OBC cuts interest rate on home loan by 0.5 pc

Tags: News
State-owned Oriental Bank of Commerce (OBC) today cut home loan rate by 0.5 per cent to 10.25 per cent.

The bank has reduced the interest rates on home loans of above Rs 75 lakh by 0.5 per cent from 10.75 per cent to 10.25 per cent, OBC said in a statement.

"Now, all home loans irrespective of loan amount are available at uniform rate of 10.25 per cent at bank's base rate," it said.

Last week, SBI slashed home loan rate by up to 0.15 per cent and removed the slab for advances.

Home loan of any amount is now available at 10.15 per cent while for women borrower the rate of interest would be 10.10 per cent.

The base rate or the minimum lending rate below which the bank cannot lend is 10 per cent.

The country largest lender, SBI, had also removed two home loan slabs -- under Rs 75 lakh and above Rs 75 lakh.

So as per the revised statement, the concessional 0.05 per cent interest rate has been maintained for women borrowers provided she is the sole applicant or the first of the co-applicants and also the sole or the first of the co-owners of the property.

EDITORIAL OF THE DAY

  • Public musn’t pay for domestic servants for our diplomats

    Nothing seems to have changed in the year and half since the fur that flew thick and fast over the case of diplomat Debjani Khobragade and her maid Sa

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

Economic integration in east Asia

As trade agreements within a global framework have become increasingly ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture