Home Loan Firms Get Innovative As Rates Plateau
War on the home loans turf continues but with a difference. Banks and companies are not directly slashing interest rates, but are offering innovative products with attractive pricing to lure customers.
As interest rates across most housing finance companies and banks are more or less on par, some players have taken the lead to corner a larger market share through innovation.
IDBI Bank is offering the lowest interest rate of 2 per cent in the first year of repayment, rising to 10.5 per cent in the fifth year.
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Birla Home Finance has come out with concessional interest rates for its deposit holders. And the scene is just heating up.
IDBI Bank