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SBi not to hike home loan rates

The country's largest commercial has not yet taken any decision on hiking home loan rates.

india Updated: Feb 01, 2006 18:25 IST

The country's largest commercial bank State Bank of India on Wednesday said that it has not yet taken any decision on hiking home loan rates.

Bank's Managing Director TS Bhattacharya said that the bank would hold a meeting on February 4, before taking any decision on revising home loan rates.

"So far no decision has been taken. We will hold a meeting on Saturday and decide subsequently on the home loan front," he said when asked whether his bank would consider any hike in interest rates on the home loan front following HDFC's move.

HDFC Ltd has hiked home loan rates by 0.5 per cent across the board with effect from today.

State Bank of India Chairman AK Purwar had earlier hinted at a hike in retail lending rates in view of the tight liquidity in the market.

ICICI bank said it is watching the impact on cost of funds and will decide later whether or not to increase housing loan rates.

The Reserve Bank had increased repo and reverse repo rates by 25 basis points recently, signalling hike in interest rates in the short term.

First Published: Feb 01, 2006 14:08 IST