Corporation Bank has cut interest rates on home loans
by 25 basis points across the board effective from 25
November 2002. This is the second revision after the announcement
of the Midterm Credit Policy by the Reserve Bank of India.
interest rates will be 9 per cent, 9.5 per cent and 10
per cent on a floating rate basis for tenures of up to
five, 10 and 25 years, respectively. The equated monthly
instalment for a loan of Rs 1 lakh for a period of 25
years works out to Rs 903.
fixed rate loans, the interest rates will be 25 basis
points higher than those on floating rate loans. The interest
rates will be 9.25 per cent, 9.75 per cent and 10.25 per
cent for five, 10 and 25 years, respectively. The rates
are also applicable for existing floating rate loans.
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