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If you have borrowed from a bank to fund your dream home, the recent increases in interest rates may have a big bearing on your finances. Many banks, including SBI, ICICI Bank and HDFC Bank, have already increased their floating home loan interest rates.
Home loan rates
Canara Bank has left home loan and auto loan borrowers out of the purview of the hike in interest rates it announced on Friday.
Home Loan Rates - Fixed
A fortnight ago, home seekers were collectively holding their breath in anticipation of some proposal by Finance Minister P. Chidambaram while outlining the Union Budget proposals for 2008-09, which would result in lower home loan rates. Not a word to that effect was uttered during the entire speech.
A day after Finance Minister P Chidambaram pitched for lower interest rates on home loans up to Rs 20 lakhs, private sector housing lender HDFC on Friday said it was not possible for now to further slash lending rates.
After HDFC chairman Deepak Parekh, it’s the turn of Kundapur Vaman Kamath.
If you want to lock into high bank deposit rates, better rush, because some banks could cut interest rates. On the other hand, if you are biting your fingernails wondering if home loan rates will be revised, relax. Most banks could maintain the status quo.
Can't figure out why your bank rejected the personal loan application despite paying your credit card and home loan instalments regularly? Or just want to know how good a borrower you are?
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