Home Loan Interest Rates : Different rate of interest on home loans charged by banks

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 %)
NoMinimumMaximum
1Allahabad Bank10.210.95*
2Andhra Bank10.511.75
3Bank of Baroda10.7512.25
4Bank of India10.510.75
5Bank of Maharashtra10.512.25
6Central Bank of India10.2510.5
7Corporation Bank10.511
8Canara Bank10.510.75
9Dena Bank10.4511.75
10Indian Bank10.512
11Oriental Bank of Commerce10.411
12Punjab National Bank10.511.25
13State Bank of India1010.15
14Vijaya Bank10.2511.25*
15Union Bank of India10.513.25*
16IDBI10.2511.50*
17Indian Overseas Bank10.2511.25*
18Punjab and Sindh Bank10.511
19State Bank of Bikaner & Jaipur10.410.5
20State Bank of Hyderabad10.2510.25
21State Bank of Mysore1112
22State Bank of Patiala10.512.75
23State Bank of Travancore10.2510.5
24Syndicate Bank10.512
25UCO Bank10.210.20*
26United Bank of India10.711
* as on 19.02.2013.

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