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homeloan interest rates
Posted: March 5th, 2010, 6:48 pm
by idlebrain
I was offered 9.25% interest rate for purchase of land (0-30 lakhs slab) from HDFC. Do you guys think its prevailing rate and which one you recommend floating or fixed according to current trends? thanks for inputs.
Re: homeloan interest rates
Posted: March 17th, 2010, 9:02 am
by msn1270
There is nothing like prevailing rate in the market. every bank has their own way of inviting/fooling customers. In your case 9.25% interest rate is holds good for what period? is it 6 months or 1 year or for full tenure of your loan??
Initial interest rate doesn't make much difference for you. as the PLR rating is going high in the coming weeks, banks have the liberty to raise the interest rate unproportionally to their PLR base rate at any time.