ICICI Bank launches two fixed interest home loan products

Under the new scheme, a borrower will pay an interest of 10.50% for a home loan under Rs25 lakh for the one year fixed interest rate and 10.75% per annum for the two year fixed product

ICICI Bank has launched two home loan products, which give borrowers the option of having a fixed interest rate for up to the first two years of a loan.

"Fixed income rates will shield customers from frequent changes in home loan interest rates and protect them from any rise in interest rates over the next one or two years," a bank statement said.

The Reserve Bank has raised its key short term rates a record 11 times since March, 2010 to tame inflation. The headline inflation for July 2011 stood at 9.22%, much above RBI's comfort. As the RBI's hikes get transmitted, retail borrowers are among the worst hit as domestic budgets go awry.

Under the new scheme, a borrower will pay an interest of 10.50% for a home loan under Rs25 lakh for the one year fixed interest rate and 10.75% per annum for the two year fixed product, it said.

On completion of fixed interest rate period, loans will turn floating in nature and will be linked to the bank's base rate, it said, adding that borrowers will also have to pay a margin above the base rate, which will be decided at the time of loan sanctioning.

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Muthoot Finance’s average interest rates on gold loans rises 1.9%

Muthoot Finance offers different type of loan products with interest rates ranging from as low as 12% to as high as 24%-25%

"Our average interest rates on gold financing have increased to 21.6% from 19.7%  six months ago, an increase of 1.9%," Muthoot Finance managing director George Alexander Muthoot said.

The company offers different type of loan products with interest rates ranging from as low as 12% to as high as 24%-25%. "Yield on the loans we give has been at around 19% in last three years. But in last six months, banks have increased their lending rates so our cost of borrowings has also gone up, so we have increased our rates from 19.7% to 21.6%," he said. "But this 21.6% average is still the lowest offered by a NBFC in gold financing," he claimed.

The company offers personal and business loans secured by gold jewellery, or gold loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, to meet short-term liquidity requirements.

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COMMENTS

altamash

5 years ago

Not a information of net for finance gold loan rate for year.

Just Dial files DRHP to launch IPO

Just Dial plans to enter the capital markets with a public issue of its equity shares of face value of Rs10 each

Leading local search engine, Just Dial Ltd has filed its Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The company plans to enter the capital markets with a public issue of its equity shares of face value of Rs10 each, a company statement said. The issue will be undertaken through the book building process.

Citigroup Global Markets India Pvt Ltd and Morgan Stanley India Company Pvt Ltd are the book running lead managers to the issue.

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COMMENTS

Prasad Ajinkya

5 years ago

Based on the publicly available information, we have created an integrated valuation model for Just Dial IPO. You may find the same here - http://www.edupristine.com/blog/financia...

Comments and inputs on how we can improve this model are invited!!

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