It has been a while since the home loan interest rates have been slashed. The first reaction of the borrowers who have already got their home loans sanctioned is why now? Why not earlier? We also want lower rates! Good news is all your prayers are being answered by Indian Banks’ Association (IBA) as they have instructed the banks’ to give equivalent rates to all borrowers. So, old home loan rates and new home loan rates will be made uniform. The details are being worked on.
Currently, two different floating rates are paid by the old and the new home loan borrowers. Banks instead of reducing interest rates across their home loans have been lowering the rates for the new home loans. Only the new borrowers are can avail of the benefits of the new schemes and festive season offers of low interest rates. Also, these offers are available for a limited period only. At present, there are new home loan borrowers paying 8.5% rate of interest whereas the previous customers pay around 9.5%.
Reserve Bank of India and IBA have discussed this issue with the CEOs of large commercial banks. They have asked them to justification of the different rates as well as unifying the interest rate of the new as well as the old home loan borrowers. So, there is hope for the old home loan customers.
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