Canara Bank launches retail loan festival

Canara Bank has launched a 5 month long retail loan festival for home loans and vehicle loans from Sept.1 to Jan 31,2011.The Bank has come up with special interest rates for home loans & vehicle loans. According to a press release from the bank, housing loans upto Rs 30 lakh would be available at an interest rate of about 8.50% an annum, and there would be an interest concession of 0.5% an annum for all slabs upto Rs 1 crore.The Bank also announced a waiver of processing charges upto 75%. Home improvement loans would also be offered at home loan interest rates during the offer period. Vehicle loans are offered at 10% an annum, with nominal processing charges.(BL 08092010)

"Allow UK banks to open branches here"

The Indian Government should allow UK banks the freedom to open branches in India, similar to the UK Govt. which allows Indian banks to expand in the UK, said Lord James Sassoon,Commercial Secretary to the Treasury ,UK while speaking at the recently held FICCI-IBA banking seminar at Mumbai. He expressed his desire to see Indian banks establish themselves even more prominently across the UK- and basing international businesses out of the UK. Lord Sassoon further said that London has the advantage of being a financial capital as well as a gateway to other European markets. He cited the example of ICICI Bank which has used its UK subsidiary to open branches in Belgium and Germany and State Bank of India that has decided to make London its European headquarter.(BL 08092010)

HDFC extends dual rate home loan offer

HDFC Ltd. has announced it is offering its dual rate home loan scheme which had ended on August 30 to till the end of September. But the housing finance company has increased the interest rates following the hike in its benchmark retail prime lending rate (RPLR),with effect from September 01. Under the revised scheme, the interest rate on home loans will be available fixed rate at 8.50% upto March 31,2011, 9.50% for the period between April,2011 and March 31,2012 and the applicable floating rate for the balance term.These rates are applicable for all the new home loans, irrespective of the loan amount, said a press release issued by the company.(BL 08092010)