Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-includes/cache.php on line 99

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-includes/query.php on line 21

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-includes/theme.php on line 576

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/exec-php.php on line 22

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/manager.php on line 36

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/manager.php on line 37

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/manager.php on line 38

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/manager.php on line 39

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/admin.php on line 53

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/admin.php on line 56

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/admin.php on line 57

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/admin.php on line 63

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/admin.php on line 64

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/admin.php on line 79

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/cache.php on line 22

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/cache.php on line 39

Deprecated: Assigning the return value of new by reference is deprecated in /home/rate1234/public_html/news/wp-content/plugins/exec-php/includes/ajax.php on line 64
 
Archives - Ratekhoj.com, Indian Personal Finance Trends and News | Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards

September 23, 2009. Bank of Maharashtra has joined many other institutions including SBI, PNB, Union Bank of India, United Bank of India, ICICI and HDFC in offering lower interest rates on housing loans for the festival season. These new lowered interest rates will be applicable until December 31, 2009.

Bank of Maharashtra is now offering an interest rate of 8.00% for home loans upto Rs. 30 lakhs for first 2 years of loan repayment period. The interest rate for the year 3 under this scheme would be 8.50%, for year 4 it would be 9.50% and for year 5 it would be 9.75%. All these rates would be fixed during the first 5 years. After 5 years, the interest rate the Bank’s Prime Lending Rate (BPLR) - 2.50% with a minimum of 9.75%.

Interest rates for loan amounts above Rs. 30 lakhs are being offered at 8.25% for the first 2 years of your loan, 9.00% for year 3 and 9.75% for years 4 and 5. After 5 years, interest rates will be BPLR-2.25% with a minimum of 10.00%.

The Mahabank Platinum Housing Loans offer can be one of your choices for housing loans currently with attractive interest rates. Bank of Maharashtra has not offered any waiver of processing or pre-payment charges unlike other banks as part of this scheme. A comprehensive list of available 2009 festival season housing loan offers has been compiled by Ratekhoj and can be used to get the best interest rates and other terms on your home loans.

A number of banks have announced attractive housing loan schemes recently that can help you if you are looking to purchase a home soon. Many of these schemes offer lower interest rates for the first few years and then typically the loan interest rates are linked to the Bank’s Prime Lending Rate (BPLR) for the remaining years of your loan repayment period. This article summarizes the key aspects of the schemes offered by all major banks to help you make a decision quickly. You can also take advantage of the 1% subsidy announced by Government of India recently for home loans.

Some banks are also offering borrowers the ability to convert to either a fixed or floating loan after the special interest rate period has expired.

In addition to the lower interest rates for the first few years, some of these special schemes also come with other perks such as lower margin requirements, waiver of processing fees and no pre-payment charges.

Many of the special schemes have been announced with an eye on the 2009 holiday season with the goal of increasing the housing loan intake thereby stimulating the housing sector related sectors of the economy such as construction, steel etc. Most of these schemes are limited time offers (many upto October 31 and some till December 31) and hence customers interested in taking a housing loan must act quickly.

State Bank of India, India’s largest bank, has driven these special schemes by many other banks by coming up with its special home loan offer. Under this scheme, loans upto Rs. 5 lakhs come with a fixed interest rate of 8.00% for the first 5 years. At the end of the five-year period, a customer opting for home loans of less than Rs 5 lakhs can choose between a floating rate of 2.75 per cent below the State Bank Advance Rate (currently at 11.75 per cent) or a fixed rate of 1.25 per cent below SBAR for a further term of five years.

For home loans of between Rs 5 lakhs and Rs 50 lakhs, SBI will offer 8 per cent during the first year and 8.5 per cent for second and third years. From the fourth year, the customer can choose between a floating rate of 2.75 per cent below SBAR or at a fixed rate of 1.25 per cent below SBAR.

For over Rs 50 lakh loans, SBI will charge 8 per cent during the first year and 9 per cent for second and third years. From the fourth year, the customer can choose between a floating rate of 1.75 per cent below SBAR or at a fixed rate of 0.75 per cent below SBAR.

