Banks are offering additional benefits on home loan to attract buyers

By Accommodation Times News Services

Some of the top leading banks are taking initiatives to benefit their customers with additional benefits on home loans. At the current scenario when the financial market is at slowdown and interest rates on home loans have increased, they are attracting buyers by offering discounted schemes and offers.

IDBI Bank has waived off processing fees for home loans and offering loan on base interest rate of 10.25% p.a. and these schemes will be liable from October 09, 2013 for all the new borrowers. Last month, LIC Housing Finance had also launched two new home loan schemes, Bhagya Laxmi Plus especially for women borrowers, offering fixed rate of interest for 2 years and 0.25% additional rebate for entire loan tenure. The second scheme is New Fixed 10, offering fixed rate of interest for first 1o years at the rate of 11.50% onwards. Canara Bank has launched two new housing schemes for NRIs buyers and HNIs.

Also, many banks have commenced offering various schemes on home loans following the festival season which is leaning on. As people prefer buying homes in festival season and even developers offer discounts and additional benefits in this season, this is the good opportunity for banks to increase their home loan sanctions.

Some of the top banks like Central Bank of India, Bank of Maharashtra are offering festival schemes. Central Bank of India has waived off their processing fees. Bank of Maharashtra has launched various schemes under ‘Mahasuper Home Loan’ in which they are offering their lowest interest rates 10.25% p.a.

While, the largest government bank of India State Bank of India has said there is no scope for them to reduce interest rates on home loans in current scenario, as the financial market is too tight.

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