Public sector banks cut home loan rates
In order to boost demand in the economy, public sector banks have either cut interest rates or waived home loans processing fee in response to Reserve Bank of India’s (RBI) monetary policy and finance minister P Chidambaram initiative to revive growth.
Several lenders have cut interest rates for home loans such as Bank of Baroda, Bank of India, Indian Bank, Canara Bank, Allahabad Bank and Central Bank of India.
In a note, the finance ministry said that this move will create a substantial demand for the manufacturing sector.
About 76% of industrial production is from the manufacturing sector. Cheaper home loans boost demand for cement, steel and machinery used in buildings.
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