OBC cuts interest rate on home loans by 0.1%
MDT/PTI 02 January 2013

Home loans from Oriental Bank of Commerce will now be available at 10.4% with an EMI of as low as Rs937 per lakh


New Delhi: State-owned Oriental Bank of Commerce (OBC) has reduced interest rate on home loans of up to Rs30 lakh by 0.1%, reports PTI.

 

As a New Year gift to customers, home loans will now be available 10.40% with an equated monthly instalment (EMI) of as low as Rs937 per lakh, OBC said in a statement.

 

The base rate or the minimum lending rate of the bank is also 10.4%.

 

Besides, the bank has also slashed margin for home loans above Rs20 lakh to 20%, it added. For loans below Rs20 lakh, margin will be 15%.

 

On the deposit side, the bank has waived off penalty on premature withdrawal on its fixed deposit schemes for all maturities.

 

Earlier this week, private sector HDFC Bank slashed its benchmark lending rates by 0.1%.

 

The base rate the bank was reduced to 9.7% from 9.8%. At the same time, the benchmark prime lending rate (BPLR) of the country’s second largest private bank was also slashed by similar margin to 18.2%.

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