ICICI Bank has a special offer with interest rates of 8.75% for loans upto Rs. 20 lakhs, 9.25% for loans between Rs. 20 lakhs and Rs. 50 lakhs and 9.75% for loans above Rs. 50 lakhs.

LIC Housing Finance has a floating rate scheme with special interest rate of 8.75% for loans upto Rs. 75 lakhs. For home loan borrowers options for their 3 year Fix-o-Floaty scheme, the rates for new customers upto Rs. 75 lakhs will be 8.90%.

Canara Bank is offering a scheme where for home loans upto Rs. 30 lakhs, interest rate for first 12 months is 8.00%. Interest rate for next 48 months is 9.00%. Interest rate for above 60 months to upto 300 months is BPLR-2.50%. Changes in BPLR will not have any effect on the interest rates for the first 60 months. After 60 months the rate of interest is linked to BPLR. Rate of interest valid for loans sanctioned on or after 10.09.2009 upto 31.12.2009.

For home loans between Rs. 30 lakhs and Rs. 1 crore, Canara Bank’s interest rate for first 12 months is 8.75%. Interest rate for next 48 months is 9.50%. Interest rate for above 60 months to upto 300 months is BPLR-2.00%. Changes in BPLR will not have any effect on the interest rates for the first 60 months for loans. After 60 months the rate of interest is linked to BPLR. Rate of interest valid for loans sanctioned on or after 10.09.2009 upto 31.12.2009.

For home loans above Rs. 1 crore and upto Rs. 3 crores, Canara bank’s interest rate for first 12 months is 9.50%. Interest rate for next 48 months is 10.00%. Interest rate for above 60 months to upto 300 months is BPLR-1.00%. Changes in BPLR will not have any effect on the interest rates for the first 60 months. After 60 months the rate of interest is linked to BPLR. Rate of interest valid for loans sanctioned on or after 10.09.2009 upto 31.12.2009.

For loans above Rs. 3 crores, Canara Bank’s interest rate is BPLR-0.50% subject to a minimum of 11.50% with 200% security. BPLR is currently 12.00%. Rate of interest is valid for loans sanctioned on or after 10.09.2009 upto 31.12.2009.

State Bank of Patiala is offering an interest rate of 8.00% for home loans upto Rs. 30 lakhs for first year of repayment. The interest rate for the 2nd and 3rd years is 9.00% for loans upto Rs. 30 lakhs. From the 4th year onwards, the interest rate will be the then applicable floating home loan rate linked with BPLR. For home loan amounts over Rs. 30 lakhs, the interest rate offered is 8.00% for the first year and 9.50% for the 2nd and 3rd years of the loan repayment period. This scheme is valid till September 30, 2009.

Under Punjab National Bank’s (PNB) Festival Season Bonanza Offer 2009, home loans of upto Rs. 30 lakhs will have an interest rate of 8.50 is fixed for first 3 years only. After 3 years, interest rates will be based on bank’s BPLR will be applicable. Full waiver of processing fees and documentation charges are also applicable under this scheme. This scheme is valid till October 31, 2009.

United Bank of India’s special home loan scheme offers an interest rate of 8.25% fixed for first 5 years for a loan amount of upto Rs. 5 lakhs. The interest rate offered is 9.00% fixed for loan amounts between Rs. 5 lakhs and Rs. 20 lakhs for first 5 years of loan repayment period. The rate of interest shall be reset after 5 years & the borrower will then have the option for going for a Fixed rate or Floating rate of interest. This scheme is valid till December 31, 2009.

Punjab and Sind Bank has also announced a special housing loan scheme valid till December 31, 2009. Under this scheme, home loans of upto Rs. 20 lakhs will have an interest rate of 8.25% valid for first 2 years only. Years 3 to 5 years will have a fixed interest rate of 8.50%. Interest rate from 6th year onwards will be BPLR-2.50% with a floor rate of 10.00%. A lower margin of 10% is set for housing loans upto Rs. 5 lakhs and a margin of 15% for loans between Rs. 5 lakhs and Rs. 20 lakhs. No processing fee is to be charged for loans upto Rs. 20 lakhs and no prepayment charges are to be levied.

