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Banks introduce a new tier in the home loan borrowers- above Rs. 75 lakh

Banks introduce a new tier in the home loan borrowers- those who have taken loans above Rs. 75 lakh.

Apnaloan.com Research Bureau

13 Oct 2008

While the government recognizes only two slabs of loans, those below Rs. 30 lakh and those above Rs. 30 lakh, banks seem to have introduced a third slab.

Banks have hiked home loan rates for large borrowers by 25 to 50 basis points. The third slab is that of loans borrowers with housing loans of over Rs 75 lakh.

The State Bank of India (SBI) is charging 12.5 per cent for home loans of over Rs 75 lakh against 12.25 per cent for loans between Rs 30 lakh to Rs 75 lakh. The interest rate is 11 per cent for loans up to Rs 30 lakh. The new rates are effective since September 2008.

A different set of rates has been introduced for loans above Rs. 75 lakh for home loan borrowers as most borrowers are the high net worth individuals (HNIs) and are in a position to pay the additional amount. The higher for the borrowers from this category are applicable on those loans which have a tenure of 15-25 years.

A circular sent to all the branches of SBI informs of the slab and it applicability on all schemes of floating rate home loans. The increased rates are also applicable to NRI borrowers.