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IDBI Bank reduces home loan rates

Posted on Sep 06, 07:31PM | IBNS

IDBI Bank, a public sector universal unit, on Thursday said it has decided to reduce its floating and fixed interest rates on housing loans.

The revised rates will come into effect from September 7.

While the Floating Interest Rates in respect of all loans have been reduced by 25 bps subject to Base Rate, the Fixed Rate on Home Loans has been reduced to 11.50pc p.a. for all loans for a period of 3 to 5 years.

The Bank has also reduced processing fee by 50pc or more on home loans.

Further, the Bank has also effected certain changes in card rates applicable to some of the allied home loan products.