Public sector banks offer special home loans

Potential home buyers have a reason to cheer, as public sector banks such as Indian Banks and Indian Overseas Banks are offering home loans at interest rates of 10.20 and 10.25% respectively.

In a statement, a city based bank said, “Indian Bank is offering home loans at 10.20% across various slabs irrespective of the tenure for people looking forward to build homes.”

Likewise, Indian Overseas Bank, who usually targets women customers, is offering housing loan at 10.25%, regardless of the term and loan amount under the banks’ Subha Gruha scheme.

However, for other debtors, the interest rates have been kept at 10.25% for loans up to Rs 75 lakh and 10.50% for loans above Rs 75 lakh, according to media reports.

The statement adds that offer made by the two banks is valid up to 31 March, 2014.