OBC cuts interest rate on home loans by 0.1%

Jan 01 2013, 21:38 IST
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SummaryThe base rate or the minimum lending rate of the bank is also 10.40 per cent.

State-owned Oriental Bank of Commerce (OBC) today reduced interest rate on home loans of up to Rs 30 lakh by 0.1 per cent.

As a new year gift to customers, home loans will now be available 10.40 per cent with an EMI of as low as Rs 937 per lakh, OBC said in a statement.

The base rate or the minimum lending rate of the bank is also 10.40 per cent.

Besides, the bank has also slashed margin for home loans above Rs 20 lakh to 20 per cent, it added.

For loans below Rs 20 lakh, margin will be 15 per cent.

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

Yesterday, private sector HDFC Bank slashed its benchmark lending rates by 0.1 per cent.

The base rate the bank was reduced to 9.7 per cent from 9.8 per cent. 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 18.20 per cent.

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