Some good news about interest rates
SBI and HDFC have cut rates on home loans above Rs 75 lakh
Sep 17, 2014
Source : The Economic Times
Residential Housing

 

If you're interested, there is plenty of reason to cheer. State Bank of India and HDFC have brought down home loan rates while Punjab National Bank has cut retail lending rates and waived processing charges.

Meanwhile, your retirement savings will continue to fetch you 8.75% interest after the EPFO board over ruled an internal recommendation to lower the rate marginally to 8.7% SBI and HDFC have cut rates on home loans above Rs 75 lakh. SBI will now offer home loans above  ..

If you're interested, there is plenty of reason to cheer. State Bank of India and HDFC have brought down home loan rates while Punjab National Bank has cut retail lending rates and waived processing charges.

Meanwhile, your retirement savings will continue to fetch you 8.75% interest after the EPFO board over ruled an internal recommendation to lower the rate marginally to 8.7% SBI and HDFC have cut rates on home loans above Rs 75 lakh. SBI will now offer home loans above  ..

Delhi/NCR: If you're interested, there is plenty of reason to cheer. State Bank of India and HDFC have brought down home loan rates while Punjab National Bank has cut retail lending rates and waived processing charges.

Meanwhile, your retirement savings will continue to fetch you 8.75% interest after the EPFO board over ruled an internal recommendation to lower the rate marginally to 8.7% SBI and HDFC have cut rates on home loans above Rs 75 lakh. SBI will now offer home loans above home loans above Rs 75 lakh at 10.10% (10.30% earlier) for women and 10.15% (10.25%) earlier for men. Rates remain unchanged for loans below Rs 75 lakh.

There is unusual level of activity at most public sector banks with the finance ministry setting an ambitious target of opening one crore bank accounts over two days -August 28 and 29 -which is nearly a third of the accounts in Delhi and a tenth the number in Maharashtra.

This translates into each public sector bank branch opening close to 125 accounts each over the next two days, along with issuing Aadhaar numbers on the spot and authenticating the new address wherever the beneficiary of the no-frills account certifies a change in address.

While financial inclusion was launched by the UPA regime, the Narendra Modi government taking it to a new level with the Jan Dhan Scheme, amid fears that banks may end up opening multiple accounts of the same beneficiary to meet the targets fixed by the finance ministry at a meeting on August 25.

The plan is to open at least 7.5 crore bank accounts over the next few years, but there is a 100-day target as well. And, to get people to open accounts, an early-bird scheme in the form of a free life insurance policy, in addition to personal accident cover, is being planned. Given the top billing given by Modi, the scale is unprecedented. Sources said, 42 central ministers are being dispatched to various districts of the country and around 20 chief ministers have confirmed their participation for the flag-off by Modi on August 28.

The idea is to link households to the financial system and also transfer subsidies and doles. Only 58.69% of the total households have bank accounts in India with Bihar and north-eastern states at the bottom of the states with only 44% of the households with bank accounts.

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