Financial Daily from THE HINDU group of publications
Thursday, Sep 23, 2004
Financial Daily from THE HINDU group of publications Thursday, Sep 23, 2004 |
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Money & Banking
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Housing Finance Flexi home loan products Our Bureau
Mumbai , Sept. 22 TWO private sector banks announced launch of home loan products, with a combination of fixed and floating rates of interest. Kotak Mahindra Bank has launched `Kotak Flexi Home Loan' a product that offers interest rate adjustment every 3 years. The rate for the loan is fixed for 3 years at the end of which interest rate is adjusted and again fixed for a further period of 3 years. Development Credit Bank has launched `Home Vantage', a product offering customers choice between fixed and floating interest rates. Customers could avail the option of flexible Equated Monthly Instalments (EMIs) or step-up EMIs and could pre-pay up to 25 per cent of the loan amount once in every financial year.
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