chennai if youre all set to buy a house theres good news for you home loan interest rates which have been softening steadily thanks to the rbi cutting policy rates are all set to continue moving southward say bankers and financiers with a number of big players planning small rate cuts or offering lower rate products the mortgage rates in the last two quarters have moved down slightly but with inflation seeming to be coming down gradually commodity prices like gold and oil falling the scenario for sharper rate cuts of about 50 to 75 basis points in the next nine months cannot be ruled out and hence customers can look forward to lower rates going forward renu sud karnad managing director hdfc said the mortgage majors interest rates on the floating basis is 1015 for up to rs 30 lakh loans and 1040 for above rs 30 lakh loans in the same vein kotak mahindra recently revised its home loan rates downwards our rates have definitely come down it used to be closer to 105 but now it is down to between 1010 25 depending on segments so overall rates have softened by 25 basis points in about a week or so sumit bali executive vice president kotak mahndra bank said already the countrys largest lender sbi is offering home loans at 995 for loans up to rs 30 lakh the bank which launched the scheme during the fourth quarter of the last fiscal has seen a good growth in its home loan book which has extended to the first quarter of the current fiscal explaining the rationale behind the below 10 rate home loan offering a senior official from the bank said that customers like loan rates to be in single digits while deposit rates in double digits according to the official there has been good off take of loans from sbis branches in suburban locations like gurgaon and smaller towns like ernakulam in kerala it was sbi which launched a teaser scheme of 88 5 interest on home loans in the aftermath of the global financial crisis of 2008 which was soon replicated by other home finance companies and banks while the teaser rate was applicable only for the first couple of years after which rates were pegged to the market rates this scheme helped many banks in the takeover home loan portfolio space apart from new business some others like sundaram bnp paribas home finance are offering below 10 rates on home loans for a specified period in localized events such as builder exhibitions our rates at such events range from 975 to 985 which last for a week to ten days most of the leads that we generate from such events are serious leads and a good interest rate helps in quicker conversion we encourage our branch offices to offer such rates during exhibitions and other similar events srinivas acharya managing director sundaram bnp paribas home finance said others