Congress seeks cut in home loan rates

NEW
DELHI: The United States Congress on Wednesday made a strong supplication for a cut in the interest
rates on place loans. The plea
was made by political party spokesman Manish Tewari who asked the Banks to follow the
example of Central Depository Financial Institution of Republic Of India and Allahabad Bank, which have got reduced interest
rates on place loans. Following
Finance Curate Phosphorus Chidambaram's advice, other banks, including SBI and UCO
Bank, had already reduced involvement rates on place loans. However, some banks,
especially private lenders, are still holding the involvement charge per unit stating that
they would wait till the Modesty Depository Financial Institution cuts depository financial institution rate. Tewari said the Indian Banking
Association (IBA) should immediately name a meeting of its members and inquire them
to cut down lodging loan rates. Despite a edge cut,
interest rates on place loans are hovering around 11-12.5 per cent as against
8-8.5 per cent two old age ago. A cut in involvement rates can
provide alleviation to billions of people across the country, he said. Tewari expressed the hope that
the measurements being initiated by the authorities and the run batted in to incorporate inflation
will have got a beneficial effect. His statement on the issue
came a twenty-four hours after the AICC told the authorities that terms rise is "not a good
thing" and asked it to take pressing stairway to check up on the terms rise. It also came at a clip when
the Congress-led alliance is increasingly under onslaught from friends and foes
alike on terms rise.