People are finding it difficult to get a home loan because banks now need the borrowers to contribute more the value of the property upfront, instead of 15% earlier the upfront contribution is now up to 30% which is double, which is worrying most of the people who once dreamt of building their own dream home.
Banks like SBI and PNB are not lending more than 75% - 80% of the value of the house depending on the requirement, other Public sector banks also are following the same path, private sector banks like ICICI also asks for 30% buyer’s contribution while issuing a home loan. Read more…
Indian Market News, news
Bank loans, Banks, EMI, home, Home Loans, Loans, PNB, SBI
Punjab National Bank(PNB) has decided to raise its benchmark prime lending rate(PLR) by 100 basis points to 14 per cent with effect from 1st of next month, being country’s second largest public sector bank by assets PNB decided to hike its deposit rate by 75-100 basis oints across various maturities to make them more competitive in the market.
These decisions have been taken today looking at the extraordinar situation prevailing and to provide better returns to the depositors of PNB with the inflation rates at 12 per cent PNB said that they will not be able to induce the people to save unless they increase teh deposit rates.
Indian Market News, Results, news
Banks, deposits, inflation, Interest rates, PNB, Punjab National Bank, security deposits