HSBC hikes floating home loan rates by 0.5%

 This is the third hike announced by the bank since April 2006. The bank had earlier hiked rates by 50 bps each in April and July this year.

 The new rates would be w.e.f October 6.

HSBC today also launched a new loan product - HSBC Pragati Finance. The bank is planning to offer personal loans up to Rs 50,000 under the scehme with no collaterals or guarantees.

Naina Lal Kidwai, Group General Manager and Country Head of HSBC India, said: "The launch of HSBC Pragati Finance fits in perfectly with our overall strategy of financial inclusion."