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Central Bank cuts home loan rates by 50 bpts
Our Banking
Bureau
4 September 2002
 Mumbai:
Central
Bank of India has lowered it floating interest rates on
housing finance by 50 basis points to 1 per cent in various
slabs with a maturity of up to five years, effective 29
August 2002.
For amounts up
to Rs 2 lakh, the new floating rate is 10.50 per cent
from 11 per cent previously. For amounts from Rs 2 lakh
to up to Rs 10 lakh the rate is 10.50 per annum (11.25
per cent). For amounts of Rs 10 lakh up to Rs 25 lakh
the rate is now 10.75 per cent. For an amount of Rs 25
lakh the rate is now 11 per cent (12 per cent).
 The
bank has waived processing charges of 1 per cent till
31 March 2003 and has also given an option to its existing
housing loan borrowers to opt for floating rate of interest
by paying a fee of 1 per cent on the outstanding loan
balance.
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Bank of India
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