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IOB reduces home loan rates

1 Comment Sub Category:Uncategorized Posted On: Aug 09, 2012

Reserve Bank of India’s (RBI) decision to cut the Statutory Liquidity Ratio (SLR) has begun to show its effects. Indian Overseas Bank (IOB) has reduced home loan rates, for loans up to Rs 30 lakh, by 25-100 basis points.

A 50-bps cut in auto loan rates has also been announced.

IOB has reduced the spreads on home and auto loans. Home loan customers will now have to pay 10.5 per cent for loans up to Rs 30 lakh.

Earlier the bank had three slabs. However, now, irrespective of tenure, the new rate will be 10.5 per cent.

For loans above three years, too, interest rate has been reduced from 13.25 per cent to 12.75 per cent. The steps have been taken keeping in mind the festival season and also due to the steps taken by RBI.

To read more real estate news:

Property prices go down in South Delhi

 

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