Tranding News

State Bank, ICICI cut home loan rates, waive off processing fee'

State Bank of India (SBI) and ICICI Bank have cut their respective lending rates for home loans to boost housing credit during the festive season. SBI has slashed interest rates by 0.15 per cent for its home loans up to Rs 75 lakh, while ICICI Bank is offering overdraft facility along with home loan.

SBI’s home loan would be available at 9.15 per cent while women borrower will get at 9.10 per cent. The bank has also waived off all processing fees for loans during the festive season ending December 31, 2016. 

Similarly, private-sector lender ICICI Bank announced the launch of a credit facility against home loans for salaried customers. Christened ‘ICICI Bank Home Overdraft’, this offering helps a salaried customer to seek loans up to Rs 1 crore for personal needs against his or her property.Read more

S&P rules out India upgrade for next 2 yrs, govt hits back

Global ratings agency Standard & Poor’s (S&P) on Wednesday reiterated its sovereign rating and outlook on India but ruled out any upgrade for this year and the next, citing weak public finances. The government slammed S&P's statement saying there was a 'disconnect' between rating agencies' views and investor perception on India.

The US-based ratings agency maintained the lowest investment grade rating of 'BBB-' with a 'stable' outlook for India citing the country's sound external profile and improved monetary credibility. While it advocated more efforts to lower government debt to below 60 per cent of the GDP, it did not expect revenues to raise enough to meaningfully lower the deficit over the medium term. Read more