Sunday, October 7, 2007

Owning to competition, AXIS Bank also slashes Home Loan Rate

Axis Bank, a Private sector lender earlier UTI Bank, looking forward to festival season and to keep pace with competition has reduced floating interest rates of home loans by 0.50% for both existing and future customers to avoid any partiality. To speak in the words of Axis bank's Assistant Vice-President Imtiaz Ahmed, “but we want to maintain a parity between both our existing and future customers,”
home loans

The new rates which is 10.5% in place of old 11% will come into effect from 1st October. However fixed home loan rates remain fixed at 13%.

“We have no immediate plans to have a re-look at our fixed rate,” Ahmed said,

adding that nearly 95% of the bank’s home loan customers were opting for floating

rate.“Our decision to lower rates on our floating home loans is a strategic decision,”

some other leading banks which created this competiton include public sector Bank

of Baroda, Union Bank of India, Canara Bank and IDBI Bank.Private sector HDFC too has slashed rates on home loans.

Eventhough, countries' largest lender State Bank of India has made no such decision or announcement yet. And similar is ICICI bank. But I along with the banking industries is sure that they will be compelled to do so soon.
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1 comments: on "Owning to competition, AXIS Bank also slashes Home Loan Rate"

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