Differential Interest Rates on Home Loans by Public Sector Banks

Differential interest Rates on Home LoansDifferential Interest Rates on Home Loans

Interest rates on advances have been de-regulated by the Reserve Bank of India (RBI). The banks determined their actual lending rates on loans and advances with reference to their Base Rate and by including such other customer specific changes as considered appropriate.  A statement is annexed  As per the guidelines of RBI, Base Rate system has been introduced in the banks with effect from 01.07.2010 and all loans sanctioned/ disbursed on or after 01.07.2010 are linked to the Base Rate.   Since Base Rate arrived at by banks is based on cost of funds and various other factors of respective banks, the Base Rate of individual banks varies. Since interest rates of housing loans are linked to the Base Rate, there is variation in interest rates offered by various banks.

This was stated by the Minister of State for Finance, Shri Namo Narian Meena in a written reply to a question in the Lok Sabha today.

Annexure

DIFFERENTIAL INTEREST RATES ON HOME LOANS” SHOWING RATE OF INTEREST (ROI) CHARGED BY PUBLIC SECTOR BANKS ON INDIVIDUAL HOME LOANS.

Sl.NoName of the BankAs on January 10, 2013 (In %)
MinimumMaximum
1Allahabad Bank10.2010.95*
 2Andhra Bank10.5011.75
 3Bank of Baroda10.7512.25
 4Bank of India10.5010.75
 5Bank of Maharashtra10.5012.25
 6Central Bank of India10.2510.50
 7Corporation Bank10.5011.00
 8Canara Bank10.5010.75
 9Dena Bank10.4511.75
 10Indian Bank10.5012.00
 11Oriental Bank of Commerce10.4011.00
12Punjab National Bank10.5011.25
13State Bank of India10.0010.15
14Vijaya Bank10.2511.25*
15Union Bank of India10.5013.25*
16IDBI10.2511.50*
 17Indian Overseas Bank10.2511.25*
 18Punjab and Sindh Bank10.5011.00
 19State Bank of Bikaner & Jaipur10.4010.50
 20State Bank of Hyderabad10.2510.25
 21State Bank of Mysore11.0012.00
 22State Bank of Patiala10.5012.75
 23State Bank of Travancore10.2510.50
 24Syndicate Bank10.5012.00
 25UCO Bank10.2010.20*
26United Bank of India10.7011.00

* as on 19.02.2013.

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