As ICICI Bank and HDFC Ltd, both leading lenders in the country have launched teaser home loan schemes where the interest rate remains fixed for initial few years and then turns to floating. The trend was started by the largest lender in the country State Bank of India which has to withdraw this scheme under immense pressure from the Reserve Bank of India has ruled out any possibility of re-launching the teaser loan scheme.
The Chairman of State Bank of India, Mr. Pratip Chaudhuri said "We have no plans as of now to launch any special home loans.
“We had tried to argue (with the RBI), to reason, but the regulator has a position and already we have provided 2 per cent on our teaser loan portfolio that is Rs. 500 crore. I think it was a stiff enough penalty and we would not like to live through it again,” he said.
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