Oriental Bank of Commerce is also offering a special home loans package until December 31, 2009. Under this scheme, home loans of upto Rs. 5 lakhs will get a fixed interest rate of 8.50% for first 5 years. Home loans between Rs. 5 lakhs and Rs. 20 lakhs will have an interest rate of 9.25% fixed for first 5 years. For repayment years above 5 yrs and upto 20 yrs, interest rates will be decided after the 5th year of repayment based on Indian Banks Association (IBA) guidelines at that time.

Union Bank of India also has a special home loans scheme under which you can get a fixed interest rate of 8.50% for the first 3 years of your loan for loans upto Rs. 50 lakhs. For loans above Rs. 50 lakhs, you can get a fixed rate of 9.25% for the first 3 years of your repayment period. After the first 3 years, the loan interest rate is linked to the bank’s BPLR.

Bank of India offers a fixed rate of 8.50% for loan amounts of upto Rs. 5 lakhs for the first 5 years. The interest rate is 9.25% fixed for first 5 years for loans between Rs. 5 lakhs and Rs. 20 lakhs. The interest rate after 5 years will be set by the bank based on its BPLR.

South Indian Bank has a SIB shelter scheme under which loans of upto Rs. 30 lakhs have a rate of interest of 8.50% fixed for first 18 months. Rate of interest for next 18 months is 9.50% fixed. Rate of interest for balance period of payment is then prevailing housing loan interest rate of the bank for housing loans upto and including Rs. 30 lacs. At the end of 3 years, switchover to rate of interest – fixed or floating – shall be allowed without any switching charges. For loans above Rs. 30 lakhs, South Indian Bank is offering a rate of interest for first 18 months of 9.00% fixed. Rate of interest for next 18 months is 10.00% fixed. Rate of interest for balance period of payment is then prevailing housing loan interest rate of the bank for housing loans above Rs. 30 lacs.

Bank of Baroda’s special housing loan scheme offers an interest rate of 8.50% fixed for loans amounts upto Rs. 5 lakhs and an interest rate of 9.25% fixed for loans amounts between Rs. 5 lakhs and Rs. 20 lakhs. The above rates are for the first 5 years. The rate of interest shall be reset after 5 years from the date of drawal of the first installment and borrower will then have the option for going for a fixed rate or floating rate of interest.

Dena Bank offers a festival season home loan scheme where home loans below Rs. 30 lakhs get an interest rate of 8.00% fixed for first and second years. Interest rate of 9.50% is fixed for years 3 to 5 of loan. The borrower will have option to choose either fixed or floating rate of interest from sixth year onwards. For loans above Rs. 30 lakhs, interest rates will be fixed at 8.50% for first and second years and 9.50% for years 3 to 5 of the loan repayment period. These rates will be applicable to new housing loans availed from 14th September 2009 to 30th November 2009.

Vijaya Bank has announced a festival season offer valid from 14.9.09 to 15.01.2010. For loans upto Rs. 30 lakhs, interest rate of 8.00% is offered for first year, while second and third years will have an interest rate of 9.25%. For years 4 and 5, interest rate will be 9.50%. For years 5 to 20, interest rate will be based on BPLR with a minimum of 10.00%. For loans above Rs. 30 lakhs, interest rate of 8.50% is offered for first year, while second and third years will have an interest rate of 9.75%. For years 4 and 5, interest rate will be 10.00%. For years 5 to 20, interest rate will be based on BPLR with a minimum of 10.50%.

Syndicate Bank’s special loan scheme offers an interest rate of 8.25% is applicable for first 2 years for loans upto Rs. 30 lakhs. Interest rate is 8.75% for 3rd to 5th years. Interest rate from 6th year onwards is PLR-2.50% subject to a minimum of 11.00%. For loans above Rs. 30 lakhs, the interest rate is 9.25%for first 2 years. Interest rate is 9.75% for 3rd to 5th years. Interest rate from 6th year onwards is PLR-2.00% subject to a minimum of 11.50%. This scheme is valid till March 31, 2010.

