B Sriram, managing director and group executive national banking, SBI expects the home loan portfolio to grow by 18 percent in FY16. According to him, competition in the home loan space has been rather intense.
After private sector lender HDFC Ltd , State Bank of India over the weekend announced a cut in home loan interest rate by up to 0.25 percent for new borrowers. For women borrowers the rate has been aligned to the base rate at 9.85 percent per annum, SBI said in a statement.
But for other borrowers, the interest rate will be 9.90 percent, 5 basis points higher than the base rate or the minimum lending rate.
B Sriram, managing director and group executive national banking, SBI, says there is good news for existing home loan holders as well. They have the option of converting their existing loan rate to new rates for a small charge, he adds.
He expects the home loan portfolio to grow by 18 percent in FY16. According to him, competition in the home loan space has been rather intense.
Sriram says low-cost deposits are getting converted into term deposits.
Stay tuned for more..
HDFC stock price
On April 13, 2015, at 09:20 hrs Housing Development Finance Corporation was quoting at Rs 1302.00, up Rs 11.70, or 0.91 percent. The 52-week high of the share was Rs 1399.80 and the 52-week low was Rs 840.60.
The company's trailing 12-month (TTM) EPS was at Rs 37.16 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 35.04. The latest book value of the company is Rs 177.55 per share. At current value, the price-to-book value of the company is 7.33.
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