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Public Sector Undertaking (PSU) Banks Slashed Home Loan Rates

Author Name: Shweta Suri



Following the relief moves taken by the RBI for banks with a view to cool down the soaring interest rates last week, the PSU banks on Monday slashed their interest rates for home loans.

A home loan of up to Rs 5 lakh from a PSU bank would be charged with an interest rate of 8.5 percent and the margin requirement of 10 percent has been fixed for the same. Apart from the above grants, no processing or pre-payment fee would be charged on a home loan below the value of Rs 5 lakh.

Moving further, the rates for home loans between a sum of Rs 5 lakh to Rs 20 lakh has been set at 9.25 percent with a margin requirement of 15 percent. This home loan package will be valid till June 30, 2009 and further dip can be expected in the interest rates.
 
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