New Delhi: Indiabulls Housing, a private lender, has reduced its home loan interest rate by 0.15% to bring it down to 10.25%. This move follows similar actions taken by public sector institutions during the festive season.
The new rate plan is applicable to loans under Rs 25 lakh and will be valid until the end of November. Indiabulls is the first private lender to reduce interest rates after major public sector banks initiated this move to attract customers.
Among public sector banks, the State Bank of India (SBI) offers the lowest interest rate at 10.15%. Other banks such as IDBI and PNB are also following SBI's lead. The Finance Ministry has urged public sector banks to lower interest rates in an effort to stimulate the economy.