Monday, November 2, 2009

Banks may soon stop tempting you with attractive home loans

If you are looking to finance the purchase of your dream house with a cheap bank loan, time is running out, with large public sector banks such as State Bank of India (SBI) and Punjab National Bank (PNB) planning to withdraw the special schemes that offer rates as low as 8% for the initial years.

With the Reserve Bank of India (RBI) sending out hawkish signals in its second-quarter review, these banks may have to raise their home loan rates by January to align them with the expected hike in key policy rates. The special schemes offered by public sector banks have resulted in the cost of home loans crashing to the lowest levels in five years.

To read more, please, visit The Economic Times

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