Interest rates to rise again by atleast 1.5% by Dec., 2007
After falling to a 15 year low of about 7.0% p.a. home loan interest rates are on the rise again.The rate on the Benchmark 10 year "Floating rate" home loan is currently about 11% and is expected to touch about 12.5% p.a. by the end of 2007. Fixed rate loans would continue to quote at about 1.5% above the rate on a floating rate loan.
Go for Fixed rate home loans only and protect against a rising EMI
Some new schemes:
Axis Bank : Offers Free Property and Personal Accident Insurance with Home loan
Bank of Baroda : Offers No processing fees for Home Loan and Take over
HDFC : Offers a Choice to choose your loan as Partly Fixed or Partly Floating.
ICICI : Offers Free Personal Accident Insurance with Home loan
Kotak Bank : Offers Free Personal Accident cover with Home Loan.
SBI : Provision to finance cost of furnishing and Consumer durables as part of project cost
Standard chartered Bank : It offers home loans with NO Gurantor
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