State Bank of Bikaner and Jaipur has a scheme where the interest rate for the first year is 8.00%. Interest rate for years 2 and 3 is 8.50% for loans upto Rs. 50 lakhs and 9.00% for loans above Rs. 50 lakhs. Borrower has the option of choosing a fixed rate or floating rate option for repayment periods after 3 years at the time of loan sanction. This scheme is valid till November 30, 2009.

Bank of Maharashtra’s Mahabank Platinum Housing Loans Festive Offer is valid until December 31, 2009. It is now offering an interest rate of 8.00% for home loans upto Rs. 30 lakhs for first 2 years of loan repayment period. The interest rate for the year 3 under this scheme would be 8.50%, for year 4 it would be 9.50% and for year 5 it would be 9.75%. All these rates would be fixed during the first 5 years. After 5 years, the interest rate the Bank’s Prime Lending Rate (BPLR) - 2.50% with a minimum of 9.75% for loans upto Rs. 30 lakhs. Interest rates for loan amounts above Rs. 30 lakhs are being offered at 8.25% for the first 2 years of your loan, 9.00% for year 3 and 9.75% for years 4 and 5. After 5 years, interest rates will be BPLR-2.25% with a minimum of 10.00%.

The table below summarizes the special offers from each bank.

Institution

Loan Amount

Interest Rate

Other Information

State Bank of India < Rs. 5 lakhs 8.00% for first 5 years fixed.
At the end of 5 years, borrowers can choose a fixed or floating rate option.
 
