PNB slashed its rates

PNB slashed its rates by 25 basis points. This definitely was a breather for the home seekers as the rates for the last few years were continuously lingering near double digit figures. ICICI Bank had tied up with a few builders in Mumbai and was off erring home loans at 8% as compared to the then prevalent rate of 9.5%. Speaking at a press conference, earlier this year, Deepak Parekh, Chairman, HDFC, said, “HDFC is extending its monsoon off er (loans at 25 basis point discount) up to the festival season that starts in August-September.” So it can only be expected that other banks too would tread a similar path this festive season. Consumers usually spend a lump sum amount of money in the festivities. Many among them take the asset creation route and book properties at that time. Also, it is the bonus time of the year. Industry watchers opine that with rise in income and the burgeoning DINK (Double Income No Kids) strata of the society is conduring tributing to the cause.

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Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative