Following banking giants such as SBI, ICICI Bank and HDFC, state-owned IDBI Bank has joined the home-loan war with the launch of its fixed cum floating rate home loan. The bank is offering 8.25 per cent fixed rate for all its new loans till March 2012.
According to a statement issued by the bank, this offer is applicable to all new home-loan customers applying on or before March 31, 2010, and taking a part or full disbursement during the offer period i.e. within March,2012. Once the offer period concludes, interest rate will switch to the then prevailing floating rate.
Currently, the Bank offers a rate of 8.75 per cent for loans up to Rs 30-lakh, 9 per cent for loans between Rs 30- lakh and up to Rs 50-lakh and 9.25 per cent for loans above Rs 50-lakh.
More banks are expected to slash their home loan rates and offer similar schemes in the backdrop of market leaders State Bank of India and ICICI Bank announcing similar schemes in the recent past to woo aspiring home buyers.