sagging credit demand. The spiralling real estate prices and elevated lending rates lead to a rise in equated monthly instalments.

 
 
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   Discussion Board / User Comments    
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Sumeet December 29 , 2008 ,14:05 IST
In fact, since august 2008 the floating home loan rate is at 12.50%. I do not see any advantage of the bank being a PSU since the rates have dropped in all other banks but IDBI!
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  Reply by prashanth:July 21 , 2009 ,15:43 IST
sir if you are intrested in taking homeloans or mortgage loans, balance Transfer call me on 9291546679
GauravB November 07 , 2008 ,10:07 IST
HDFC has not cut the home loan rates. The floating rate is staggeringly high @ 12.25%. The HDFC website still shows the Retail Prime Lending Rate (RPLR) as 15% (the home loan rate is RPLR - 2.75%).
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DSP November 06 , 2008 ,17:36 IST
Hi Its good to read this news ... But 11% is still HIGH rate for Home Loan See rates in USA its not more than 5% in any case ... Home loan int rate must drop below 10 ... ie below 2 digit mark ! Deepak
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