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Ratekhoj.com, Best Fixed Deposits, Loans, Insurance Rates and Credit Cards - Part 3



As per the advice / directions of Indian Banks’ Association (IBA), five free cash transactions per month will be allowed in other bank ATMs for savings bank customers w.e.f. 15th Oct 2009. Also, the maximum withdrawal limit per transaction is Rs. 10,000/-.

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Take advantage of the Loyalty Rewards Program introduced by SBI for Internet Banking customers. This scheme is effective from November 26, 2009.

This scheme rewards existing as well as new retail internet banking customers of SBI by giving them reward points for transacting online. The rewards points can then be redeemed for cash.

According the the release from SBI, internet banking customers will automatically qualify for reward points if they carry on the following transactions of Rs. 100 or above via onlinesbi:

  • Bill payments, online shopping, merchant payments etc.
  • Government transactions pertaining to retail/individual customers falling under  Central/State taxes (OLTAS,CBEC etc), Cyber treasury.
  • Railways ticket booking through IRCTC.
  • RTGS/NEFT (retail internet banking transactions only)/Visa Money Transfer.

Based upon the number of transactions a customer will gain points and these points can be redeemed online for cash back. The cash from the redemption proceeds will be immediately credited to the customers transaction account upon opting for redemption, subject to the availability of a minimum of 400 points at the time of each redemption.

The number of points rewarded depends on the transaction type as shown in the table below: 

Transaction Type No. of Points Rewarded
RTGS/NEFT 5
Bill Payment/Merchant 6
IRCTC 10
VMT 10
Govt Tax Payments 20

 

The value of each rewards point is Rs 0.25.

The best part of this scheme is that no registration is required for enjoying the benefits of this program. All internet banking customers doing online transactions will be automatically eligible for loyalty rewards.

The Loyalty Rewards Program will continue for 1 year and maybe extended at the discretion of the bank. You will have three months after the withdrawal of the scheme to redeem your points.

If you are a internet banking customer doing a lot of transactions, this is an excellent offer from SBI. Find more details of the Loyalty Rewards Program here.

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DBS Bank offers highest NRO fixed deposit rates in India

Posted in NRO  by Ram Vishnu
November 30, 2009




November 30, 2009. DBS Bank, a foreign bank headquartered in Singapore with several branches in India, is offering the highest interest rate for NRO fixed deposits.

DBS Bank is offering an interest rate of 8.60% for NRO fixed deposit terms of over 5 years for deposit amounts of Rs. 15 lakhs to Rs. 50 lakhs. For deposit amounts of less than Rs. 15 lakhs, DBS bank is offering an interest rate of 8.50% for terms of over 5 years.

The second highest interest rate of 8.00% for NRO fixed deposits is offered by DBS Bank also. This interest rate is offered for a term of 5 years.

Many other attractive interest rates of over 7.00% are available for NRO fixed deposits. NRIs can get the best interest rates for NRO deposits by visiting Ratekhoj’s NRO fixed deposit comparison section.

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Many of us have sent money to family members living in other parts of India through cheques, DDs, money orders or other means. These transactions can take several days to complete from the time you decide to send the money to when the beneficiary has the money in their hands. Both you and your beneficiary can free yourself from the hassle of having to visit a bank branch to prepare or cash the demand drafts or cheques.

There are faster and simpler ways to transfer money safely through use of RBI supported electronic funds transfer systems such as NEFT and RTGS. The fund transfers happen electronically for a relatively small fees and are completely safe. You can do the money transfer easily as long as you have an internet banking account with your bank and information about the beneficiary bank account. The money will be in your beneficiary’s bank account almost immediately (in case of RTGS) or in a few hours (if you use NEFT). You can execute the transaction entirely from the comfort of your home. Your beneficiary need not have a internet banking account to receive this money transfer.

This article aims to give you a primer on what you need to know if you are looking to transfer money to a beneficiary who has a bank account in the same or different bank as yours in a different part of India. This article has been compiled based on various sources including RBI and FAQs from major banks in India.

What is Inter Bank Transfer?

Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:

NEFT - The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI’s NEFT service. RBI acts as the service provider and transfers the credit to the other bank’s account.

RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.

What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking? 

Type Minimum Maximum
RTGS Rs. 1 Lakh Rs. 5 Lakh
NEFT No Limit Rs. 5 Lakh

When does the beneficiary get the credit for a RTGS payment?

Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank.

When does the beneficiary get the credit for a NEFT payment?

The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.

If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If it is unable to credit the amount of the remittance to the account of the beneficiary for any reason, the beneficiary’s bank has to return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank branch.

If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

Yes. If the money cannot be credited for any reason, the beneficiary’s bank has to return the money to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank branch.

At what time during the day/week the RTGS & NEFT services are available?

RTGS transactions will be sent to RBI based on the following schedule:

Day Start Time End Time
Monday to Friday 9:00 hrs 16:00 hrs
Saturday 9:00 hrs 12:00 hrs

NEFT transactions will be sent to RBI based on the following schedule:

Day Start Time End Time
Monday to Friday 8:00 hrs 16:00 hrs
Saturday 8:00 hrs 11:30 hrs

NEFT transactions are settled in batches based on the following timings:

  1. 6 settlements on weekdays - at 09:00, 11:00, 12:00, 13:00, 15:00 and 17:00 hrs.
  2. 3 settlements on Saturdays - at 09:00, 11:00 and 12:00 hrs.

Please note that all the above timings are based on Indian Standard Time (IST) only.

What is the mandatory information required to make an RTGS & NEFT payment?

The Remitter has to provide the following details:

  • Amount to be remitted.
  • Account number which is to be debited.
  • Name of the beneficiary bank.
  • Name of the beneficiary.
  • Account number of the beneficiary.
  • Remarks or description, if any.
  • The IFSC code of the beneficiary branch.

 How to find the IFSC code of the beneficiary branch?

You can find it from various sources including visiting Ratekhoj.com’s bank IFSC code search page (http://www.ratekhoj.com/banks/index.php).

Do all bank branches in India provide RTGS & NEFT services?

No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: http://www.rbi.org.in/scripts/neft.aspx.

 What are the service charges applicable for RTGS/NEFT transactions?

Typical Charges for RTGS/NEFT as recommended by RBI are as listed in the following table:

  Amount Service Charge
RTGS Upto Rs.5 lakhs Rs.25/-
  Rs. 5 lakhs & above Rs.50/-
NEFT Upto Rs.1 lakh Rs.5/-
  Rs.1 lakh & above Rs.25/-

 

However, please check with your bank about their charges for the RTGS and NEFT services since they may differ slightly. Also note that typically there are no service charges that need to be paid by the beneficiary who is receiving this money transfer in their account.

As a note of caution, if you decide to remit or transfer money using the above electronic services, try it out with a small amount first using the NEFT system. Verify that your beneficiary has received this amount in their account. Once you are comfortable with the NEFT or RTGS modes of transfer, then you can transfer larger amounts.

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Syndicate Bank introduces special housing loans scheme

Posted in Home Loans  by Ram Vishnu
October 12, 2009




Syndicate Bank, a public sector bank in India, has announced a special housing loans scheme effective until 31 March 2010.

This new home loans scheme is applicable only for acquiring/construction/takeover of your first home or for additions/alterations to existing housing units.

For home loan amounts of upto Rs. 30 lakhs, Syndicate Bank is offering an interest rate of 8.25% for the first 2 years. For 3rd to 5th year, the interest rate will be 8.75%. From year 6 onwards, the interest rate will be the bank’s Prime Lending Rate (PLR) - 2.50% subject to a maximum of 11.00%.

For home loan amounts of over Rs. 30 lakhs, Syndicate Bank is offering an interest rate of 9.25% for the first 2 years. For 3rd to 5th year, the interest rate will be 9.75%. From year 6 onwards, the interest rate will be the bank’s Prime Lending Rate (PLR) - 2.00% subject to a maximum of 11.50%.

Several other banks have already announced 2009 festival season special housing loan schemes. Syndicate Bank’s offer is also attractive when compared with these schemes and must be considered by you in case you are looking for a home loan in the next few months.

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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.

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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.

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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. 

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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.

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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.

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