Public sector banks on Monday announced that home loans up to Rs 5 lakh (Rs 500,000) would be given at a maximum interest rate of 8.5 per cent, while those between Rs 5 lakh and Rs 20 lakh (Rs 500,000 and Rs 2 million) would be offered at 9.25 per cent.
Besides, the banks would not charge any processing fees and pre-payment charges for loans up to Rs 20 lakh, and would also provide free insurance cover, the Indian Banks Association said.
The package looks at reviving the demand in the housing industry.
· Interest rates not to exceed 8.5% for loans up to Rs 5 lakh
· Interest rates for loans between Rs 5 lakh and 20 lakh to be 9.25%.
· No processing fee or pre-payment charges, free insurance cover for loans up to Rs 20 lakh.
· PSU banks announce one percentage point cut in loans for micro, small and medium enterprises (MSMEs).
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