Corporation Bank cuts interest rates on home loans by 25 bps

Mangalore: 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.

The 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.

For 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.