HDFC and private sector lender ICICI Bank today cut home loan rates by 0.15 per cent, a move that may be followed by other lenders.
Home loans up to Rs 75 lakh for women borrowers will now attract an interest of 9.15 per cent and for others it will be 9.20 per cent, HDFC Ltd
ICICI Bank lowered rates by 0.15 per cent, following which home loans up to Rs 75 lakh for women borrowers will attract an interest of 9.15 per cent from the earlier rate of 9.30 per cent.
SBI this week has reduced interest rates by 0.15 per cent for its home loans up to Rs 75 lakh. SBI home loan is available at 9.15 per cent while women borrowers will get it at 9.10 per cent interest.
The new rate is effective from November 2.
As these 3 big banks has reduced the Home loan interest rates. Other banks are also supposed to follow the same suit. It will be interesting to see this war in near future. Even though rate cuts will slightly motivate the buyers to invest in property but real reason of slow down in real estate market is the over priced properties. Now the property prices are so high that even with such home loan interest buyer has to take loan of approximately 50 lakhs for a normal home. That will make it impossible for him to repay the EMIs of 50 thousand per month. Even if single earning man with 1 lakh monthly income will think multiple times to take home loan.