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India's Largest Bank Raises The Rates

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SBI hikes home loan rates

Press Trust of India

Mumbai, April 29, 2006

The country's largest bank State Bank of India
(SBI) on Saturday hiked the home loan rates for various tenures with effect from May 1.
The fixed rate element has gone up by 25 basis points or 0.25 per cent for loans, hence, the interest on loans for up to five years is raised to 9.50 per cent from 9.25 per cent, the bank informed the Bombay Stock Exchange.

And another raised the rates, and another one's gone..........

Tick tock, tick tock :)


Here is why SBI moved:


State Bank of India and other lenders have been raising loan and deposit rates to counter an
increase in funding costs
and attract funds after the central bank raised a key interest rate in January.
The central bank in its April monetary policy told lenders to
set aside more money to cover the risk of lending to commercial real estate developers and homebuyers.

Worlwide bubble trouble? Perhaps the IMF got it right when they said the world's bubble markets would go down together (equilibrium among members of the set)?

Edited by Realistbear

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