Home Loan Interest Rates – Lok Sabha Question

Minister of State for Finance replied to a question in Lok Sabha on 22nd February 2013 regarding rate of interest on home loans being charged by various Scheduled Commercial Banks is given below…
Interest rates on advances have been de-regulated by the Reserve Bank of India (RBI). The banks determined their actual lending rates on loans and advances with reference to their Base Rate and by including such other customer specific changes as considered appropriate.
As per the guidelines of RBI, Base Rate system has been introduced in the banks with effect from 01.07.2010 and all loans sanctioned/ disbursed on or after 01.07.2010 are linked to the Base Rate. Since Base Rate arrived at by banks is based on cost of funds and various other factors of respective banks, the Base Rate of individual banks varies. Since interest rates of housing loans are linked to the Base Rate, there is variation in interest rates offered by various banks.

There is no such proposal to issue instructions to all the banks to offer home loans to the consumers at a uniform rate of interest.

The complete details of present rate of interest being charged on home loans by different banks is annexed below…

Sl.	Name of the Bank	As on January 10, 2013 (In %)
No		Minimum	Maximum
1	Allahabad Bank	10.2	10.95*
2	Andhra Bank	10.5	11.75
3	Bank of Baroda	10.75	12.25
4	Bank of India	10.5	10.75
5	Bank of Maharashtra	10.5	12.25
6	Central Bank of India	10.25	10.5
7	Corporation Bank	10.5	11
8	Canara Bank	10.5	10.75
9	Dena Bank	10.45	11.75
10	Indian Bank	10.5	12
11	Oriental Bank of Commerce	10.4	11
12	Punjab National Bank	10.5	11.25
13	State Bank of India	10	10.15
14	Vijaya Bank	10.25	11.25*
15	Union Bank of India	10.5	13.25*
16	IDBI	10.25	11.50*
17	Indian Overseas Bank	10.25	11.25*
18	Punjab and Sindh Bank	10.5	11
19	State Bank of Bikaner & Jaipur	10.4	10.5
20	State Bank of Hyderabad	10.25	10.25
21	State Bank of Mysore	11	12
22	State Bank of Patiala	10.5	12.75
23	State Bank of Travancore	10.25	10.5
24	Syndicate Bank	10.5	12
25	UCO Bank	10.2	10.20*
26	United Bank of India	10.7	11

* as on 19.02.2013