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Home Loan Rates to go up as HDFC and ICICI revise lending rates.
What could be termed as major blow to the real estate sector, particularly the housing projects, India?s two leading private mortgage players, ICICI BANK and HDFC increased the lending rates with immediate effect. With this the interest rates on home loans are expected to go up by 0.5 to 1% in the near term. While announcing this, the banks have withdrawn the special schemes announced last year. In a press note released yesterday, both ICICI and HDFC have said that the 8.25% fixed interest rate scheme for the new house loans for initial one to three year period is no more available effective from today. The auto loans too are going to be costly by 0.5% to 1%.
Another private bank, the Kotak Mahindra Bank also joined the band wagon by increasing home loans by 50 basis i.e. half a percent.
The recent increase in CRR (Cash Reserve Ratio) by the Reserve Bank of India(RBI) is said to be the main reason for raising the interest rates. The RBI, in the quarterly policy review has pegged up the CRR to 5.75%, which is expected to suck up liquidity in the markets to an extent of 30 thousand crore. At the same time, interest rates on deposits are going to be revised by the banks to meet the new CRR limits set by the RBI. The CRR is a policy indicator which mandates banks to deposit a part of their cash reserves with RBI.
Another private bank, the Kotak Mahindra Bank also joined the band wagon by increasing home loans by 50 basis i.e. half a percent.
The recent increase in CRR (Cash Reserve Ratio) by the Reserve Bank of India(RBI) is said to be the main reason for raising the interest rates. The RBI, in the quarterly policy review has pegged up the CRR to 5.75%, which is expected to suck up liquidity in the markets to an extent of 30 thousand crore. At the same time, interest rates on deposits are going to be revised by the banks to meet the new CRR limits set by the RBI. The CRR is a policy indicator which mandates banks to deposit a part of their cash reserves with RBI.
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- | Courtesy : propertyDirect.in
- | Posted on : Mar 5, 2010
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