Business Daily from THE HINDU group of publications
Tuesday, Oct 16, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Oct 16, 2007 ePaper |
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Money & Banking
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Housing Finance IDBI cuts home loan floater rates IDBI offers a ‘buy now, pay later’ scheme for delayed EMI commencements Our Bureau Mumbai, Oct. 15 IDBI Ltd has cut the home loan floating interest rate by 50 basis points to 10.5 per cent for the festive season. The revised rates would be applicable on new loans between October 12 and December 31, 2007, said a release from the bank. The bank has also decided to reduce the processing fee to Rs 1,000 during this period. Some of the other banks that have reduced home loans for the festive season are State Bank of India, ICICI Bank, HDFC Ltd and Bank of Baroda. IDBI had cut the fixed interest rate on home loans by 100 basis points in September. The fixed rates are 12.5 per cent for loans up to three years and 12.75 for loans up to five years. IDBI has also launched ‘buy now, pay later’ scheme wherein buyers of properties under construction can choose to avail of a moratorium period of up to 18 months for payment of Equated Monthly Instalments (EMIs). Under this scheme the recovery does not start until 18 months after the loan is disbursed, unlike in a normal loan when recovery starts immediately after the loan is disbursed, said a senior official from the bank. However, under this scheme, the loan would cover about 80-85 per cent of the property amount, while normally it would cover 85-90 per cent of the amount, said the official. More Stories on : Housing Finance | Interest Rates | Private Banks
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