Home loans cheaper in PSU banks
Following the the State Bank of India (SBI), Syndicate Bank, Indian Overseas Bank and Union Bank of India, state-run Punjab National Bank has also announced a reduction in its interest rate on housing loans by 25 basis points across the board.
Now a potential customer can take a 15-year floating rate loan of Rs. 20 lakh from SBI at an interest rate of 10.25 per cent, while a similar one from ICICI Bank would cost 10.50 per cent. A month ago, scenario was alike in case of both as both banks were quoting 10.50 per cent interest rate.
Upon urges from the finance ministry, state-run banks now are charging 0.25 percentage points lower than private banks.
Syndicate Bank, Indian Overseas Bank and Union Bank are offering 15-year Rs. 20-lakh floating rate home loans at 10.50 per cent while the rate for same would be at least 0.25 per cent more if taken from private banks like Axis or Kotak Mahindra Bank.
Floating rate loans, home buyers, home loan, ICICI Bank, Indian Overseas Bank, Private banks, PSU banks, Punjab National Bank, State Bank of India (SBI), Syndicate Bank, Union Bank of India
