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Oriental Bank of Commerce cuts interest rate on home loans by 0.1 pc

Posted on Jan 02, 04:58PM | UNI

Public sector lender, Oriental Bank of Commerce (OBC) has reduced interest rates on home loans of up to Rs 30 lakh by 0.1 per cent.

Now, home loans will be available at 10.40 per cent with an EMI of as low as Rs 937 per lakh, a bank statement said.

The base rate or the minimum lending rate of the bank is also 10.40 per cent.

Besides, the bank has also slashed margin for home loans above Rs 20 lakh to 20 per cent.

For loans below Rs 20 lakh, margin will be 15 per cent. On the deposit side, the bank has waived off penalty on premature withdrawal on its fixed deposit schemes for all maturities.

Coming to deposit side, the bank has waived off penalty on premature withdrawal on its fixed deposit schemes for all maturities, the statement added.