The Hindu Business Line : Festive offer: Axis, Dena Bank drop home loan rates

Dena Bank is offering a 50 basis-point reduction in interest rates for all tenors and slabs as part of its ‘Festival Bonanza’. The reduced rates would be applicable on fresh housing loans in both the fixed and floating interest categories sanctioned from October 10 till December 31, said a press release from the bank.

The new interest rates range from 9.25 per cent to 10.5 per cent in the floating rate category and 9.75 per cent to 11 per cent in the fixed rate category depending on loan amount and tenor.

For loans up to Rs 15 lakh and a repayment period of up to five years, the new floating interest rate is 9.25 per cent; for a period of five years up to 10 years, 9.75 per cent; and for more than 10 years, 10 per cent, said the release.

For loans above Rs 15 lakh and a repayment period of up to five years, the new interest rate is 9.75 per cent; for more than five years and up to 10 years, 10.25 per cent; and for more than 10 years, 10 per cent.

Fixed rate loans of up to Rs 15 lakh and a repayment period of up to five years will carry an interest rate of 9.75 per cent; and for more than five years and up to 10 years, 10.25 per cent.

For loans above Rs 15 lakh and repayment periods of up to five years the new interest rate is 10.25 per cent, and for more than five years and up to 10 years, 10.75 per cent.

For loans above Rs 20 lakh and repayment periods of up to five years the new interest rate is 10.5 per cent, and for more than five years and up to 10 years, 11 per cent.

Axis Bank has reduced its floating rates by 50 basis points. A senior official at Axis Bank said: “The reduced rates on floating loans will be applicable to existing as well as new customers.” The new floating rate will now stand at 10.5 per cent. More than 95 per cent of the bank’s customers are on floating rates, he said. The revised rates of interest would be effective October 1.

Earlier, Bank of Baroda, Canara Bank and Allahabad Bank reduced their housing loan interest rates by up to 50 basis points, and Union Bank of India by 25-50 basis points. HDFC also reduced rates by 50 basis points as a part of its festive offer, while IDBI Bank reduced the interest rates on fixed home loans by 100 basis points.

More Stories on : Housing Finance | Promotions & Offers | Interest Rates

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