Private-owned Axis Bank has reduced its benchmark orime lending rates by 25 basis points to 14.75%. The banks also slashed its mortgage reference rate by 50 basis points at 12.75%.
Consequently, the home loan floating interest rate too has been reduced by 50 basis points at 10% for both, prospective and the existing customers of the Axis Bank.
The new rates will be effective from Thursday. However, for existing customers of the bank who have availed floating rate home loans, the new rates would become applicable from the new fiscal beginning April 1.This will be the first private sector bank in the country to reduce PLR.
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