All the banks have moved to new base rate system therefore the special rate schemes offered by some of the banks were to be closed. But countries largest public sector lender, the State bank of India (SBI) has extended its special home and car loan schemes and, has also not changed the terms following the transition to the base rate system with effect from July 1, as stated by the press release from the bank.
However SBI has fixed its base rate at 7.5%. For home loans, the rate of interest is 8% in the first year and 9% for the second and third years, irrespective of the loan amount.
While from the fourth year onwards, the rate will be linked to the base rate, and at present the effective rate is 9.25% for loans up to Rs 50 lakh and 9.75% for loans above Rs 50 lakh
In case of car loan for new cars, bank is offering 8% interest rate for the first year and 10% for the second and third years. Then from fourth year onwards the rates will be linked to the base rate. At present the bank is offering 11.25% for the fourth and fifth years and 11.5% for the sixth and seventh years for Ezee Car loans with limits up to Rs 5 lakh.
On the other hand LIC Housing Finance has reduced rates on loans for above Rs 75 lakh. Whereas, for new customers, it is offering 8.75% floating interest rate for loans up to Rs 1.5 crore for the entire term of the loan.
And for borrowers who want a fixed-cum-floating rate, LIC has a Fix-o-Floaty scheme, in this it is offering a rate of 8.9% fixed up to March 31, 2012, for loans up to Rs 1.5 crore and thereafter on floating basis. The company also has a new product under which it has fixed its lending rates at 9.25% for five years and thereafter on floating basis.
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