PSU lender, Indian Bank has launched “Festival Offer- 2010′ for all new home loan borrowers. The offer will be effective from 13th September 2010 to 31st December 2010.
The festive scheme will give loans at 8% for 1st year and 9% for 2nd and 3rd years. From 4th year onwards the loan would have floating rate based on the current base rate.
But the interest rate for the initial 3 years of the loan will not be below the bank’s base rate.
The bank has also lowered margin money by 5-10% for home loans in this festive bonanza. The least margin now would be 15% for loans upto Rs 30 lakhs and 20% for loans over Rs 30 lakhs.