HDFC, ICICI and SBI have launched a special scheme to attract people for home loans. In this Pricing loan scheme SBI has decided to charge 8% loan rate in the 1st year and 9% loan rate in the 2nd and 3rd year. The interest rate for succeeding years will depend on the market rates. HDFC and ICICI also offer 8.25 % loan rate in 1st year and for next two year the loan rate will be 9%. The banks have now decided to fix the base rate of home loans between 8 to 10 % and it is compulsory for all banks to follow this limit of base rate.
RBI has issued strict instructions to all the banks to follow Pricing loan Scheme for new as well as old costumers. Some bankers object to this decision to change base rate for old customers but the decision of RBI is in the favor of borrowers. RBI took this decision to get rid of the complaints of old costumers that they did not receive the benefits of lower rate on home loan as is offered to new costumers. The analysts of real estate are of the view that this decision will increase the interest rates as the amount of base rate has declined but RBI executive director Deepak Mohanty rejects this conjecture and says that the Pricing loan scheme will not increase the cost of borrowing.
RBI has issued strict instructions to all the banks to follow Pricing loan Scheme for new as well as old costumers. Some bankers object to this decision to change base rate for old customers but the decision of RBI is in the favor of borrowers. RBI took this decision to get rid of the complaints of old costumers that they did not receive the benefits of lower rate on home loan as is offered to new costumers. The analysts of real estate are of the view that this decision will increase the interest rates as the amount of base rate has declined but RBI executive director Deepak Mohanty rejects this conjecture and says that the Pricing loan scheme will not increase the cost of borrowing.
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