The Hindu Business Line : IDBI Homefinance hikes PLR by 25 bps

IDBI Homefinance Ltd, a wholly owned subsidiary of IDBI Ltd, has increased its PLR by 25 basis point, with effect from March 31. The PLR is the benchmark for pricing of its variable interest rate loans.

According to a release, the revised variable interest rates would be 7.5 per cent for loans up to five years, 8.25 per cent for loans above five years and up to 15 years, and 8.5 per cent for loans above 15 years and up to 20 years.

The revised interest rates will be applicable to all existing borrowers who have availed themselves of variable interest rate loans, the release quoted Mr Melwyn Rego, Managing Director and CEO, as saying. "The increase in interest rate is minimal and will not impact the company's borrowers in any significant manner," it said.

ICICI Bank, which revised the rates in November 2004, charges 8 per cent floating rate and 8.5 per cent fixed rates for loans of all tenures.

SBI also revised its housing loans rate in November 2004. The rates under floating rate of interest are eight per cent for loans up to five years, 8.5 per cent for loans above five years and up to 15 years, and 8.75 per cent for loans above 15 years and up to 20 years.

The fixed rates of interest are 8.5 per cent for loans up to five years, nine per cent for loans above five years and up to 15 years, and 9.25 per cent for loans above 15 years and up to 20 years.

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