Saturday, January 1, 2011

Banks hike home loan interest rates further

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No respite for home purchasers in New Year. After the real estate prices sky rocketted in 2010, home loans are becoming costlier. Most banks raised the interest rates in the last two months of 2010. On 31st Dec, 2010, SBI and ICICI Bank announced a hike in lending rates for existing as well as new customers. HDFC Bank and Kotak Mahindra Bank limited the increase to new customers.

This is good news for fixed income investors. SBI announced a fresh increase of 50-100 basis points in its deposit rates for some maturity buckets.

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