Recent Reserve Bank of India (RBI) data on a sharp fall in savings rate of Indian households during the last financial year has created a lot of controversy. Critics of the current government alleged that the sharp fall in savings rate to 5.1% of GDP — the lowest in 47 years and considerably lower than […]
HDFC, one of India’s oldest housing finance companies, said it has slashed the interest rate on its home loans to 6.7% for those with qualifying credit scores. The rate of 6.7% is one of the lowest interest rates charged by any bank or housing finance companies in India at present. The closest competition is with […]
State Bank of India, India’s largest commercial bank, has waived processing charges on car loans till the end of the year, while halving the charge on some personal loans till Sep 30. The bank did not specify the new rates. It already has zero processing fees when someone transfers a home loan from another bank […]
State Bank of India, the largest Home Loan Provider in India has reduced interest rates of high value home loans. Home Loans above Rs. 75 lakhs will now be cheaper by one-tenth of a percentage from 15 June, 2017. The revised interest rates will be 8.55% p.a. for salaried women borrowers. For others the rate […]
Axis Bank, one of India’s top two private banks, has cut its lending rates by 0.15 percentage points in the wake of the ongoing currency exchange program. With this, the bank’s ‘marginal cost-based lending rate’ has been reduced to 9.05% for one year and 9.15% for three years. The change will come into effect from […]
United Bank of India has cut its benchmark interest rate by 5 basis points across all tenures. With this, the marginal cost of funds-based lending rate for one year loan has been cut to 9.4%. The MCLR for one month is 9.25%. The new rate will be applicable to all new loans of the bank […]
Repco Home Finance Ltd said it raised Rs 100 crore through private placement by allotting 1,000 non-convertible debentures. The face value of the secured redeemable non-convertible debentures are Rs 10 lakh each. Repco Home Finance Ltd (RHFL) is a housing finance company headquartered in Chennai, Tamil Nadu. The company was incorporated in April 2000. RHFL […]
Tata Homes and SBI signed an agreement under which the two companies will make special offers to people who hold their salary accounts in the bank and want to purchase a Tata Homes property with an SBI loan. The nature of these offers was not revealed, but it is estimated that they could involve some […]
State Bank of India, the public sector bank, announced a new scheme under which government and defence employees can get several concessions on home loans including a slower interest rate. Under the scheme, government employees will get an interest rate concession of 5 basis points (0.05%) over the Home Loan Card Interest Rate is available […]
Axis Bank, India’s third largest Private Sector bank reduced its lending rate by 15 bps across all tenors. “This follows the reduction in Policy rates by RBI on April 5, 2016. The reduced MCLRs will take effect starting April 18thm” the bank said. With this, Axis Bank’s marginal cost based lending rates (MCLR) are as […]
Following a steep 0.5 percentage point cut in policy rates by the Reserve Bank of India, Axis Bank — one of India’s largest lenders — has cut its base interest rate to 9.50% from 9.85%. This will mean lower EMIs for hundreds of thousands of its floating loan customers. The cut is with effect from […]
ICICI Bank, India’s largest private sector bank, introduced a new product — ICICI Bank Saral-Rural Housing Loan — which will carry only the bank’s base interest rate. “Applicants from rural areas including women borrowers as well as seekers from weaker sections can now avail home loans at the ICICI Bank Base Rate which is currently […]
State Bank of India (SBI), the largest bank in India, has entered into a Tripartite memorandum of understandingn with bankbazaar.com and SBI CAP Securities Ltd to provide one more online platform for applying for SBI Home Loans. “This partnership will help the Bank Under this arrangement, the Bank will be able to display its Home […]
