Bank of Rajasthan slashes home loan rates to 7.50 per cent

Mumbai: Bank of Rajasthan, one of the oldest, private sector bank, has announced reduction in interest rates on home loan under ''Apna Ghar Scheme'' with effect from 09.11.2009.

The rates have been cut for the home loans up to Rs30 lakhs and over Rs30 lakhs at floating interest rates.

For housing loans up to Rs30 lakhs, the floating interest will be charged at the rate of 7.50 per cent per cent for the first year, 8.50 per cent for the second and third year and 8.75 per cent for fourth year onwards, which is applicable for all maturity periods on the fresh loans.

For housing loans of above Rs.30 lakhs, the floating interest will be charged at the rate of 8.00 per cent for the first year, 9.00per cent for the second third year and 9.75 per cent for the fourth year onwards, for all maturity periods.