> Rs. 5 lakhs and < Rs. 50 lakhs 8.00% for first year.
8.50% for 2nd and 3rd years.
At the end of 3 years, borrowers can choose a fixed or floating rate option.
> Rs. 50 lakhs 8.00% for first year.
9.00% for 2nd and 3rd years.
At the end of 3 years, borrowers can choose a fixed or floating rate option.
ICICI Bank < Rs. 20 lakhs 8.75%  
> Rs. 20 lakhs and < Rs. 50 lakhs 9.25%
> Rs. 50 lakhs 9.75%
LIC Housing Finance < Rs. 75 lakhs 8.75% under floating rate scheme  
< Rs. 75 lakhs 8.90% under 3 years fix-o-floaty scheme.
Canara Bank < Rs. 30 lakhs 8.00% for first 12 months.
9.00% for next 48 months.
BPLR-2.50% for above 60 months to upto 300 months.
Changes in BPLR will not have any effect on the interest rates for the first 60 months. After 60 months the rate of interest is linked to
BPLR. Rate of interest valid for loans sanctioned on or after 10.09.2009 upto 31.12.2009.
> Rs. 30 lakhs and < Rs. 1 crore 8.75% for first 12 months.
9.50% for next 48 months.
BPLR-2.00% for above 60 months to upto 300 months.
> Rs. 1 crore and < Rs. 3 crores 9.50% for first 12 months.
10.00% for next 48 months.
BPLR-1.00% for above 60 months to upto 300 months.
> Rs. 3 crores BPLR-0.50% subject to a minimum of 11.50% with 200% security.
State Bank of Patiala < Rs. 30 lakhs 8.00% for first year.
9.00% for 2nd and 3rd years.
From the 4th year onwards, the interest rate will be the then applicable floating home loan rate linked with BPLR.
This scheme is valid till September 30, 2009.
> Rs. 30 lakhs 8.00% for first year.
9.50% for 2nd and 3rd years.
From the 4th year onwards, the interest rate will be the then applicable floating home loan rate linked with BPLR.
Punjab National Bank < Rs. 30 lakhs 8.50% fixed for first 3 years only.
After 3 years, interest rates will be based on bank’s BPLR will be applicable.
Punjab National Bank’s (PNB) Festival Season Bonanza Offer 2009.
Full waiver of processing fees and documentation charges are also applicable under this scheme. This scheme is valid till October 31, 2009.
United Bank of India < Rs. 5 lakhs 8.25% fixed for first 5 years. The rate of interest shall be reset after 5 years & the borrower will then have the option for going for a Fixed rate or Floating rate of interest. This scheme is valid till December 31, 2009.
> Rs. 5 lakhs and < Rs. 20 lakhs 9.00% fixed for first 5 years
Punjab and Sind Bank < Rs. 20 lakhs 8.25% fixed for first 2 years only.
8.50% fixed for years 3 to 5 years.
Interest rate from 6th year onwards will be BPLR-2.50% with a floor rate of 10.00%.
Valid till December 31, 2009. A lower margin of 10% is set for housing loans upto Rs. 5 lakhs and a margin of 15% for loans between Rs. 5 lakhs and Rs. 20 lakhs. No processing fee is to be charged for loans upto Rs. 20 lakhs and no prepayment charges are to be levied.
Oriental Bank of Commerce < Rs. 5 lakhs 8.50% fixed for first 5 years. Valid until December 31, 2009. For repayment years above 5 yrs and upto 20 yrs, interest rates will be decided after the 5th year of repayment based on Indian Banks Association (IBA) guidelines at that time.
> Rs. 5 lakhs and < Rs. 20 lakhs 9.25% fixed for first 5 years.
Union Bank of India < Rs. 50 lakhs 8.50% fixed for the first 3 years. After the first 3 years, the loan interest rate is linked to the bank’s
BPLR.
> Rs. 50 lakhs 9.25% fixed for the first 3 years.
Bank of India < Rs. 5 lakhs 8.50% fixed for first 5 years. The interest rate after 5 years will be set by the bank based on its BPLR.
> Rs. 5 lakhs and < Rs. 20 lakhs 9.25% fixed for first 5 years.
South Indian Bank < Rs. 30 lakhs 8.50% fixed for first 18 months.
9.50% fixed for next 18 months.
Rate of interest for balance period of payment is then prevailing housing loan interest rate of the bank for housing loans upto and including Rs. 30 lacs.
SIB shelter scheme. At the end of 3 years, switchover to rate of interest fixed or floating shall be allowed without any switching charges.
> Rs. 30 lakhs 9.00% fixed for first 18 months.
10.00% fixed for next 18 months.
Rate of interest for balance period of payment is then prevailing housing loan interest rate of the bank for housing loans above Rs. 30 lacs.
Bank of Baroda < Rs. 5 lakhs 8.50% fixed for first 5 years The rate of interest shall be reset after 5 years from the date of drawal of the first installment and borrower will then have the option for going for a fixed rate or floating rate of interest.
> Rs. 5 lakhs and < Rs. 20 lakhs 9.25% fixed for first 5 years
Dena Bank < Rs. 30 lakhs 8.00% fixed for first and second years.
9.50% fixed for years 3 to 5.
The borrower will have option to choose either fixed or floating rate of interest from sixth year onwards.
These rates will be applicable to new housing loans availed from 14th September 2009 to 30th November 2009.
> Rs. 30 lakhs 8.50% fixed for first and second years.
9.50% fixed for years 3 to 5.
Vijaya Bank < Rs. 30 lakhs 8.00% for first year.
9.25% for second and third years.
9.50% for fourth and fifth years.
For years 5 to 20, interest rate will be based on BPLR with a minimum of 10.00%.
Valid from 14.9.09 to 15.01.2010.
> Rs. 30 lakhs 8.50% for first year.
9.75% for second and third years.
10.00% for fourth and fifth years.
For years 5 to 20, interest rate will be based on BPLR with a minimum of
10.50%.
Syndicate Bank < Rs. 30 lakhs 8.25% for first 2 years.
8.75% for years 3 to 5.
Interest rate from 6th year onwards is PLR-2.50% subject to a minimum of 11.00%.
This scheme is valid till March 31, 2010.
> Rs. 30 lakhs 9.25% for first 2 years.
9.75% for years 3 to 5.
Interest rate from 6th year onwards is PLR-2.00% subject to a minimum of
11.50%.
State Bank of Bikaner and Jaipur. < Rs. 50 lakhs 8.00% for first year.
8.50% for second and third years.
Borrower has the option of choosing a fixed rate or floating rate option for repayment periods after 3 years at the time of loan sanction. This scheme is valid till November 30, 2009.
> Rs. 50 lakhs 8.00% for first year.
9.00% for second and third years.
Bank of Maharashtra < Rs. 30 lakhs 8.00% for first and second years.
8.50% for third year. 9.50% for year 4. 9.75% for year 5.
After 5 years the interest rate will be based on BPLR. This scheme is valid till December 31, 2009.
> Rs. 30 lakhs 8.25% for first and second years.
9.00% for third year. 9.75% for year 4. 9.75% for year 5.

