By
Poonam Singhal on 10 December, 2009, 10:29 am
Continuing the rate war, ICICI & Kotak Mahindra lowered their home loan interest rates. The new schemes announced by these banks are on the footsteps SBI & HDFC.
ICICI announced it will offer home loans for 8.25% fixed for the first 2 years, irrespective of the loan amount. This scheme is applicable to loans sacntioned between 1st Dec, 2009 & 31st January, 2010, provided the first disbursement is done before 31st March, 2010.
| SBI |
8% in 1st year for all loans
8.5% in 2nd & 3rd year for loans < Rs 30 lakhs
9% in 2nd & 3rd year for loans > Rs 30 lakhs |
| HDFC |
8.25% for all loans till March 2012
|
| ICICI |
8.25% for 2yrs for all loans
|
| Kotak Mahindra |
8.49% for all loans for 30 months
|
Kotak Mahindra has announced a fixed rate of 8.49% for the first 30 months. This is applicable for loans of all amounts. Kotak has not any conditions on disbursement or dates, so far. Kotak also announced a special rate of 7.99% for salaried customers.
All these rates are applicable to new loans. After the initial tenure period (of fixed interest rate), all customers will be moved to the floating rates prevailing at that time.
With the prices soaring everywhere, this is a good news for house buyers.
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