Names of Home Loan Providers in India

1. All banks are providing the home loans and these are SBI, Bank of Baroda, Punjab national bank, Central bank of India, Axis bank, ICICI bank etc.

2. Other lenders are Lic housing finance, Dewan Housing Finance and HDFC which is the leader in the home loan segment.

HDFC Lowers Rate of Interest

1. US Fed has lowered the rates which points to a fact that the days of lower interest rates is likely to prevail.

2. HDFC has launched the blitzkreig and has become the first home loan provider to lower the rate of interest.

3. Other housing loan providers are likely to follow suit.

Home Loan Likely to Become Cheaper

1. All those home loan seekers have a reason to cheer as the rate of interest for the home loan is likely to get cheaper by virtue of reduction of rate of interest by Fed in US.

2. One will have to wait for RBI to cut the rate of interest which is most likely as differential in US rates and Indian rates can not be prevalent.

Should old Customers Switch to Current Cheaper Loans?

1. It is no doubt that old customers with floating loan are at a loss due to the policy of bank lowering loan rates for fresh customers.

2. In view of above an old customer can consider switching loan if minimum two percent saving in rate of interest is available on moving to the new loan.

3. Switch as described above will save a sum of Rs 33120 during the tenure of the loan. Even if bank levy a charge of 2% it will only amount to Rs 2000/- per lakh.

4. If difference of the current and fresh considering loan interest is only varying by 50-100 basis points than do not switch loan.

Revised Home Loan Rates of Bank Of Baroda for Loans Greater Than 20 Lakh

Below is the listed fresh rates of Bank Of baroda for the home loans greater than 20 lakhs.

Revised Floating Rates Loan>20 Lakh

Up to 5 years(10.25%)
5-15 Years(10.5%)
15-25 Years(10.75%)

Revised Fixed Rates Loan>20 Lakh

Up to 5 years(11.25%)
5-15 Years(11.5%)
15-25 Years(11.75%)

Bank Of Baroda Revised Home Loan Rates for Amount less than or equal to 20 Lakh

The revised BOB rates for loans less than or equla to 20 Lakh is as listed below for home loan rates:

Revised Floating Rates Loan <= 20 Lakh

Up to 5 years(10%)
5-15 Years(10.25%)
15-25 Years(10.5%)

Revised Fixed Rates <= 20 Lakh

Up to 5 years(11%)
5-15 Years(11.25%)
15-25 Years(11.5%)

Bank Of Baroda Lowers Home Loan Rates

1. In a remarkable development in line with leading banks action Bank of baroda has lowered the rate of interest second time with in the span of two times.

2. The bank has now lowered the rate of interests for home loans ranging between 25-50 basis points. The last time it had lowered its rate of interest by 50 basis points on Aug 31,2007.

3. Its rate is at par with SBI but lower than ICICI bank and these new rates would be effective from 25 OCT and is applicable to new loans only.

UNION BANK OF INDIA LOWERS HOME LOAN RATE

1. Union bank of India has lowered its home loan rates on its floating rate segment by a margin of 25 basis points which stands between a range of 10.5% to 11.75%.

2. The change has come into effect from 01 Oct,07 and change will be applicable for new home loans disbursed in line with the private sector largest home loan disburser i.e. HDFC policy.

3. So new home loan seekers can take advantage of lower floating rates of interest.

HDFC LOWERS HOME LOAN RATES FOR FRESH HOME LOAN SEEKERS

1. A special rate of interest has been announced by HDFC on 01 OCT where a special floating rate has been introduced for home loan seekers and the same has been pegged at 10.5%.

2. The said scheme is valid till 31 OCT,07.

3.This scheme is providing a home loan at 75 basis points lower than HDFC regular rates and about is 50 basis points lower than the rates charged under monsoon scheme launched last quarter.