 

To get the best home loan interest rates in India, you can always visit Ratekhoj’s home loan interest rate comparison page. To get your Equated Monthly Installment (EMI) numbers for a particular interest rate you can use our loan EMI calculator.

Sep 15, 2009. Government of India has announced a 1% interest rate subvention or subsidy for housing loans upto Rs. 10 lakhs. This was announced in a press release by the Press Information Bureau.

According to the press release, interest subsidy of 1 percent will be made available on individual housing loans upto Rs.10 lakhs for construction / purchase of a new house or extension of an existing house provided the cost of the construction/price of the new house/extension does not exceed Rs. 20 lakhs.

The Scheme will be implemented through Scheduled Commercial Banks (SCBs) and Housing Finance Companies (HFCs) registered with the National Housing Bank (NHB). This means that most institutions that offer housing loans in India would be part of this scheme.

The first twelve monthly instalments of all such loans sanctioned and disbursed during the period of twelve months from the date of publication of the scheme will be eligible for interest subvention.

Subsidy of one percent will be computed for 12 months on disbursed amount and adjusted upfront in the principal outstanding irrespective of whether the loan is on fixed or floating rate basis.

This cut in interest rate for home loans should help borrowers significantly in the first year of the loan by cutting their Equated Monthly Installments or EMIs. For example, on a housing loan of Rs.10 lakhs, the 1% interest relief available wil amount to Rs. 10,000 per account over a period of 12 months or 12 EMIs.

The key point to note is that the 1% reduction in your home loan interest rate will apply only for the first 12 EMIs and subsequently you will be paying the EMIs based on the interest rate of your bank.

 This new subsidy of 1% on home loans is expected to boost demand for housing loans and stimulate activity in the construction sector and other allied sectors.

The Government has announced an amount of Rs. 1000 crores for the scheme. The number of beneficiaries under this scheme will be based on the housing loan amount of the applicants until the amount of Rs. 1000 crores has become exhausted.

If you are planning a house purchase and you fall under the criteria for this scheme (the loan amount must be atmost Rs. 10 lakhs and the cost of construction / purchase of the house must not exceed Rs. 20 lakhs), you should approach your bank for further details on how to avail this subsidy. To get the benefits under this scheme, you must act quickly since the scheme will run only till the amount of Rs. 1000 crores that has been allocated by the Government gets exhausted. 

September 12, 2009. Union Bank of India has joined many other institutions including SBI, PNB and HDFC in offering lower interest rates on home and car loans for the festival season. These new lowered interest rates will be applicable until October 31, 2009.

UBI is now offering an interest rate of 8.50% for home loans upto Rs. 50 lacs for first 3 years of loan repayment period. After the first 3 years, the bank is offering interest rates linked to its BPLR and the interest rates will depend on the BPLR prevailing at the end of your 3 years loan period.

Interest rates for loan amounts above Rs. 50 lakhs are being offered at 9.25% for first 3 years of your loan. After the first 3 years, interest rates will be based on the bank’s BPLR.

Interest rates offered by UBI are attractive and if you are looking for a home loan, this is certainly a good offer.

September 12, 2009. Punjab National Bank, a public sector bank in India, has announced a festival bonanza offer reducing housing and car loan interest rates until October 31, 2009.

