Public sector lender, Indian Bank has introduced "Festival Offer- 2010' to all new home loan borrowers. The offer will be valid from 13th September 2010 to 31st December 2010.

The festival scheme will offer loans at 8% for first year and 9% for second and third years. From fourth year onwards the rate would be a floating one depending on the prevailing base rate.

However, the interest rate for the first three years of the loan will not be less than the base rate of the bank.

Margin money has also been decreased by the bank by 5-10% in case of home loans as a part of the festive bonanza. The minimum margin would now be 15% for loans upto Rs 30 lakhs and 20% for loans amounting to more than Rs 30 lakhs.