Home Loan Interest Rates : Different rate of interest on home loans charged by banks…
Minister of State for Finance replied to a question in Lok Sabha on 22nd February 2013 regarding rate of interest on home loans being charged by various Scheduled Commercial Banks is given below…
Interest rates on advances have been de-regulated by the Reserve Bank of India (RBI). The banks determined their actual lending rates on loans and advances with reference to their Base Rate and by including such other customer specific changes as considered appropriate.
As per the guidelines of RBI, Base Rate system has been introduced in the banks with effect from 01.07.2010 and all loans sanctioned/ disbursed on or after 01.07.2010 are linked to the Base Rate. Since Base Rate arrived at by banks is based on cost of funds and various other factors of respective banks, the Base Rate of individual banks varies. Since interest rates of housing loans are linked to the Base Rate, there is variation in interest rates offered by various banks.
There is no such proposal to issue instructions to all the banks to offer home loans to the consumers at a uniform rate of interest.
The complete details of present rate of interest being charged on home loans by different banks is annexed below…
|Sl. ||Name of the Bank ||As on January 10, 2013 (In %) |
|3||Bank of Baroda||10.75||12.25|
|4||Bank of India||10.5||10.75|
|5||Bank of Maharashtra||10.5||12.25|
|6||Central Bank of India||10.25||10.5|
|11||Oriental Bank of Commerce||10.4||11|
|12||Punjab National Bank||10.5||11.25|
|13||State Bank of India||10||10.15|
|15||Union Bank of India||10.5||13.25*|
|17||Indian Overseas Bank||10.25||11.25*|
|18||Punjab and Sindh Bank||10.5||11|
|19||State Bank of Bikaner & Jaipur||10.4||10.5|
|20||State Bank of Hyderabad||10.25||10.25|
|21||State Bank of Mysore||11||12|
|22||State Bank of Patiala||10.5||12.75|
|23||State Bank of Travancore||10.25||10.5|
|26||United Bank of India||10.7||11|
* as on 19.02.2013.