Under this scheme, home loans upto Rs. 30 lacs will be offered a fixed interest rate of 8.50% for the first 3 years of the loan repayment period. Full waiver of documentation and processing fees also come with this scheme.

Margin for housing loans upto Rs. 20 lacs stands reduced to 15%. This means that you can get a loan for upto 85% of the cost of the house you would like to purchase as appraised by PNB.

PNB is also offering a reduction of 0.50% for car loans under fixed rate option.

September 12, 2009. South Indian Bank has announced an attractive home loan scheme titled SIB Shelter for individuals or individuals jointly with spouses. South Indian Bank is a private sector bank headquartered in Thrissur, Kerala with close to 550 branches and over 300 ATMs.

SIB Shelter offers home loans for amounts upto Rs. 1 crore and is available  (a) for owning a house – readybuilt or construction of house in own land and (b) for purchase of a ready-to-occupy flat. 

SIB Shelter home loan interest rates come in 2 slabs - amounts below Rs. 30 lacs and amounts above Rs. 30 lacs.

For loans below Rs. 30 lacs, this scheme offers an interest rates of 8.50% fixed for the first 18 months of the loan tenure and 9.50% fixed for the next 18 months of the loan. Rate of interest after the first 36 months for the balance period of repayment would the then prevailing housing loan interest rate of the bank for housing loans upto & including Rs. 30 Lacs.

For loans above Rs. 30 lacs, this scheme offers an interest rates of 9.00% fixed for the first 18 months of the loan tenure and 10.00% fixed for the next 18 months of the loan. Rate of interest after the first 36 months for the balance period of repayment would the then prevailing housing loan interest rate of the bank for housing loans above Rs. 30 Lacs.

At the end of 3 years or 36 months, switchover to rate of interest - fixed or floating - shall be allowed without any switchover charges.

The scheme is applicable only to fresh loans and not to takeover loans from other banks/institutions.

The margin requirements of South Indian Bank for housing loans is as follows:

(a) construction of new house/ purchase of land and construction of new house / purchase of ready built house/ flat : 25% of estimated cost

(b) 30% of cost for purchase of old house/ renovation of existing house

South Indian Bank charges one time upfront fee 0.50% of the loan amount.

Compare South Indian Bank’s home loan scheme with other home loans schemes in India at Ratekhoj to get the best interest rate and other terms for your home purchase.

September 8, 2009. SBI, India’s largest bank, has announced that it is no longer offering the 1000 days fixed deposit. The 1000 days fixed deposit was earlier giving fixed depositors an interest rate of 7.25%. This change is effective from September 8, 2009.

With this change, SBI now offers a fixed deposit with a term of 2 to 3 years with an interest rate of 7.00% (senior citizens can get 0.50% additional interest for this deposit).

The highest interest rate offered by SBI currently is 7.75% for a fixed deposit term of 8 years to 10 years with senior citizens getting 8.25% for the same deposit period.

Comparison of fixed deposit rates at Ratekhoj indicates that the current highest fixed deposit rate offered by any bank in India currently is 8.25%. This rate is offered by Lakshmi Vilas Bank (for terms of 3 to 5 years as well as 5 to 10 years) and DBS Bank for a term of 5 years.

Lakshmi Vilas Bank is a private sector bank with a business of over Rs. 12, 600 crores while DBS Bank is a foreign bank headquartered in Singapore.

Considering public sector banks only, the highest fixed deposit rate currently is being offered by State Bank of Travancore. This interest rate of 8.00% is being offered for a term of 8 years to 10 years.

Interest rates for fixed deposits have been going down in recent months. While fixed deposit investors could earlier get between 10% and 11%, now the highest rates hover around 8.00% only. Most of the higher rates for fixed deposits are being offered for terms of over 3 years. Only Development Credit Bank is offering an interest rate of 8.00% for a short term of 1 year.

Compare and get the best fixed deposit rates currently being offered by going to Ratekhoj’s fixed deposits comparison page.