Panaji: On December 14th and 15th, a home loan mela will be organized at the Panaji branch of Indian Bank. During this home loan mela, Indian Bank will offer home loans at the lowest rates in India. The interest rates offered will be 9% up to 5 years, 9.50% up to 15 years and 9.75% for a home loan of 20 years. All these interest rates are floating ones, but the bank will also offer fixed interest rate home loans during the loan mela.

Major housing projects involving reputed builders and developers will be displayed during the mela. All the branches of Indian Bank in Goa will participate in this home loan mela. Facilities of on the spot approval for eligible candidates will be a special feature of this mela.

Home loan rates have crept up considerably during the past year and those who took home loan at floating rate of interests, found the rising EMI's  difficult to manage. Besides the high interest rates, the boom in property prices was also a cause of decline in new home loan off-take during past months.

To pump up the sluggish home loan demand, various banks came out with festival offers, slashing their home loan rates and processing fees in order to attract more home loan seekers. However, the situation is still not as buoyant as expected. Wizard a home loan provider from Australia in a tie-up with GE Money India has decided to offer home loans at a floating rate of 9.99 percent but it is not offering home loans in Goa at present. The Indian Bank home loan rates at this particular event, promise to take the competition to the next level.