Have home loan rates reached rock bottom?

In October 2003, ABN Amro Bank announced its entry into India’s mortgage market, offering 6 per cent interest rate on home loans in the first year and 6.5 per cent in the second year. The special product, called “super saver loan package”, was designed to woo at least 10 per cent of then Rs 50,000-crore mortgage market. Such loans were linked to the prevailing floating interest rate of the bank from the third year. Around that time, the home loan rates of other banks were in the 7.25 per cent to 7.75 per cent range. The Dutch bank’s floating rate was 7.75 per cent.....

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