Back to back good news, day ago SBI announced reduced home and auto loan rates and now it’s the National Housing Bank which is considering the chances of further reduction in home loan rates. National housing bank is the regulator of home finance.
SBI Also announced that SBI is going to cut interest rates on fixed deposits by 25 basis points. These deduction will be applicable to those fixed deposits who have tenure of over 5 years.(Note: Hundred Basis Points = 1 percentage point.)
National Housing Bank (NHB), the regulator for home finance firms, also states on last Thursday that the refinance rate (refinance rate is the rate that it charges banks as well as home finance firms) for low-income houses will be reduced and also, the officials of NHB gave hints that the same changes can be implemented to other schemes as well.
These two news could give a great relief to all those who have a modest budget and are planning to buy a flat in gurgaon by stretching their budgets.