Public sector banks on Monday slash-ed home loan rates to boost affordable housing sector in the country.
Interest rate on home loans up to Rs 5 lakhs has been capped at 8.5 per cent, while rates for loan between Rs 5-20 lakhs would not be more than 9.25 per cent for the first five years.
In addition, the banks will not charge any processing fees and pre-payment charges for loans up to Rs 20 lakhs and all loans would come with a free insurance cover.
The State Bank of India chairman, Mr O.P. Bhatt, said: “The offering under the packages would be made till June 30, 2009.” Existing borrowers will, however, not benefit from these schemes.
Raghu in front of his school
14 years ago
