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English Release 23-November 2014
Date Month Year
  • President's Secretariat
  • PRESIDENT’S MESSAGE ON THE EVE OF THE MARTYRDOM DAY OF GURU TEG BAHADUR
  • PRESS COMMUNIQUE
  • Min of Defence
  • Coastal Security Network Must Ensure Zero Tolerance to Error: Parrikar
  • Min of Information & Broadcasting
  • 45TH IFFI Celebrates Dance in Indian Cinema
  • New Experiments in Documentaries Section
  • 45th IFFI Pays Retrospective Honours to Gulzar; Screens ‘Libas’
  • Cinema Means Love and Responsibility Not Business: Mohsen Makhmalbaf
  • Student Filmmakers are Promising and Full of Original Concepts: Prof. B. Diwakar
  • Min of Parliamentary Affairs
  • Government convenes all Party meet on CSAT exam issue
  • Prime Minister confident of a productive Winter Session of Parliament beginning tomorrow
  • Min of Personnel, Public Grievances & Pensions
  • Dr. Jitendra Singh receives cheque for J&K flood relief from PEPCO Bank
  • Min of Science & Technology
  • HPV option to prevent preterm births dangerous --Dr Harsh Vardhan

Previous Date

 
Ministry of Finance07-December, 2012 18:33 IST
Rate of Interest on Home Loans

Reserve Bank of India had deregulated the interest rates on advances sanctioned by Scheduled Commercial Banks, with effect from October 18, 1994 and these interest rates were determined by bank themselves with the approval of their Boards, subject to Benchmark Prime Lending Rate (BPLR) and spread guidelines.

The above guidelines based on the BPLR system have been replaced by new guidelines on the Base Rate System issued vide circular dated April 9, 2010, which have come into force with effect from July 1, 2010. In terms of the new guidelines, banks determine their actual lending rate on loans and advances with reference to the Base Rate. All categories of loans, except specified exemptions, are priced only with reference to the Base Rate, which is announced by banks after seeking approval from their respective Boards. The Banks are not permitted to resort to any lending below the Base Rate.

This was stated by the Minister of State for Finance, Shri Namo Narian Meena in a written reply to a question in the Lok Sabha today.

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DSM/RS/ka
(Release ID :90217)

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