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03-31-2012, 10:33 AM #1
IDBI cuts floating home loan rates by up to 75 bps
State-run lender IDBI Bank on Friday reduced its floating home loan rates on new ***** across the slabs by up to 75 basis points, effective from April 2.
While the floating interest rate for ***** of up to Rs 25 lakh has been reduced by 25 bps, the reduction is progressively higher for larger amounts - by 50 bps for ***** ranging from Rs 25 lakh to less than Rs 75 lakh, a statement from the bank said.
The reduction is 75 bps for ***** of over Rs 75 lakh, it added. With this revision, ***** up to Rs 25 lakh will be available at 10.75 per cent interest rate, while those above Rs 25 lakh and under Rs 30 lakh will be charged 11 per cent.
For ***** in Rs 30-75 lakh bracket, the bank will charge 11.25 per cent interest rate, while 11.50 per cent will be the rate for ***** of Rs 75 lakh and above.