Will you shift your home loan to a bank that offers lower rate?

BrixResearch Moderator says: The State Bank of India (SBI) is offering a special home loan scheme to customers where users are charged only 8% for the first year. However, this special interest rate is applicable for the first year only. Thereafter, the customers will need to pay the earlier contracted rates. This announcement is likely to increase SBI’s customer base. However, other banks may follow such suits to retain their consumers. 

- Will you shift your existing home loan to another bank offering lower rate?

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SBI slashes home loan rates. Are you considering taking a loan?

BrixResearch Moderator says: India's largest commercial bank, the State Bank of India (SBI), has lowered its home loan rates to 8 per cent for new customers over the coming year. The new rate will be offered between Feb 2 and April 30, 2009. SBI will only levy 8 per cent in the first year, irrespective of the loan amount and tenure. Thereafter the customers will need to pay the earlier contracted rates, as applicable. This move will prompt other banks to follow the suit. 

- Will this news encourage home buyers in a slow market? 

- Are you considering taking a home loan? 

- Does this news excite you?