Personal Finance »PF News»PF News Details
PF News Details
Back

Axis Bank follows ICICI, HDFC; cuts home loan rate to stay in competition

Abhijit Lele / Mumbai 18 May 17 | 02:16 PM

After HDFC Bank and ICICI Bank, lender Axis Bank has cut interest rate on home loans by 30 basis points, increasing competition in affordable housing finance space.

For fresh loans up to Rs 30 lakh, the new rate will be 8.35 per cent for salaried class and about 8.4 per cent for self-employed borrowers. 

Widgets Magazine

Loans between Rs 30-75 lakh will attract 8.65 per cent interest rate for salaried employees and 8.7 per cent for self-employed people. 

The revised rate will be available with effect from May 16, 2017, Axis Bank said in a statement.

Home loans had 44 per cent share in retail loan book of Rs 167,993 crore at end of March 2017.

To promote affordable housing, ICICI Bank and HDFC Bank reduced their interest rates by up to 30 basis points on Monday for loans of up to Rs 30 lakh.

Last week, country’s largest lender State Bank of India (SBI) reduced rates on loans for affordable homes by up to 25 basis points offering a lower rate of 8.35 per cent to new women borrowers. With around 26 per cent market share, SBI is also the biggest player in the home loan segment.

Widgets Magazine

Sensex

Company Price Gain (%)
Hind. Unilever1,199.702.13
Power Grid Corpn222.851.55
TCS2,512.851.32
Bharti Airtel421.601.21
ITC281.800.84

Poll

Will the economy gain by adopting a January-December fiscal year instead of the existing one that ends on March 31?



Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine