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English Release 22-October 2014
Date Month Year
  • President's Secretariat
  • President’s Diwali greetings
  • Vice President's Secretariat
  • Vice President Greets People on Deepawali
  • Prime Minister's Office
  • PM shares the link of his page for Diwali wishes
  • Min of Culture
  • Former Chief Election Commissioner, Shri N Gopalaswami appointed as Chairman of Kalakshetra Foundation Chennai
  • Min of Petroleum & Natural Gas
  • Global crude oil price of Indian Basket was US$ 83.73 per bbl on 21.10.2014
  • Min of Skill Development, Entrepreneurship, Youth Affairs and Sports
  • India won 3 Medals at 2nd Asian Para Games 2014 on 21st October, 2014

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The above guidelines based on the BPLR system have been replaced by new guidelines on the Base Rate System issued vide circular dated April 9, 2010, which have come into force with effect from July 1, 2010.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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(Release ID :90217)

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