Bank of India cuts home loan rates by .75 percent of 75 basis points. Bank also reduced base rate by 25 basis points.
Accordingly, the new rates will be 10.50 percent for home loans up to Rs 30 lakh, 10.75 percent for over Rs 30 lakh but less than Rs 75 lakh and 11.25 percent for those above Rs 75 lakh.
The rates are floating ones and are linked to the bank’s base rate which at present is 10.50 percent.
Following an unexpected 0.50 percent cut in the lending rates by the Reserve Bank in its April 17 annual monetary policy, some leasing banks like SBI, ICICI Bank, and UBI among others have brought down their lending rates or base rates.
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