Financial Daily from THE HINDU group of publications
Saturday, Nov 15, 2003
Financial Daily from THE HINDU group of publications Saturday, Nov 15, 2003 |
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Interest Rates Marketing - Strategy Money & Banking - Housing Finance Home in on special discount loans Our Bureau
Mumbai , Nov. 14 IT'S a season of deep discounts in the competitive home loan market. ABN Amro Bank was the first mover, HDFC recently concluded its festive offer, ICICI Bank commenced one earlier this week and so has LIC Housing Finance and Standard Chartered Bank, the largest foreign bank in India. LIC Housing Finance Ltd on Friday announced a special limited period offer of home loans at a floating rate of 7.75 per cent for all tenures. This offer starts with immediate effect and is valid till November 30. Effectively this will result in a rebate of 125 basis points for a 20-year loan, said a press release from LIC Housing Finance. In the case of the discount offer from Standard Chartered Bank all loans up to 20 years, the discount floating rate will be at 7.49 per cent per annum translating into an EMI of Rs 805 per lakh and all fixed rate loans up to 20 years will be on offer at 7.75 per annum which works out to an EMI of Rs 821 per lakh. Standard Chartered Bank's discount offer is on between November 12 and November 30 and is available in limited cities — Mumbai, Delhi, Chennai, Kolkata, Pune, Bangalore, Hyderabad, Surat, Baroda, Coimbatore, Jaipur and Lucknow, said a press release from the bank. In the previous week, HDFC closed the `Diwali Bonanza' scheme that offered all floating rate loans up to 20 years at 7.75 per cent and all fixed rate loans at 8 per cent. The scheme, which was open for 13 days, is said to have amassed three times the normal volumes, said an HDFC spokesperson. The official declined to give exact figures on the same. ICICI Bank also announced a festive offer earlier this week for all floating rate home loans up to 30 years at a uniform rate of 7.5 per cent till November 26.
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