Oriental Bank reduces home loan interest rate
New Delhi- Oriental Bank of Commerce has slightly reduced interest rate on home loans of up to Rs 30 lakh by 0.1 percent.
Home loans will now be available 10.40 percent with an EMI of as low as Rs 937 per lakh. The state owned bank has announced this offer as a new year gift to home loan customers.
The minimum lending rate (base rate) of Oriental Bank is 10.40 percent. The bank has even reduced the margin for home loans above Rs 20 lakh to 20 percent and 15 percent for loans above Rs 20 lakh.
Besides this, on its fixed deposit schemes for all maturities, the bank has given up penalty on premature withdrawal.
Privately owned HDFC Bank too has slashed its benchmark lending rates by 0.1 percent. The base rate of the bank was reduced to 9.7 percent from 9.8 percent.
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