IDBI home loan offering to become more cheaper
The tug of war between private and public sector banks, offering cheapest home loans, got more intensified after the entry of IDBI bank. With cheap home loan offerings, the decadent condition of real estate segment is likely to heal in a short time.
IT IS metamorphosis time for Indian home loan industry as both private and public sector banking and lending authorities of the nation are seemingly chasing the idea of being the first to capitalise on evident real estate boom. Already the big-wigs in the industry like State Bank of India, ICICI bank, Kotak Mahindra, HDFC have fuelled the home loan war with their low-interest deals on offer in the market and now the latest bank to join the fray is IDBI bank.
The latest offer from the state-owned IDBI bank is for all new home loan seekers, applying before or on March 31, 2010, and not thereafter. However, the loan applicant can also take partial or whole amount of the approved figure during the same offer period.
On expiry of the scheme, the bank will revert back to charging interest rate on the basis of prevailing floating rates of the same time. Presently, IDBI is offering loans of up to Rs 30 lakh at 8.75 per cent; Rs 30 to 50 lakh at nine per cent and 9.25 per cent for the amount over Rs 50 lakh.
Earlier this month, ICICI Bank and Kotak Mahindra had also joined the race to offer cheap home loan deals with an idea to lure as many customers as possible. The move by the two banks in the market is being considered as fitting reply to SBI's scheme of offering home loans at a flat eight per cent interest, announced earlier this year. This escalated into a war between private and public sector lending entities which later got more fierce with the entry of more and more players.
With such cheap home loan offerings flooding the market, the decadent condition of country's real estate segment is likely to heal in a short time.
On expiry of the scheme, the bank will revert back to charging interest rate on the basis of prevailing floating rates of the same time. Presently, IDBI is offering loans of up to Rs 30 lakh at 8.75 per cent; Rs 30 to 50 lakh at nine per cent and 9.25 per cent for the amount over Rs 50 lakh.
Earlier this month, ICICI Bank and Kotak Mahindra had also joined the race to offer cheap home loan deals with an idea to lure as many customers as possible. The move by the two banks in the market is being considered as fitting reply to SBI's scheme of offering home loans at a flat eight per cent interest, announced earlier this year. This escalated into a war between private and public sector lending entities which later got more fierce with the entry of more and more players.
With such cheap home loan offerings flooding the market, the decadent condition of country's real estate segment is likely to heal in a short time.
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